What This Report Will Provide?
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
Expected Revenue Growth:
[354 Pages Report] The patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period.
Major Growth Boosters:
Integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are the key factors supporting the growth of the market.
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Recent Developments :
- In 2020, Medtronic received the US FDA approval for its LINQ II Insertable Cardiac Monitor (ICM). It is a implantable devices for determining the irregular heart rythm.
- In 2020, Medtronic and Tandem Diabetes Care, Inc underwent patent cross-license agreement, as per which both companies can cross-license each other’s patent portfolio for five years and jointly focus on innovating new products and services for diabetes management.
- In 2020, Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market.
COVID-19 Impact on the global Patient Monitoring Devices market
COVID-19 has resulted in significant disruptions to businesses and economic activities globally and is expected to have a short-term negative impact on the drug screening market due to limited or non-availability of medical facilities/treatment centers, harm reduction service providers, and the fear of infection transmission. To reduce the strain on the healthcare system and decrease disease transmission, various governments worldwide provided guidelines to postpone or delay non-essential medical and surgical procedures. Restrictions and lockdowns were also imposed in travel, business operations, public gatherings, and shelter-in-place orders, all of which have further impacted market growth.
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Growing preference for wearable patient monitoring devices
Continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry are a few applications of wearable patient monitoring devices, biosensors, and smart implants. New-generation wearable devices are equipped with the Internet of Things technology. Vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG) are measured using wearable biosensors and transmitted over mobile wireless networks to a central server.
Regional Growth Analysis:
The report covers the patient monitoring devices market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the patient monitoring devices market in 2019. The increasing R&D to develop novel sensor based patient monitoring systems, rising prevalence of infectious diseases, safety concerns, and technological advancements in patient monitoring devices products are the key factors supporting market growth in North America.