Patient Monitoring Devices Market worth $65.4 billion by 2027
Patient Monitoring Devices Market is projected to grow from USD 42.3 billion in 2022 to USD 65.4 billion by 2027, at a CAGR of 9.1% from 2022 to 2027, according to a new report by MarketsandMarkets™. The evolution of the market is primarily driven by the rising number of hospitals across major markets, growing cognizance about vital parameter monitoring for treatment and analysis of chronic diseases coupled with the growing adoption of wireless and wearable patient monitoring devices for homecare. Additionally, expansion of developmental pipeline of OEMs for connected care & integrated/multi-parameter patient monitoring devices is poised to further augment the market growth in coming decade.
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Based on the product, the patient monitoring devices market is segmented into hemodynamic/pressure monitoring devices, multiparameter monitoring devices, neuromonitoring devices, fetal and neonatal monitoring devices, blood glucose monitoring systems, weight monitoring devices, respiratory monitoring devices, temperature monitoring devices, cardiac monitoring devices, and other patient monitoring devices. The cardiac monitoring devices products segment is further classified into smart/wearable ECG monitors, event monitors, ECG devices, mobile cardiac telemetry (MCT) monitors, and implantable loop recorders (ILRs). Within the cardiac monitoring devices products, the ECG devices division held a major part of the market in 2021. Emerging use cases of ECG devices and higher adoption of portable or wireless cardiac monitors are a major factor influencing to the growth of this market segment.
The hospital end user segment is expected to indicate the highest growth rate during the forecast period.
Based on end users, the patient monitoring devices market has been segmented into hospitals, ambulatory surgery centers, home care settings and other end users, Dominant market position of the hospitals segment can be credited to the presence of well-equipped emergency wards and ICUs in hospitals and the rising number of surgeries.
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North America is likely to lead the global patient monitoring devices market in 2021.
North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market in 2021. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices. This trend will have a definite impact on the patient monitoring device market.
As of 2021, Abbott Laboratories (US), HILL-ROM HOLDINGS, INC. (US), Drägerwerk AG & Co. KGaA (Germany), Edwards Lifesciences Corporation (US), OMRON Corporation (Japan), Masimo Corporation (US), Compumedics Limited (Australia), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), Natus Medical (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (the US), among others are some of the major players operating in the global patient monitoring devices market.
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