The Patient Monitoring Device Market Anticipated to Generate a Revenue of $56,376.2 Million, Growing at a CAGR of 6.0% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The patient monitoring devices market size is estimated to be valued at $56,376.2 million by 2028, surging from $35,755.8 million in 2020 at a noteworthy CAGR of 6.0%.
Impact Analysis of COVID-19 on the Patient Monitoring Device Market
The COVID-19 pandemic had a positive impact on the patient monitoring device market owing to the increasing cases of coronavirus infection worldwide. People around the world experienced various serious complications such as liver damage, respiratory disorders and more from infection due to which the hospitalization rate increased tremendously. This factor has increased the demand for patient monitoring devices which is expected to accelerate the market growth in the next few years. Furthermore, many new hospitals and clinics have been opened in various regions to address the rising number of patients. This growth in number of hospital establishments is likely to boost the market growth further. Apart from this, increasing trend for remote monitoring devices during COVID-19 pandemic, to avoid unnecessary hospital visits by patients for regular checkup, is likely to flourish the market growth in the forecast period.
Patient Monitoring Device Market Analysis
The global patient monitoring devices market is likely to experience an exponential rise owing to rising chronic diseases among people leading to increasing hospitalizations and emergency department admissions. The prevalence of chronic diseases like cardiac arrest and cancer is due to adoption of unhealthy lifestyle, increased stress and depression level, smoking habit, and others. Apart from this, the trend of using remote monitoring devices like diabetes monitor, oximeter, and blood pressure machine to avoid unnecessary hospital & emergency department visits and hospitalizations is further expected to drive the market of patient monitoring devices during the forecast time. For instance, according to a news published on Medical Device Network on June 25, 2021, the market for remote patient monitoring devices has scaled up during COVID-19 pandemic as the remote monitoring devices prove to be handier and easier to use compared to tradition patient monitoring devices used at hospitals.
The patient monitoring devices are expensive as software, equipment, and other hardware materials used in the manufacturing of the devices are costly. This factor is likely to hamper the growth of the market in the next few years.
Major companies are continuously innovating their portfolio of patient monitoring devices to cater to the rising demand for latest technology. For this, the companies have started investing a huge amount in advancing their research and development activities. For instance, according to a news published in BW Healthcare world, on June 22, 2021, Max Healthcare, one of India’s leading healthcare providers, launched a remote patient monitoring device integrated with artificial intelligence app. Patients can regularly to monitor their health vitals with clinical devices that are integrated to the app. This would allow the clinical readings to flow effortlessly from the device into the app and then into the Electromagnetic Resonance (EMR), for the healthcare provider’s review. Such factors are likely to drive the market in the future.
Patient Monitoring Device Market, Segmentation
The patient monitoring device market is segmented based on product type, end user, and region.
The product type segment is further classified into blood glucose monitoring devices, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic monitoring devices, fetal & neonatal monitoring devices, neuromonitoring devices, weight monitoring devices, and remote patient monitoring devices. Among these, the hemodynamic monitoring devices sub-segment is anticipated to have the fastest growth and surpass $5,085.1 million by 2028, with an increase from $2,827.2 million in 2020. Increasing prevalence of cardiac diseases among people due to lifestyle changes, unhealthy food eating habits, lack of exercise, and high stress levels due to the fast urban lifestyle is anticipated to boost the market growth of the sub-segment. Also, occurrence of lifestyle diseases such as blood pressure and diabetes is likely to increase the market revenue in the forecast time period.
The end-user segment is further categorized into hospitals & clinics, home settings, and ambulatory surgical centers. The hospitals & clinics sub-segment is predicted to have rapid growth and generate a revenue of $33,242.8 million by 2028. The growth of the sub-segment is attributed to increased hospitalization rate owing to prevalence of various chronic diseases such as cancer, and cardiovascular diseases due to lack of exercise, unhealthy food eating habits, and high pollution rate across the world.
The patient monitoring device market for the North American region is projected to witness rapid growth. This market generated a revenue of $15,053.2 million in 2020 and is further projected to reach up to $22,325 million by 2028. The regional growth is attributed to the presence of well-established patient monitoring devices’ companies in the market and their constant effort to develop and launch advanced medical devices. Also, increasing prevalence of various diseases in the region like obesity, blood pressure and diabetes due to adoption of eating packaged junk food and increased stress level owing to lifestyle changes and overwork issues.
Key Players in the Patient Monitoring Device Market
The companies involved in the patient monitoring device market are –
- Hill-Rom Holdings, Inc.
- Omron Healthcare
- GE Healthcare
- Koninklijke Philips N.V.
- Masimo Corporation
- A&D Medicals
- Edwards Lifesciences Corporation
- Abbott Laboratories
- Schiller Global
Porter’s Five Forces Analysis for the Patient Monitoring Device Market
- Bargaining Power of Suppliers: Since the number of suppliers are large in number, they have to optimize their product value to attract the customers.
Hence, the bargaining power of suppliers is Moderate.
- Bargaining Power of Buyers: Buyers are high in number and have huge bargaining power. Also, they have a variety of option in the products. Thus, buyers can freely choose the convenient service that best fits their preference and budget.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: New companies entering the market have great opportunity to introduce new technologies in the minimum time frame.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: In case of patient monitoring devices, the devices have a primary role of displaying the vitals of the patients. Therefore, no substitute can replace the devices.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is very high as the opportunity to expand their business is vast, especially between the global players.
Therefore, competitive rivalry in the market is high.