The factors such as increasing demand for portable and remote patient monitoring is driving the market growth.
Online PR News – 13-April-2020 – Bangalore – Patient monitoring devices play a vital part in enhancing outcomes and improve clinical performance of hospitals using the continuous monitoring or measurement of parameters such as heart rate and rhythm, respiratory rate, blood pressure, blood glucose, blood oxygen saturation and many other parameters in a patient, where accurate and immediate decision-making is crucial for effective patient care.
According to IQ4I analysis, the U.S. patient monitoring market is estimated to reach $13,110.7 million by 2026 growing at low single digit CAGR from 2019 to 2026. The factors such as Increase in the rate of surgeries and diseased population requiring continuous monitoring, increasing demand for portable and remote patient monitoring, increasing funding and investment in patient monitoring are driving the market growth, favorable reimbursement policies, technological advancements such as Wireless technology, biosticker, artificial intelligence and IOT are providing opportunities for the growth. Whereas, the high cost of patient monitoring devices and patient safety and inaccuracy concerns associated with patient monitoring devices, increased product recalls are restraining the market growth. The threat for the U.S. patient monitoring market includes lack of cybersecurity in wireless patient monitoring devices and stringent regulatory requirements for new products.
The U.S. Patient monitoring Market is segmented based on device type, portability and end-users. The market based on device type is segmented into neuro-monitoring, hemodynamic monitoring, blood glucose monitoring, cardiac monitoring, fetal & neonatal care monitoring, respiratory care monitoring, multi-parameter monitoring, temperature monitoring and remote patient monitoring. According to IQ4I research, Blood glucose monitoring accounted for the largest revenue in 2019 and is expected to grow at low single digit CAGR from 2019 to 2026. Remote patient monitoring is estimated to grow at a high single digit CAGR from 2019 to 2026 due to increasing demand for portable and connected devices in rural and hard to reach areas to transfer patient information securely in case of emergencies and increased access to quality healthcare.
The U.S. Patient monitoring market based on the portability is segmented into stationary, portable, wearable and implantable devices. Among this, portable accounted for the largest revenue in 2019 and is expected to grow at mid single digit CAGR from 2019 to 2026.
The U.S. Patient monitoring market based on end-user is segmented into hospital, ambulatory, homecare and others. Among this, Hospital accounted for the largest revenue in 2019. The homecare market is expected to be the fastest-growing segment with mid single digit CAGR from 2019 to 2026.
Approvals, agreements and acquisitions are driving the U.S. patient monitoring devices market growth. For example, In March 2020, Masimo received FDA approval for Rad-97, Radical-7 and Radius-7 Pulse CO-Oximeters. With this clearance, both continuous and spot-check RRp is now available in the US, supported in a variety of pulse oximetry sensors and configurations, including the new non-cabled, tetherless, wearable Radius PPG. In April 2019, Edwards Lifesciences Corporation Acquired CAS Medical Systems, Inc. (CASMED), a medical technology company dedicated to non-invasive brain and tissue oxygenation monitoring. Edwards paid approximately $100 million as part of the acquisition, for CASMED's FORE-SIGHT non-invasive cerebral oxygenation technology.
Considering the attractiveness of the U.S. patient monitoring market, several venture capitalists are investing in nurturing new technologies or increasing market access for advanced technologies. According to IQ4I analysis, the reported funding received by companies during the period 2018-2020 was worth ~ $XX million. For instance, In February 2020, CloudCath received $12 million from capital integral for developing a real-time system for monitoring patients undergoing dialysis at home. Patient monitoring devices clinical trials data indicate that XX% clinical trials are in phase 3 stage, XX% clinical trials are in phase-2 and XX% clinical trials are in phase-1 for developing continuous non-invasive blood pressure monitoring, insertable cardiac monitor and CGM devices.
The demand for patient monitoring devices has received an unprecedented boost due to the currently ravaging global pandemic COVID-19. For instance, Biointellisense’s Biosticker wearable sensor for monitoring patient vital signs remotely could prove useful during the COVID-19 pandemic. BioSticker and BioHub are designed to be patient-friendly, which could help self-isolating and self-quarantining patients apply the technology without venturing out to reach a doctor’s office. Caretaker medical is delivering remote monitoring solutions for the COVID-19 crisis, by this, clinicians stay safely outside patient quarantine rooms and also able to access and records events and continuous hemodynamic status including blood pressure from a single finger cuff and also remotely viewable anywhere through Caretaker’s secure cloud portal and multi-view software options.
Major players in U.S. patient monitoring device market are Medtronic PLC (Ireland), Dexcom Inc. (U.S.), Masimo Corporation (Switzerland), Abbott Laboratories (U.S.), BioTelemetry Inc. (U.S.), Edwards Lifesciences Corporation (U.S.), GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Hill-Rom Holdings, Inc. (U.S.), Natus Inc. (U.S.) and Dragerwerk AG & Co. KGaA (Germany).
Some of the emerging players in the U.S. patient monitoring market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), OSI Systems (Spacelabs Healthcare) (U.S.), ICU Medical (U.S.), Baxter International (U.S.), Honeywell Life sciences (U.S.), Smiths Medical (U.S.), Lidco Group (U.K.), and other companies.