Patient Monitoring Devices Market Size to Grow at a Remarkable Pace in the Coming Years

Increase in prevalence of lifestyle disease, rise in adoption rate of remote patient monitoring devices, and surge in global geriatric population are the major drivers of the global patient monitoring market. However, stringent government regulations and reimbursement issues along with limited awareness and high cost hamper the market growth. On the contrary, untapped markets in the emerging economies and rapid technological advancements are expected to create lucrative opportunities in the near future.

Allied Market Research recently published a report, titled, “Patient Monitoring Devices Market by Product (Hemodynamic, Neuromonitoring, Cardiac, Fetal & Neonatal, Respiratory, Multiparameter, Remote Patient, Weight, Temperature, and Urine Output Monitoring Devices), and End User (Hospitals & Clinics, Home Settings, and Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global patient monitoring market accounted for $22.64 billion in 2017 and is expected to garner $37.19 billion by 2025, registering a CAGR of 6.4% from 2018 to 2025.

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Growth Drivers and Industry Trends

Global patient monitoring market is divided on the basis of product, end user, and geography. Based on product, the market is segmented into hemodynamic, neuromonitoring, cardiac, fetal & neonatal, respiratory, multiparameter, remote patient, weight, temperature, and urine output monitoring devices.

The cardiac monitoring devices segment held the largest share in 2017, contributing more than one-fourth of the total market, owing to rise in cardiovascular diseases due to sedentary lifestyle and growth in geriatric population.
However, the remote patient monitoring devices segment is projected to manifest the fastest CAGR of 14.5% during the forecast period, as it does not require the intervention of healthcare professionals.

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Segmentation Analysis of the Industry

Based on end user, the market is bifurcated into hospitals & clinics, home settings, and ambulatory surgical centers. The home settings segment is expected to portray the fastest CAGR of 7% during through 2025, owing to rise in adoption of remote patient monitoring devices at home care setting and increase in awareness regarding availability of monitoring devices that could be used in patient’s home. However, the hospitals segment dominated the market in terms of revenue generation, contributing more than half of the total market.

On the basis of geography, the market is analyzed in regions such as Asia-Pacific, North America, Europe, and LAMEA. North America region held the largest share in 2015, contributing more than two-fifths of the total market, owing to high purchasing power among the populations and rise in adoption rate of portable monitors coupled with favorable reimbursement policies. However, the Asia-Pacific region is estimated to register the CAGR of 7.5% during the study period.

Industry Key Players
Global patient monitoring market report includes in-depth analysis of the major market players such as Medtronic, Inc., F. Hoffmann-La Roche Ltd., Biotronik, Masimo Corporation, GE Healthcare Ltd., Nihon Kohden Corporation, Omron Healthcare Co. Ltd., Johnson & Johnson, Koninklijke Philips N.V., and Abbott Laboratories.

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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.