Global Patient Monitoring Device Market size was valued at US$ 36400 Mn in 2019 and the total revenue is expected to grow at 8.6 % through 2019 to 2027, reaching nearly US$ 55100 Mn in the forecast period.
Global Patient Monitoring Device Market Overview
A Patient monitoring device or system is a kind of monitoring machine with a wireless future. This system involves the monitoring of a patient’s important organs with the help of a digital device that allows the transfer of patients’ information from one place to other wirelessly.
Global Patient Monitoring Device Market
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The report has covered the market trends from 2015 to forecast the market through 2026. 2019 is considered a base year however 2020’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global Patient Monitoring Device Market Dynamics:
Patient monitoring devices are getting more attention in the market due to the growing demand for continue monitoring devices and the convenes due to no. technical expertise. As the devices are digital and allow the monitor to access the information easily. The device majorly used in the market are Accu-chek for glucometer tests, ECG, oxy-meter, temperature monitoring, blood pressure monitor, and smart implants. Due to growing chronic diseases like Obesity, Diabetes, Hypertension, Cardiovascular Diseases are further boosting the growth of the patient monitoring device market.
In addition, the demand for a sensor-based wearable device like ECG and continuous glucose monitoring is further proliferating the growth of the market. These devices are widely used in hospitals and healthcare units for the continuous monitoring of patients. For example, the Garden Spot Communities launched a Somatic AI-Powered remote patient monitoring device to advance the consumes and offer caregiver safety during the COVID-19 pandemic.
In addition, development in product portfolio and investments in technologies are likely to boost the market growth of the market. For example, Accu-check is an Indian-based company that launched their new product Active blood glucose meter for personalized diabetes coaching Accurate, no coding, easy. Further, this newly updated product has benefits like accuracy, ease to use, safe, smart, convenient testing. This factor is likely to boost the market growth of patient monitoring devices.
The Approvals by the government authorities are further boosting the growth of the market like Abbott company received the authorization for clearance of the FreeStyle Libre 2 integrated Continues glucose monitoring device for the patient convenience for the patient suffering from diabetes. This device is responsible to measure the glucose level of the patient every minute.
Global Patient Monitoring Device Market Segment Analysis:
The Blood Glucose monitor segment is supplementing the growth of the Global Patient Monitoring Device Market.
Diabetes is one of the most crucial lifestyle conditions and monitoring is a must hence it is responsible to create demand for blood glucose monitoring devices. The Blood Glucose monitor segment is likely to gain more attention in the market due to the high rate of diabetic patients. The growth of the market is attributed to the rising occurrence of diabetes patients and cardiac patients. Moreover, rising product launches and digital machines are likely to boost the market growth in the forecast period. Further, patient convenience is a major factor responsible to boost the growth of the market in the forecast period. Moreover, new product launches, and rising adoption blood glucose monitors device in developing countries is likely to boost the growth of the market. Further, the diabetes management market is likely to grow at a high pace and was valued at 17. 44 billion in 2019.
As per the survey carried out by the Global Diabetes Community report around 30 million people in India are suffering from diabetes and India has been marked as one of the leading countries in terms of diabetes globally. Due to these factors market players are focusing on inventing products with new devices with advanced features. The top 5 glucometers in the market are-
1. Accu Chek Active Blood Glucose Meter Kit
2. Dr. Morepen Gluco One Glucometer
3. Bayer Contour Plus One Glucometer
4. Beato Smartphone Glucometer
5. OneTouch Select Simple Glucometer
Global Patient Monitoring Device Market
The Hospital segment is Trending in the Product Segment of the Global Patient Monitoring Device Market.
Hospital Segment is dominating the global patient monitoring devices market with 69.4% in the forecast period. The growth in the region is attributed to the high consumption of patient monitoring devices by healthcare facilities. Moreover, high exposure to the patient and regular patient monitoring in hospitals is a factor likely to fuel the growth of the market. Further, growing healthcare facilities in the market together with advancement are the factors likely to proliferate the growth of the market during the forecast period.
The home care setting segment is gaining significant attention in the market due to consumers’ preferences and self-care treatment. Moreover, companies have offered a wide range of products with less professional expertise and involvement. And this factor is likely to boost the growth of the market in the coming future due to rising diseases and rapid testing.
Global Patient Monitoring Device Market Regional Insights:
The Patient Monitoring Device market is regionally segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
North America is dominating the global Patient Monitoring Device market with 37.9% of the market share. The growth of North America is attributed to the rise in domestic manufactures like Masimo Corporation, GE Healthcare, Edward Lifesciences, and Natus Medical and is estimated to create awareness among the consumers regarding digital machines used for monitoring the organ actions. Around 34 million people in the US have diabetes and one in five of them don’t know they have it. More than 88 million US adults have prediabetes. Diabetes is the 7th leading disease-causing death in the US further gaining more attention in the market. Moreover, new development and technological investment by the market player is likely to fuel the market growth of the patient monitoring device market.
Moreover, government approvals for market players are gaining more attraction and helping the new entities to enter the market. This factor is likely to enhance the growth of the market. For example, in 2020, Medtronic company revived the clearance of 510(K) from the Food and Drug Administration (FDA) and CE for the LINQ II insertable cardiac Monitors. LINQ II is a small wireless insertable cardiac monitor for those patients who require long-term monitoring.
The Asia Pacific is estimated to grow at a rapid pace with a CAGR of 12.9% in the forecast period. Moreover, the growth in the region is attributed to rising diabetes and cardiac illness patients and this factor has further boosted the sales volume of patient monitoring devices in the Asia Pacific 2019 was valued at 49% 2019. The dominating countries of Asia Pacific are India and China, Japan, Indonesia due to the presence of prominent players of Patient Monitoring Device products are likely to drive the market growth in the region.
Global Patient Monitoring Device Market
The objective of the report is to present a comprehensive analysis of the Global Patient Monitoring Device Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Patient Monitoring Device Market dynamics, structure by analyzing the market segments and project the Global Patient Monitoring Device Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Global Patient Monitoring Device Market make the report investor’s guide.
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Global Patient Monitoring Device Market
Global Patient Monitoring Device Market, by Region
• North America
• Asia Pacific
o South Korea
• Latin America
• Middle East and Africa (MEA)
o South Africa
Global Patient Monitoring Device Market Key Players
• 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)
• BioTelemetry, Inc. (US)
1. What is the global Patient Monitoring Device market share in 2019?
Ans: Approximately, 36400 million USD.
2. What is the global Patient Monitoring Device market growth?
Ans: The global Patient Monitoring Device market is anticipated to grow with a CAGR of 8.6% in the forecast period and is likely to reach 55100 million by the end of 2027.
3. Which product segment is expected to dominate the global Patient Monitoring Device market during the forecast period?
Ans: The blood glucose monitoring segment dominated the market for Patient Monitoring Device. The growth of the market is attributed to the rising frequency of diabetes patients and cardiac patients.
4. Who are the key players in the Patient Monitoring Device market?
Ans: Some key players operating in the Patient Monitoring Device market include 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)
5. What are the key driving factors for the growth of the global Patient Monitoring Device market?
Ans: Key factors that are driving the Patient Monitoring Device market growth to involve Increasing applications of patient monitoring devices together with the occurrence of chronic disease due to an unhealthy lifestyle.
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