Patient Monitoring Devices Market worth $65.4 billion by 2027– Global Top Players Growth Drivers & New Opportunities

The patient monitoring devices market is projected to reach USD 65.4 billion by 2027 from USD 42.3 billion in 2022, at a CAGR of 9.1% during the forecast period. The development in this market is largely driven by increased funding, research grants, and public-private investments; ongoing technological developments in the field of wearable technologies; sustained government initiatives to expand healthcare infrastructure in major & emerging markets, and the emergence of user-centric patient monitoring devices. Though, the risk associated with invasive monitoring devices is likely to limit market growth during the coming decade. 

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The competitive landscape comprises the analysis of the significant growth tactics adopted by key companies from 2020 to 2021 to increase their market shares and grow their global footprint in the patient monitoring devices market space. Most prominent growth strategies adopted by the leading market players include new product approvals, launches, distribution agreements, expansions, and acquisitions. Product launches in new markets and approvals are the most widely implemented growth strategies by companies in the last couple of years to garner an increased share of the market. In 2021, the patient monitoring devices market was dominated by GE Healthcare (US), Medtronic plc (Ireland), Abbott Laboratories (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), and Masimo Corporation (US).

MEDTRONIC PLC (US)

As of 2021, Medtronic plc (US) has a broad range of product offerings in the patient monitoring devices market. Their relevant product portfolio includes respiratory monitoring devices, neuromonitoring, heart monitoring devices, and blood glucose monitoring devices. The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department. The company’s flagship product─BIS brain monitoring system–is among the most widely used systems in the patient monitoring devices market. Medtronic’s global presence allows it to cater to a customer base across 150+ countries such as the the US, UK, Germany, New Zealand, and Australia,.

Based on the product, the patient monitoring devices market is segmented into hemodynamic/pressure monitoring devices, multiparameter monitoring devices, neuromonitoring devices, fetal and neonatal monitoring devices, blood glucose monitoring systems, weight monitoring devices, respiratory monitoring devices, temperature monitoring devices, cardiac monitoring devices, and other patient monitoring devices. The cardiac monitoring devices products segment is further classified into smart/wearable ECG monitors, event monitors, ECG devices, mobile cardiac telemetry (MCT) monitors, and implantable loop recorders (ILRs). Within the cardiac monitoring devices products, the ECG devices division held a major part of the market in 2021. Emerging use cases of ECG devices and higher adoption of portable or wireless cardiac monitors are a major factor influencing to the growth of this market segment.

The hospital end user segment is expected to indicate the highest growth rate during the forecast period.

Based on end users, the patient monitoring devices market has been segmented into hospitals, ambulatory surgery centers, home care settings and other end users, Dominant market position of the hospitals segment can be credited to the presence of well-equipped emergency wards and ICUs in hospitals and the rising number of surgeries.

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North America is likely to lead the global patient monitoring devices market in 2021.

North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market in 2021. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices. This trend will have a definite impact on the patient monitoring device market.

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