Allied Market Research recently published a report, titled, “U.S. Patient Monitoring Systems Market by Component (Device, Service, and Connectivity Technology): Opportunity Analysis and Industry Forecast, 2020–2027″. As per the report, the U.S. patient monitoring system industry was pegged at $12.20 billion in 2019, and is anticipated to garner $22.58 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
Drivers, restraints, and opportunities:-
Surge in prevalence of lifestyle diseases, increase in the geriatric populations, and rise in adoption of remote patient monitoring devices have boosted the growth of the U.S. patient monitoring systems market. However, reimbursement issues, government regulations, limited awareness, and high cost hamper the market. On the contrary, technological advancements would open new opportunities for the market players in the future.
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The top key market players active in this market are, Abbott Laboratories, Biotronik SE & CO. KG, Boston Scientific Corporation, Medtronic, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare Ltd, Masimo Corporation, Nihon Kohden Corporation, OSI Systems, Inc. (Spacelabs Healthcare), and Koninklijke Philips N.V
The demand for remote continuous monitoring and interaction to support patients for a long period has increased during the Covid-19 pandemic. Moreover, patient monitoring systems are vital to track heart conditions, temperature, and other parameters.
In addition, there is increased demand for remote patient monitoring systems to effectively collect data to take care of patients who are at home.
The device segment held the largest share
By service, the device segment dominated the market in 2019, accounting for more than four-fifths of the U.S. patient monitoring systems market, due to high demand for patient monitoring devices and surge in geriatric population. However, the connectivity technology segment is projected to portray the highest CAGR of 14.9% during the forecast, owing to increase in demand for connected patient monitoring systems.
The remote patient monitoring devices segment to manifest the highest CAGR through 2027
By device type, the remote patient monitoring devices segment is expected to register the highest CAGR of 6.0% during the forecast period, due to ease of use and various technological advancements it offers. However, the cardiac monitoring devices segment held the largest share in 2019, contributing to more than one-fourth of the segment, owing to high prevalence of cardiac disorders and high demand for cardiac monitoring devices.
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