North America Patient Monitoring System Market, Type of Device (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Multi-parameter Monitors, Respiratory Monitoring Devices, and Other Types of Devices), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Devices), End User (Home Care Settings, Hospital and Clinics, and Other End Users) – Industry Trends and Forecast to 2029
Market Analysis and Size
The rising burden of chronic diseases as a result of lifestyle changes, the growing older population, the increasing availability of home and remote monitoring options, and the simplicity of use of portable devices are all contributing to the expansion of the patient monitoring industry. For example, according to the World Health Organization 2020, cancer, chronic obstructive pulmonary disease (COPD) , diabetes, and cardiovascular diseases (CVD) will account for 73 percent of all fatalities and 60 percent of the worldwide burden of diseases in 2020.
Data Bridge Market Research analyses that the patient monitoring system market which was USD 37,115.97 million in 2021, would rocket up to USD 76713.85 million by 2029, and is expected to undergo a CAGR of 9.5% during the forecast period of 2022- 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
Patient monitoring system are groups of machinery or equipment that are used to continually monitor patients using a variety of vital signs and warning system in order to detect and record changes in their health.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type of Device (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Multi-parameter Monitors, Respiratory Monitoring Devices, and Other Types of Devices), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Devices), End User (Home Care Settings, Hospital and Clinics, and Other End Users)
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Countries Covered
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U.S., Canada and Mexico in North America
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Market Players Covered
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Abbott (U.S.), Masimo (U.S.), Medtronic (U.S.), Dragerwerk AG and Co. KGaA (Germany), General Electric (U.S.), Johnson and Johnson Services, Inc. (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (U.S.), Mortara Instruments Inc (U.K)., Natus Medical Incorporated (U.S), NIHON KOHDEN CORPORATION (Japan), Nonin (U.S.), OMRON Healthcare Co., Ltd.(U.S.), Koninklijke Philips N.V (Netherlands), F.Hoffmann-La Roche Ltd. (U.S.), Welch Allyn (U.S.)
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Market Opportunities
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Patient Monitoring System Market Dynamics
Drivers
- Rising prevalence of chronic diseases
The increasing prevalence of chronic diseases is projected to drive the market for patient monitoring devices even further. The absence of adequate reimbursement, on the other hand, is likely to hinder the growth of the patient monitoring system market over the forecast period.
- Rapid advancement of technology
The United States province regulates the nasal aspirate testing business, and the significant growth of chronic diseases combined with an ageing population will fuel market expansion for the region. Furthermore, market growth is being fueled by increased government spending on healthcare infrastructure and the provision of real-time patient data updates to physicians in order to improve efficiency.
Opportunities
The primary factors driving market expansion are rising demand for home-based and portable monitoring devices, as well as an expanding geriatric population in the coming years. Increased investment in the healthcare industry will also help to drive market growth. Additionally, advancements in technology and invention in more efficient devices, such as a heart monitoring system, will generate lucrative prospects.
Restraints/Challenges
However, strict regulatory policies on procedures and poor reimbursement practises are restraining factors for the market, whereas a lack of skilled professionals and resistance from the healthcare sector to adopt system are challenging factors for the market, and the struggle of healthcare industry professionals to apply patient monitoring devices could further stifle the market's growth in the near future.
This patient monitoring system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the patient monitoring system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Patient Monitoring System Market
The COVID-19 pandemic had a huge strain on the healthcare system, which was already understaffed and overburdened. Patient monitoring technologies, such as ventilators, assisted in the monitoring of critically ill COVID-19 patients, allowing measures of physiological reserves and indicating the efficacy of therapeutic interventions throughout the pandemic, resulting in a favourable market impact. In addition, the firms are ramping up production of critical/essential medical equipment products. For example, in March 2020, Royal Philips increased production of critical care items and solutions that aid in the detection and treatment of COVID-19 patients. Patient vital signs monitors, medical consumables for non-invasive and invasive ventilation, and portable ventilators to treat respiratory diseases are all part of the product line.
Recent Development
- Medtronic's Indian business teamed with Stasis Health in September 2021 to increase access to Statis Monitor, a linked care bedside multi-parameter monitoring device, throughout India.
- Terumo Corporation introduced the Dexcom G6 continuous glucose monitoring system in Japan in July 2021. The product is manufactured by Dexcom, Inc. in the United States, and Terumo is the only distributor in Japan.
North America Patient Monitoring System Market Scope
The patient monitoring system market is segmented on the basis of type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Hemodynamic Monitoring Devices
- Neuromonitoring Devices
- Cardiac Monitoring Devices
- Multi-parameter Monitors
- Respiratory Monitoring Devices
- Other Types of Devices
Application
- Cardiology
- Neurology
- Respiratory
- Fetal and Neonatal
- Weight Management and Fitness Monitoring
- Other Applications
End-User
- Home Healthcare
- Hospitals and Clinics
- Other End Users
Patient Monitoring System Market Regional Analysis/Insights
The patient monitoring system market is analysed and market size insights and trends are provided by country, type, application and end-user as referenced above.
The countries covered in the patient monitoring system market report are U.S., Canada and Mexico in North America.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The patient monitoring system market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for patient monitoring system market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the patient monitoring system market. The data is available for historic period 2010-2020.
Competitive Landscape and Patient Monitoring System Market Share Analysis
The patient monitoring system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to patient monitoring system market.
Some of the major players operating in the patient monitoring system market are:
- Abbott (U.S.)
- Masimo (U.S.)
- Medtronic (U.S.)
- Dragerwerk AG and Co. KGaA (Germany)
- General Electric (U.S.)
- Johnson and Johnson Services, Inc. (U.S.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (U.S.)
- Mortara Instruments Inc (U.K)
- Natus Medical Incorporated (U.S)
- NIHON KOHDEN CORPORATION (Japan)
- Nonin (U.S.)
- OMRON Healthcare Co., Ltd.(U.S)
- Koninklijke Philips N.V (Netherlands)
- F.Hoffmann-La Roche Ltd. (U.S.)
- Welch Allyn (U.S.)
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