According to the new market research report “Patient Monitoring Devices Market by Product (EEG, EMG, MEG, TCD, Peak Flow Meter, Pulse Oximeter, Fetal Monitoring, Temperature Monitoring Devices, MCOT, ECG, Hemodynamic Monitoring System), End User (Home, Hospital) – Global Forecast to 2023“, published by MarketsandMarkets™.
The report includes patient monitoring devices for continuous monitoring, detection, and treatment of heart, brain, lungs, and blood activities and measurement of temperature and weight of the body. The base year considered for the study is 2017, and the forecast period for the study is between 2018 and 2023.
The global patient monitoring devices market is projected to reach USD 25.31 billion by 2023 from USD 18.11 billion in 2017, at a CAGR of 5.7%.
The integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote patient monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors.
Advanced devices such as mobile PDA systems enable the real-time transmission of data; for example, real-time cardiac monitoring provides continuous (beat-to-beat) outpatient EKG monitoring for periods ranging up to several weeks.
Remote and wireless patient monitoring devices and technologies can be used for long-term monitoring, such as ambulatory wireless EEG recorders used to detect the epileptiform activity of the patient at home, over a long period of time. These recorders are compact and can store large amounts of data in inbuilt memory cards; they do not restrict the patient’s freedom of movement.
Remote patient monitoring devices help enhance patient care delivery and improve patient outcomes for conditions that need continuous monitoring in hospital and non-hospital settings.
Owing to their features and convenience, the demand for wireless monitoring devices is expected to increase across the globe. This, along with the increasing prevalence of heart, neuro, and breathing diseases, has led manufacturers to develop remote cardiovascular, neurological, and respiratory monitoring devices.
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Opportunity: Emerging markets
The healthcare industry in emerging countries (such as India, China, Brazil, and Mexico) will offer significant growth opportunities for patient monitoring device manufacturers owing to the increasing patient population across these countries, coupled with the rising adoption of patient monitoring devices in these countries.
Moreover, emerging countries have registered a sustained increase in the volume of surgical procedures during the past decade, driven by the growing target patient population, the presence of a supportive regulatory environment, and rising medical tourism. Therefore, emerging countries are expected to offer potential growth opportunities to players in the patient monitoring devices market during the forecast period.
Challenge: Risks associated with invasive monitoring devices
There are several risks associated with the use of invasive monitoring systems, such as the discomfort associated with the insertion of monitoring instruments, such as pulmonary artery catheters (PAC). Air embolism, sepsis, bleeding/hematoma formation, cardiac arrhythmias, reduced circulation to the distal limb, hemorrhage, nerve damage (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis are some major risks. These factors increase the mortality rate during invasive procedures.
In addition, the use of invasive monitoring systems is not recommended for elderly and weak patients. Due to the associated risks, invasive monitoring is recommended only for a set of specific indications, provided that the risks associated are overshadowed by benefits of obtaining the relevant data during the procedure. Moreover, invasive monitoring is extremely expensive and requires skilled professionals to perform catheter insertions in patients. Although invasive monitoring provides accurate, comprehensive, and continuous data about the state of patients, the above-mentioned risks limit its usage.
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North America is expected to account for the largest market share, followed by Europe.
In 2018, North America is expected to account for the largest market share, followed by Europe. Factors such as the rising geriatric population, the presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the patient monitoring devices market in North America.
Nihon Kohden, Natus Medical, Koninklijke Philips N.V., Edward Lifesciences, Omron, Masimo, GE Healthcare, Hill-Rom Holdings, Drägerwerk AG, Compumedics, Shenzhen Mindray Bio-Medical Electronics.