Patient monitoring devices market to record 6.1% CAGR by 2026
Paradigm shift towards telehealth services, primarily after the outbreak of COVID-19 will drive global patient monitoring devices market trends. Increasing number of hospital admissions due to escalating corona positive patients will create prospects for new development. Over the past few years, prevalence of chronic diseases and infections has risen which has also led to individuals demand for personal patient monitoring devices, globally.
Proliferation of advanced technology in these devices will further boost product adoption. There have been technological advancements in patient monitoring devices with the integration of Artificial Intelligence (AI) backed computer vision.
For instance, Mindray, a Chinese medical device company launched ePM Series patient monitor in February 2019. The device aided caregivers to accurately recognise deteriorating patient health.
A report suggests that global patient monitoring devices market size will exceed $32.6bn in terms of annual valuation by 2026. Preference for telehealth services has also increased due to costs savings and easy exchange of data among healthcare professionals and patients remotely. Apart from reducing the number of hospital visits, are cost effectiveness and time saving, telehealth services reduce the risk of HAIs, which are on rise currently due to COVID-19 pandemic.
Growing preference for telehealth services will directly impact the demand for wearable monitoring devices, supporting industry expansion over the coming years. In 2019, revenues from the wireless segment reached $7bn and is expected to garner considerable gains over the coming years. Wireless monitoring devices are gaining major popularity as they transmit vital signs to medical personnel remotely, thereby reducing frequent hospital visits.
The products offer quick and reliable data in real time, leading to increased preference for wireless monitoring devices. Also, these devices aid healthcare providers to closely monitor critical patients or other high dependency patients such as post-operative and rehabilitation and patients.
Patient monitoring devices industry across respiratory monitoring devices segment held 6% of the overall market share in 2019. One of the majorly used respiratory monitoring devices across hospitals is pulse oximeters as it can be utilsed for a newborn easily and provides alerts regarding drop in oxygen level. Moreover, ease of use and cost effectiveness of the product will further boost product adoption among healthcare professionals and across medical facilities.
In 2019, North America held 40% of the patient monitoring devices industry share due to the growing prevalence of cardiac disorders and associated requirement for cardiac monitoring devices. As per CDC (Centers for Device Control and Prevention), more than 18.2 million adults aged 20 and more were affected by coronary artery disease in 2019.
Rising awareness pertaining to benefits of wearable monitoring devices and their availability is supporting regional patient monitoring devices market. Moreover, presence of large number of manufacturers focused to developing advanced tools and machines will further bolster business growth.
For instance, California-based health focus technology startup, Movano, was planning to roll out the first needle-free wearable to monitor blood sugar level. Reportedly, the device uses an onboard radio frequency-powered sensor for acquiring exact measurements along with AI system and machine-learning for analysing data.
Key providers of patient monitoring devices worldwide include Siemens, Philips, OSI Systems, GE Healthcare, Nihon Kohden, Medtronic, Medtronic, Fukuda, Hill-Rom Holdings, Epsimed, Mindray, Skanray Technologies, Medion Healthcare, Opto India and Sensata Technologies among others.
You can view the report here.