Global Patient Monitoring Devices Market - 2022-2029

Global Patient Monitoring Devices Market - 2022-2029

Market Overview

Patient Monitoring Devices and Accessories Market is predicted to reach at a high CAGR of 7.8% during the forecast period (2022-2029).

Patient monitoring devices are machines or equipment employed to continuously observe patients through vital indications and warning systems to witness and record changes in patient wellbeing.

Patient monitoring devices measures or monitors the patient’s physiological parameters such as heart rate, respiratory rate, blood pressure, pulse, and others, which facilitates quality care by making superior clinical-decision based on the data.

Market Dynamics

An increase in technological advancement, rate of hospitalizations, and increased focus on patient monitoring and market events are pushing the global patient monitoring devices market.

The rising advancements in technology are fueling global market growth.

The increasing advancements in patient monitoring devices are pushing global market growth. For instance, a US-based startup, Kura Care, created an AI-based platform for healthcare providers and patients. its mobile application, kardioPAC, records and trails a patient's vital signs; based on this, it designs clinical reports for medical professionals to communicate with their patients regularly. Also, Evitalz is an Indian digital healthcare startup that provides monitoring devices and software with IoT.

The smart devices from Evitalz measure patients' vital signs and collect medical data, which is further communicated to iOS and Android devices. In addition, SmartPeep, a Singaporean startup, designed an eponymous AI-enabled patient monitoring system for hospitals and senior care facilities which report to nurses when a patient falls in common areas or inside their room; alerts like this support nurses to provide better healthcare and improve overall service efficiency. Another startup, Medisanté, from Switzerland, delivers medical IoT infrastructure, allowing healthcare providers and pharma companies to record patient health data without Bluetooth or Wi-Fi securely.

The high cost of different monitoring devices and the risk of system failures will hinder the global market growth.

However, high cost and upkeep costs with the risk of system failures will hamper the global market growth during the forecast period. For instance, in June 3, 2021, Medtronic arrested the sale and distribution of the HeartWare Ventricular Assist Device (HVAD) system, provided the raised danger of mortality and neurological adverse events in patients utilizing the device and a malfunction where the device may fail to restart.

COVID-19 Impact.

During COVID-19, there was increased emphasis on remote patient monitoring, which impacted the global patient monitoring devices market since there was a huge number of COVID-infected population; because of the easy infection transfer risk and unavailability of hospital beds majority of patients with mild symptoms were advised for home isolation and to monitor their vitals such as oxygen saturation level, heart rate, blood pressure which caused a surge in sales of remote monitoring devices and during the pandemic FDA provide many remote monitoring devices with Emergency Usage Approvals (EUA), positively impacting the global market growth.

Segment Analysis

The hemodynamic monitoring devices are predicted to have a high demand during the forecast period (2022-2029).

The hemodynamic monitoring devices are expected to dominate the global market during the forecast period (2022-2029), owing to the new product approvals and rising cases of cardiovascular diseases affecting patients globally. For instance, in February 21, 2022, Abbott received expanded indication approval by the US Food and Drug Administration (FDA) for CardioMEMS HF System to help more people with heart failure. With the extended indication, an additional 1.2 million US patients are now qualified to profit from state-of-the-art monitoring with the CardioMEMS sensor, significantly increasing the existing addressable population. The sensor delivers an earlier forewarning allowing doctors to protect the patient against worsening heart failure. Furthermore, in 2021 over 7.6 million people were suffering from cardiovascular disease in the UK, as per the British Heart Foundation.

Geographical Analysis

North America is predicted to command the global patient monitoring devices market.

North America is assumed to be dominating the global market throughout the forecast period (2022-2029) as the majority of key market players hold a large share of the global market through different market strategies such as product launches, collaborations, partnerships, acquisitions take over, securing fundings and other are US based ensure the dominance of this region over the global market. For instance, in August 4, 2022, Abbott partnered with Weight Watchers to help people with diabetes to attain their life goals by integrating a diabetes-tailored weight management program with Abbott's portfolio of FreeStyle Libre products to construct a seamless mobile experience that will provide individuals living with diabetes the data and insights required to make healthy changes to their diet, enhance their glucose levels, and, ultimately, attain better command of their health. Also, in September 6, 2022, Honeywell collaborated with leading healthcare providers to advance the digitalization of healthcare globally.

Competitive Landscape

The significant players operating in the global patient monitoring market are Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, GE Healthcare, Medtronic PLC, Philips Healthcare, Lifewatch AG, Nihon Kohden Corporation, Omron Corporation, and Honeywell International, Inc. The key players are embracing various approaches such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the global growth of the medical supplies and equipment market. For instance, in June 28, 2022, Siemens Healthineers entered a strategic partnership with The Ohio State University Wexner Medical Center. Also, in February 22, 2022, Siemens Healthineers invested €60 million in the Kemnath production location.

Medtronic, Plc.

Overview:

Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronics deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio:

The product portfolio of Medtronic, Plc. for patient monitoring devices contains Nellcor: A portable SpO2 patient monitoring system is a convenient, handheld monitor ideal for spot-checks or continuous monitoring in various healthcare and home settings, Bispectral Index Monitoring System: Bispectral Index (BIS) monitoring improves the clinician’s patient-targeted approach to induction, maintenance, and emergence. BIS technology non-invasively computes and analyzes brain wave activity directly linked to the consequences of analgesic agents.

Key Developments:

In September 20, 2022, secured FDA clearance for an expanded indication for the LINQ II Insertable Cardiac Monitor (ICM) system for usage in pediatric patients over the age of 2 who have heart rhythm irregularities and need long-term, constant monitoring.

The global medical supplies and equipment market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.