IQ4I Research published a report on Patient Monitoring Devices Global Market
08/09/2020

According to IQ4I analysis, the patient monitoring devices global market is expected to reach $42,974.9 million by 2027.

Online PR News – 09-August-2020 – Bangalore – Patient monitoring devices are the systems used for monitoring physiological signals including blood pressure, oxygen saturation, body temperature, heart rate, blood glucose level, brain activity and other parameters to understand the health status of the patient during surgery, post-surgery care and treatment at a healthcare facility or home. According to the American Hospital Association, in 2018, there were about 36.3 million hospital admissions in U.S., similarly, in the U.K., there were 17.1 million admissions for treatment of various health conditions. During these admissions, patient monitoring equipment plays an important role in assessing vital health information which makes the difference between life and death.

According to IQ4I analysis, the patient monitoring devices global market is expected to grow at a mid-single-digit CAGR from 2020 to 2027 to reach $42,974.9 million by 2027. 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, use of artificial intelligence and IOT are providing opportunities for the growth. Whereas, the high cost of patient monitoring devices and patient safety and inaccuracy concerns, increased product recalls are restraining the market growth. The threat includes lack of cybersecurity in wireless patient monitoring devices and stringent regulatory requirements for new product approvals.

The patient monitoring devices global market is segmented based on device, portability, end-users and geography. Among devices, the blood glucose monitoring segment commanded the largest revenue in 2020 and is expected to grow at a low single-digit CAGR from 2020 to 2027. Remote patient monitoring segment is expected to grow at a high single-digit CAGR of from 2020 to 2027 as remote patient monitoring (RPM) allows healthcare providers to monitors patients outside of the clinical setting, help in the management of chronic diseases, improves patient outcome and reduce healthcare delivery costs.

The market based on the portability is segmented into stationary, portable, wearable and implantable devices. Among these, the portable devices segment commanded the largest revenue in 2020 and is expected to grow at a mid-single-digit CAGR from 2020 to 2027. Increasing applications such as cardiac, respiratory, cancer and advantages of the portable devices such as ease to use, low-cost sensor technologies, low power consumption, miniaturized devices and reliability are advantages of portable medical devices that patients can use in the comfort of their homes are some of the factors driving the market.

The market based on end-user is segmented into hospital, ambulatory, homecare and others. Among these, the hospital segment commanded the largest revenue in 2020 and is expected to grow at a low single-digit CAGR from 2020 to 2027. The home healthcare market is expected to be the fastest-growing segment with a mid-single-digit CAGR from 2020 to 2027. An increase in the elderly population, need for individual attention, patient comfort, reduced complications and better patient outcomes are the factors driving the home healthcare market.

The market based on geographies is segmented into North America, Europe, Asia Pacific and the Rest of the world regions. Among these, North America commanded the largest share in 2020 and the market is expected to grow at a low single-digit CAGR from 2020 to 2027. An increase in patient population and an increase in funding on developing sleep apnea diagnostic and therapeutic devices are the factors driving the market. Asia Pacific is expected to grow at a strong mid-single-digit CAGR from 2020 to 2027.

Market developments like approvals, agreements and acquisitions are driving the patient monitoring devices global market growth. For example, In June 2020, Dexcom received CE Mark approval for its G6 continuous glucose monitoring systems. The Dexcom G6 is available for patients in Europe over the age of two and can be worn on the abdomen, as well as on the back of the upper arm. Similarly, in December 2019, Masimo and Drager expanded their agreement, whereby Drager will integrate additional Masimo measurement technologies into Drager family of multi-parameter patient monitors, to help clinicians assess brain function, oxygenation, and ventilation status.

Considering the attractiveness of the 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 May 2020, the company Siren received $XX million from Anthem ventures to help commercial expansion, the company’s portfolio includes a temperature-monitoring sock capable of connecting wirelessly to a software application, allowing podiatrists to detect early signs of inflammation in people who are at risk of developing diabetic foot ulcers. Similarly, in February 2020, CloudCath received $XX 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 42.9% 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.

Technological advancements such as wireless technology, Biosticker, artificial intelligence, IoT, functional near-Infrared spectroscopy (fNIRS), liquid metal biosensors for monitoring and others have gained importance in patient monitoring devices. The demand for patient monitoring devices has received an unprecedented boost due to the currently ravaging global pandemic of 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.

According to IQ4I analysis, the patient monitoring market is fragmented and the major players such as Abbott Laboratories, Medtronic, PLC, Dexcom, Inc., Koninklijke Philips N.V., Masimo Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden, DragerWerk A.G., Omron., GE Healthcare, Hill-Rom Holdings, Inc. (Welch Allyn) and Edwards Lifesciences Corporation, occupying the share of XX% of the market, among these, Abbot Laboratories is recognized as the global leader with the largest share of XX% of the overall market in 2020.

Device cost plays a crucial role in the adoption of patient monitoring devices, according to IQ4I analysis, the average selling price (ASP) of the EEG is considered to be $XX in North America whereas the same in APAC region is $XX, this high cost is inhibiting the adoption and only XX in N.A. and XX in APAC were estimated to have been sold respectively. Similarly, the ASP of ICP is considered to be $XX in Europe and $XX in RoW, the expensiveness of the advanced device is inhibiting its penetration resulting in the sale of an estimated-only XX units in RoW. The average life span of patient monitoring devices is 2 to 5 years, for example, ICP 5 years, whereas that of EEG 2 years respectively. Similarly, all patient monitoring devices units sold and installed base have been calculated.

Major players in patient monitoring devices global 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 Medical, Inc. (U.S.), Dragerwerk AG & Co. KGaA (Germany), 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