Patient Monitoring Devices Market Definition
The patient monitoring devices market consists of the sales of patient monitoring devices and related services by entities (organizations, sole traders and partnerships) that manufacture patient monitoring devices used for monitoring vital health parameters. In this report, the two terms – ‘patient monitoring devices’ and ‘patient monitoring equipment’ – can be used interchangeably.
This industry includes establishments that manufacture fetal and neonatal monitoring devices used to monitor heart rates in neonates and pregnant mothers, body weight and temperature monitoring devices, vital parameter monitoring devices used during surgeries, and remote patient monitoring devices.
Patient Monitoring Devices Market Size
The global market for patient monitoring devices reached a value of nearly $22.4 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.2% since 2014.
Growth in the historic period resulted from the increase in the size of the aging population, emerging markets growth, technological advances, and rising healthcare expenditure. Factors that negatively affected growth in the historic period were lack of healthcare awareness and decreasing reimbursements.
Going forward, economic growth, increasing prevalence of chronic diseases, and increasing adoption of remote patient monitoring devices which are cost effective will drive growth. Factors that could hinder the growth of the patient monitoring devices market in the future are government regulations, the high initial investment costs and interest rate increases.
Patient Monitoring Devices Market Drivers
The key drivers of the patient monitoring devices market include:
Rapid Growth In Elderly Population – The increase in patient pool due to the rising geriatric population globally, contributed significantly to the growth of the patient monitoring devices market during the historic period. According to the World Population Ageing report published by the United Nations in 2017, the global population aged 60 years or over was 962 million in 2017 and the population aged 80 years or over was 137 million in 2017. The incidence of some chronic diseases such as type 2 diabetes, hypertension, and cardiovascular diseases increases with ageing. Monitoring devices are also used to check medicine consumption by older adults. Medication compliance is a significant challenge in the healthcare sector as patients not only risk their health by not taking their medications on time (or at all), but also place a heavy burden on the healthcare system.
Patient Monitoring Devices Market Restraints
The key restraints on the patient monitoring devices market include:
Resistance to Adopt Advanced Patient Monitoring Systems – The patient monitoring devices market growth was limited, as healthcare professionals are averse to adopting to new technologies. Technologically advanced patient monitoring devices are adopted to reduce patient’s expenditure on hospitalization in terms of follow-up care. This rise in adoption results in reduced hospital revenues. In consequence hospitals and healthcare professionals resisted the adoption of patient monitoring systems during the historic period and limited the market growth. In 2016, a case study conducted in the UK stated that organizational barriers at various levels, and technical, social, ethical, financial, and legal factors resisted to invest, implement and use advanced patient monitoring systems.
Patient Monitoring Devices Market Trends
Major trends influencing the patient monitoring devices market include:
Medical Body Area Network (MBAN) – Technological advances in wireless communications have enabled the development of small, intelligent and cost-effective medical sensor nodes. These nodes can be strategically placed on a patient`s body to create a wireless medical body area network (MBAN). This network can continuously monitor various physiological signs and provide real-time feedback to the user and medical staff through SMS/E-mail. MBAN is particularly useful in large-scale in-field medical and behavioral studies and for patient monitoring in mass-casualty disasters.
Wearables and Mobile Applications – Medical device manufacturers, technology companies and other investors have invested heavily in health monitors, glasses, wearables segments and mobile apps. In 2015, Google launched the prototype of a wearable watch that will test blood sugar levels in a patient’s blood without the use of a needle or lancet. In 2015, DexCom received FDA approval for Dexcom G5 mobile continuous glucose monitoring (CGM) system. This is a small, flexible, bandage-like, wearable device that monitors glucose levels in a patient’s blood and provides accurate, real-time glucose readings every five minutes to their smart device.
Opportunities And Recommendations In The Patient Monitoring Devices Market
Opportunities – The top opportunities in the global patient monitoring devices market will arise in the weight monitoring and body temperature monitoring devices and equipment segment which will gain $3.61 billion of global annual sales by 2022. The patient monitoring devices market will gain the most in annual $ sales in the USA at $2.87 billion. To take advantage of opportunities such as these, patient monitoring devices manufacturers should consider strategies such as investing in new technologies such as medical body area network (MBAN) to increase profit margins, developing portable devices to cater to the growing demand for compact and smaller devices, adopting strategic M&A approach to widen the product range and strengthen the market position, collaborating with technology companies to develop AI integrated devices to deliver more accurate and efficient service to patients, targeting the aging population by improving home monitoring, focusing on personal emergency response systems (PERS) and personal health services, and investing in research and development activities.
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the patient monitoring devices companies to consider focusing on portable patient monitoring devices, expanding in emerging markets, making the devices reliable and robust, provide competitively priced offerings in low-income countries to reach new users, focus on making the devices more user friendly to target geriatric population, and focus on wearable devices.
Patient Monitoring Devices Market Segmentation
The Patient Monitoring Devices market is segmented by type of device, by end-use, and by geography.
By Device Type -
The patient monitoring devices market is segmented by device type into
The vital parameter monitoring devices and equipment market accounted for the largest share of the patient monitoring devices market in 2018 at 44.3%. The remote patient monitoring devices and equipment market is expected to be the fastest-growing segment going forward.
- a) Fetal And Neonatal Monitoring Devices
- b) Vital Parameter Monitoring Devices And Equipment
- c) Weight Monitoring And Body Temperature Monitoring Devices And Equipment
- d) Remote Patient Monitoring Devices And Equipment
By Type Of Device
The fetal and neonatal monitoring devices market is segmented by device type into
The vital parameter monitoring devices market is segmented by device type into
- a) Neonatal Monitoring Devices
- b) Fetal Monitoring Devices
The weight monitoring and body temperature monitoring devices and equipment market is segmented by device type into
- a) Multiparameter Monitoring Devices
- b) Cardiac Monitoring Devices
- c) Respiratory Monitoring Devices
- d) Neuromonitoring Devices
- e) Hemodynamic Monitoring Devices
The remote patient monitoring devices and equipment market is segmented by device type into
- a) Weight Monitoring Devices
- b) Temperature Monitoring Devices
By End Use -
The patient monitoring devices market is segmented by end user gender into
- a) Vital Parameter Monitors And Others
- b) Cardiac Monitors
- c) Respiratory Monitors
- d) Hematological Monitors
The hospitals market accounted for the largest share of the patient monitoring devices market by end use in 2018 at 53.8%.
- a) Hospitals
- b) Diagnostic Centre/Clinics
- c) Homecare
By Geography - The patient monitoring devices market is segmented into
North America is the largest market for patient monitoring devices, accounting for 41.7% of the global market in 2018. It was followed by Western Europe, Asia-pacific and then the other regions. Going forward, Asia-Pacific and Africa will be the fastest growing regions in this market, followed by South America and the Middle East.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Patient Monitoring Devices Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Philips Healthcare
- • GE healthcare
- • Medtronic Inc.
- • Omron Corporation
- • Masimo
- • Nihon Kohden Corporation
- • Boston Scientific Corporation
- • Hill-Rom, Inc
- • Edwards Lifesciences
- • Abott Laboratories