Patient Monitoring Devices are proven effective to improve patient outcomes significantly, providing clinicians with actionable insights to make accurate clinical decisions promptly. With patient monitoring devices, healthcare providers can treat more patients with available resources, boost revenues while optimizing costs, improve patient care, and provide an excellent experience to patients.
As a result, patient monitoring devices witness a huge demand and consecutively, the market of these devices is garnering huge traction across the globe. Patient monitoring devices market is witnessing an outstanding growth over the past couple of years. Indeed, technological advancements happening in the field of Medicare is supporting the market to climb on the furthered heights on the global platform.
Acknowledging the growth, the market perceives currently; Market Research Future (MRFR) in its recently published study report asserts that the global patient monitoring devices market will register spectacular growth records by 2022, posting a striking CAGR throughout the forecasting period (2017 – 2022).
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Global Patient Monitoring Device Market – Key Players
There are plenty of large and small market players which operate in this market all over the globe:
- GE Healthcare
- Roche Diagnostics
- BIOTRONIK SE & Co. KG
- Abbott Laboratories
- Siemens Healthcare
- Philips Healthcare
- CAS Medical Systems, Inc.
- Spacelabs Healthcare
- Honeywell International, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co
Industry News:
November 14, 2018-ivWatch LLC (US), a leading global provider of continuous patient monitoring devices announced the partnership with New Medical (Australia), a supplier of medical consumables, devices, and patient monitoring accessories in Australia and New Zealand to manage distribution to support market expansion outside of the United States.
ivWatch’s entry into Australia and New Zealand markets is a response to growing awareness and clinical demand. The company also mentioned that it is now poised to meet the ongoing customer requests for its technology as they seek cutting-edge solutions to address the global problem of patient harm caused by peripheral IV infiltration.
Koninklijke Philips N.V is multinational conglomerate company headquartered in Amsterdam focussed on electronics, healthcare, homecare and connected care. In August 2016 Philips launched medical grade Philips Health Watch thus expanding its product offerings in wearable’s section.
Honeywell International Inc. is a multinational company headquartered in the U.S. which manufactures a variety of commercial and consumer goods, aerospace systems and provides engineering services for broad range of customers. It has broad product segment in health wearable devices. In April 2018, Honeywell Life Care Solutions signed business collaboration with MobileHelp This collaboration will strengthen its brand loyalty and will provide better services for its customer base.
Global Patient Monitoring Devices Market – Segmentation
MRFR has segmented the Patient Monitoring Devices Market analysis into three key dynamics; for better understanding: –
By Product Type: Central monitoring stations, Portable bedside monitors, Electrocardiogram (ECG) Devices, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitors, Respiratory Monitors, Weight Management Monitors, and Temperature Monitoring Devices, among others.
By End-Users: Hospitals and clinics, Ambulatory care centers, and Homecare among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
Global Patient Monitoring Devices Market – Regional Analysis
The North American region is estimated to lead the global patient monitoring devices market with a significant market share. Factors such as the growing prevalence of chronic diseases, patients suffering from different lifestyle diseases, and the increase in the geriatric population are contributing to the growth of the regional market. Huge uptake of continuous monitoring technology alongside the rise in the adoption rate of remote patient monitoring devices is fostering the market growth in the region.
The European region is another lucrative market for patient monitoring devices. Augmenting demand to move to a more wireless and streamlined operation in major health facilities as well as in the homecare settings is predominantly driving the market growth.
Tremendous advancements in medical technologies is a key driving force pushing up the regional market. Countries such as Germany and the U.K. backed by their well-developed medical devices markets which are led by enormous investments account for the major contributors to the growth in the regional market.
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The Asia Pacific region is rapidly emerging as a promising market for patient monitoring devices due to the technological growth in India and China. AI-based remote patient monitoring solutions have become a trend in India, changing the dynamics of healthcare. Foreign investors are getting attracted to India, investing rapidly with aggressive plans of leading Indian healthcare into the digital age. They are designing remote patient monitoring solutions that can provide high resolution, ICU-grade monitoring to all areas of the hospital, throughout the patient care pathway.
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