Patient Monitoring Devices Market Revenue to Reach $44.86 Billion by 2027
Surge in usage of wireless monitoring devices across the globe drives the growth of the global patient monitoring devices market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. The demand for remote patient monitoring devices is expected to surge significantly to treat Covid-19 patients. This is expected to maintain safety and reduce possibility of cross-contamination.
Portland, OR, July 30, 2020 (GLOBE NEWSWIRE) -- The Patient Monitoring Devices Market generated $25.76 billion in 2019, and is estimated to reach $44.86 billion by 2027, registering a CAGR of 4.4% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in usage of wireless monitoring devices and increase in population of aging people across the globe drive the growth of the global patient monitoring devices market. However, high cost associated with patient monitoring devices is anticipated to restrain the market growth. Furthermore, increasing technological advancements are expected to provide new opportunities during the forecast period.
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Covid-19 scenario:
- The demand for remote patient monitoring devices is expected to surge significantly to treat Covid-19 patients. This is expected to maintain safety and reduce possibility of cross-contamination.
- However, key players of patient monitoring devices such as Koninklijke Philips N.V., GE Healthcare, and others are focusing toward expanding their patient monitoring devices product portfolio during the pandemic. For instance, Koninklijke Philips N.V. received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor Philips Biosensor BX100. This would help in managing suspected Covid-19 patients in the hospital.
"Remote monitoring devices segment is expected to witness significant growth owing to COVID-19 pandemic and adoption of social distancing & lock down across the globe."
The report offers a detailed segmentation of the global patient monitoring devices market based on product type, end-user, and region.
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Based on product type, the cardiac monitoring devices segment contributed to the largest share in 2019, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the remote patient monitoring devices segment is estimated to portray the highest CAGR of 6.3% during the forecast period.
Based on end-user, the hospitals segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the home setting segment is expected to register the highest CAGR of 5.0% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.5% from 2020 to 2027.
Leading market players analyzed in the research include Biotronik, Medtronic, Inc., GE Healthcare Ltd, F. Hoffmann-La Roche Ltd., Nihon Kohden Corporation, Masimo Corporation, Omron Healthcare Co. Ltd, Johnson and Johnson, Koninklijke Philips N.V., and Abbott Laboratories.
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