Patient Monitoring Devices Market Analysis | Coherent Market Insights

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2. Patient Monitoring Devices Market Analysis (2020-2027) • Patient monitoring devices are used to collect and display physiological data. Common types of cardiac monitoring systems include, Holter monitor, event recorder, mobile cardiac telemetry, and insertable cardiac monitor. • The global patient monitoring devices market is estimated to account for US$ 22,869.5 Mn in terms of value in 2020 and is expected to reach US$ 35,209.0 Mn by the end of 2027.

3. Global Patient Monitoring Devices Market: Drivers • Increasing prevalence of lifestyle diseases is expected to propel growth of the global patient monitoring devices market over the forecast period. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018. • Moreover, increasing geriatric population is also expected to aid in growth the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.  

4. s • Respiratory and Anesthesia Monitors held dominant position in the global patient monitoring devices market in 2019, accounting for 30.8% share in terms of value.

5. Figure 1. Global Patient Monitoring Devices Market Share (%), by Value, by Device Type, 2019

6. Global Patient Monitoring Devices Market: Restraints • Negative impact of U.S. medical device tax and rigorous FDA regulatory processes are expected to hinder growth of the market. The U.S. government scheduled to implement a 2.3% excise tax on medical devices sales in 2013. • Moreover, security concerns associated with mobile devices are also expected to limit the market growth. 

8. Global Patient Monitoring Devices Market: Opportunities  • Investment in Holter monitoring is expected to offer lucrative growth opportunities for players in the global patient monitoring devices market. For instance, in December 2019, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, raised US$ 6 million for FDA Filing for its patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring. • Moreover, launch of wireless electroencephalogram headsets is also expected to aid in growth of the market. For instance, in September 2019, Nihon Kohden launched its VitalEEG wireless electroencephalogram headset in the U.S., which is designed for quick setup and efficient placement of electrodes to evaluate brain health.

9. The global patient monitoring devices market was valued at US$ 21,505.5 Mn in 2019 and is forecast to reach a value of US$ 35,209.0 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027.

10. Figure 2. Global Patient Monitoring Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

11. Market Trends/Key Takeaways • Major players in the market are focused on launching programs to aid current customers who have lost insurance due to the COVID-19 pandemic. For instance, in April 2020, DexCom, Inc. launched a new patient assistance program that offers two 90-day supply shipments of Dexcom continuous glucose monitoring (CGM) system supplies and reduces customer cost to US$ 45 per 90-day supply shipment, in order to aid current U.S. customers who have lost insurance due to the COVID-19 pandemic. • Major players in the market are focused on adopting partnership strategies to expand their product portfolio.

12. For instance, in July 2019, Caretaker Medical partnered with MespereLifeSciences to integrate wireless CNIBP, Cerebral Oximetry, and other non-invasive hemodynamic measurements in a single monitoring platform

13. Global Patient Monitoring Devices Market: Competitive Landscape • Major players operating in the global patient monitoring devices market include, 3M Healthcare, Boston Scientific Corporation, Covidien, Draegerwerk AG and Co. KGaA, GE Healthcare, Medtronic Plc, Mindray Medical, Omron, Nihon Kohden Corporation, Biotricity Inc., Bittium Corporation, DexCom, Inc., Caretaker Medical, Shimmer, Edwards Lifesciences Corporation, Saranas, Inc., DiaMonTech GmbH, VivaQuant, and Philips Healthcare.

14. Global Patient Monitoring Devices Market: Key Developments • Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in November 2019, Shimmer, a U.S.-based developer of wearable technology, announced that ECGmd – its five-wire, four-lead Holter monitor ECG, received CE mark • Similarly, in August 2019, DiaMonTech GmbH, a medical technology startup, received the CE certification for its first medical product DMT Base, a device that offers non-invasive blood glucose measurement using laser-based technology.

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