July 8, 2021 07:59 ET | Source: BlueWeave Consulting and Research Pvt Ltd BlueWeave Consulting and Research Pvt Ltd
NOIDA, India, July 8, 2021 (GLOBE NEWSWIRE) – A recent study conducted by BlueWeave Consulting, a strategic consulting and market research company, shows that the global patient monitoring equipment market will reach 36.6 billion U.S. dollars in 2020 and is expected to reach further It will be US$68.4 billion by 2027, and will grow at a compound annual growth rate of 9.6% from 2021-2027 (for the forecast period). The growing demand for tracking biometric technology (such as calorie tracking applications, heart rate checking applications, Bluetooth monitors, skin patches, etc.) is actively affecting the growth of the global patient monitoring equipment market. In addition, as fitness trackers and smart wearable devices become more and more popular, the global patient monitoring equipment market is experiencing substantial growth. In addition, the emergence of technologies such as the Internet of Things (IoT) is also expected to promote growth, as the technology allows more accurate and precise information to be provided to patients.
The increasing demand for remote patient monitoring is beneficial to the global patient monitoring equipment market
Increasing use of IoT (Internet of Things) technology to analyze continuous blood glucose monitoring, blood pressure observation, temperature recording, and pulse oximetry will help improve the functionality of remote patient monitoring equipment. These devices can be Fitbit, blood glucose monitors, wearable heart trackers, Bluetooth-enabled weight scales, smart shoes and belts, or maternity care trackers. By accumulating, transmitting, processing, and storing such information, these devices enable doctors/practitioners to discover patterns and discover potential health risks associated with patients. Due to technological advancements, these technologies have proven to be more effective and accurate, which in turn makes it easier for doctors to accurately diagnose patients and help them recover from past traumas. The increasing popularity of 5G technology can improve the performance of these devices, thereby providing more growth prospects for the global patient monitoring equipment market.
Improved healthcare regulations are driving the growth of the global patient monitoring equipment market
These patient monitoring systems can help reduce patient readmissions, reduce unnecessary visits, improve diagnosis, and track vital signs in a timely manner. According to estimates by information processing services, by 2020, more than 4 million people will be able to remotely check and track their health problems. The World Health Organization reports that cardiovascular disease has become one of the leading causes of death in the world, causing approximately 17.9 million deaths every year. Since it accounts for a large part of the global population, the global patient monitoring equipment market has been growing rapidly due to the huge global demand for heart monitoring equipment.
According to product types, the global patient monitoring equipment market is divided into hemodynamic monitoring, neuromonitoring, cardiac monitoring, blood glucose monitoring, fetal and neonatal monitoring, respiratory monitoring, multi-parameter monitoring, remote patient monitoring, body weight monitoring, temperature monitoring equipment, And others. In 2020, the cardiac monitoring equipment market segment will account for the largest share of the global patient monitoring equipment market. The increasing prevalence of global cardiovascular diseases (such as stroke and heart failure) is driving the growth of the global patient monitoring equipment market. Coronary heart disease is one of the most common causes of death worldwide. Therefore, it is important to analyze the health status of people with higher cholesterol levels. The increased demand for cardiac patient monitoring after coronary artery surgery has stimulated the growth of the global patient monitoring equipment market. In June 2021, CardioLabs, an independent diagnostic testing organization (IDTF), was acquired by AliveCor to expand its cardiology services to patients using monitoring equipment prescribed by medical experts.
The hospital sector occupies the largest market share in the global patient monitoring equipment market
Among end users including hospitals, home environments, outpatient surgery centers, etc., the hospital sector has accumulated the largest share in 2020. The sector is witnessing growth due to greater focus on accurate diagnosis, treatment, and patient care. Developing countries around the world have increased their healthcare expenditures and budgets to incorporate precision technology into hospitals to improve healthcare facilities and Improve the lives of patients with chronic diseases. The global patient monitoring equipment market has also witnessed the continuous increase in the volume of procedures in the hospital environment. Although surgical facilities have been catching up with the increasing number of chronic diseases around the world, but due to the availability of hospitals and the emergence of the latest healthcare technologies, hospitals are still regarded as the safest treatment options. Therefore, it helps to promote the growth of the global patient monitoring equipment market.
According to regions, the global patient monitoring equipment market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. In 2020, North America has the largest share of all regions in the world. The growth of the global patient monitoring equipment market in this region can be attributed to the spread of chronic diseases caused by poor eating habits, obesity rates, and unhealthy lifestyles in the region, and increased funding for such equipment. Another important factor driving the growth of the global patient monitoring equipment market is the increasing demand for portable and wireless solutions. During the North American COVID-19 pandemic, the global patient monitoring equipment market has responded enthusiastically, prompting patients to choose measures such as remote tracking equipment to avoid contact with doctors and maintain a healthier diet. It also helps reduce the burden on the health care system in the region, as the United States has the largest number of COVID-19 cases in the world.
However, it is expected that during the forecast period, the Asia-Pacific region will occupy the largest share of the global patient monitoring equipment market. The increasing prevalence of heart disease in the region has led to a demand for patient monitoring equipment in countries in the Asia-Pacific region. In addition, India and China are the most severely affected regions in the world, and the incidence of diabetes is also the highest. According to a WHO estimate, diabetes claimed nearly 1.5 million lives in 2019. As a result, the region is facing a growing demand for home remote monitoring equipment, which in turn opens up new prospects for the market. In addition, the region is home to many important players in the global patient monitoring equipment market, which contributes to its market share.
The COVID-19 pandemic has made a positive contribution to the growth of the global patient monitoring equipment market. Due to the reduced supply of key raw materials required to produce patient monitoring equipment, the pandemic may initially have a negative impact; however, the rising infection rate helps to promote the development of the global patient monitoring equipment market. As new variants of COVID-19 are still emerging, and increasing infections have become a major problem, the demand for remote monitoring and patient participation solutions from various end users, including hospitals and surgical facilities, has risen sharply.
In order to meet the increasing demand for respiratory monitors, oxygen monitors, multi-parameter trackers, blood glucose, blood pressure monitors and other equipment during the epidemic, manufacturers are accelerating their pace. In October 2020, the U.S. Food and Drug Administration issued a directive to promote patient surveillance while reducing exposure of healthcare providers and patients to COVID-19. In addition, many developed countries have begun to initiate such projects to ease the interaction between patients and doctors, help reduce the possibility of virus transmission, and thus promote the growth of the global patient monitoring equipment market.
The leading companies in the global patient monitoring equipment market are Medtronic, Abbott Laboratories, Dragerwerk AG & Co.KGaA, Edwards Life Sciences, General Electric Healthcare, Omron, Massimo, Shenzhen Mindray Biomedical Electronics Co., Ltd., Japan Optoelectronics Corporation, Natus Medical, Koninklijke Philips NV, Getinge AB, Boston Scientific Corporation, Dexcom, Inc., Nonin Medical, Inc., Biotronik, Bio Telemetry, Inc., Schiller AG, F. Hoffmann-La Roche Ltd., Hill- Rom Holdings, Inc. and other well-known companies. The global patient monitoring equipment market is highly competitive. In addition, in recent years, the government has formulated strict regulations to prevent the black market marketing of patient monitoring equipment. In order to maintain their market position, top players are implementing important strategies such as product launches, partnerships, cooperation with companies that provide the latest technological gadgets, and acquisitions of companies that utilize the latest technologies in their devices.
In July 2021, Omron announced the launch of OMRON Complete, a single-lead electrocardiogram (ECG) and blood pressure (BP) monitor for home use. This product is designed to detect atrial fibrillation (AFib). OMRON Complete also uses clinically proven ECG technology for blood pressure checks.
In November 2020, Masimo announced the acquisition of Lidco, a manufacturer of advanced hemodynamic monitoring equipment, for US$40.1 million. The device is mainly designed for intensive care and high-risk surgical patients in the United States and the United Kingdom, and can also be used in continental Europe, Japan and China.
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Post time: Jul-09-2021