According to a new report published by Allied Market Research, titled, “U.S. Patient Monitoring Systems Market by Component: Opportunity Analysis and Industry Forecast, 2020–2027,” the U.S. Patient Monitoring Systems Market was valued at $12,200.96 million in 2019, and is projected to reach $22,583.40 million by 2027, registering a CAGR of 5.21% from 2020 to 2027.
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The aim of patient monitoring is to give warning of early or dangerous deterioration of health. Patient monitoring systems are used to observe vital signs such as respiration and heart rate of patients. These devices such as pulse oximeters, capnographs, and cardiac monitors are increasingly being used in major hospitals, clinics, and various outpatient centers. These devices are commonly used during minor and major surgeries to monitor physiological signs of patients and intervene, if any complications occur.
These devices can also help healthcare professionals to monitor vital signs of multiple patients at the same time. Some of these devices are also used to alert physicians, in case parameter levels are either above or below the limit set by physicians. Moreover, with the help of remote monitoring devices, physicians can remotely monitor physiological parameters such as blood glucose level, blood pressure, and heart rate; and accordingly provide appropriate treatment for patients.
The patient monitoring systems are used to monitor, measure, and record various physiological parameters of a patient. Owing to rise in prevalence of various cardiac diseases, the market is dominated by the cardiac monitoring devices segment, which is expected to account for major revenue generation during the forecast period. The remote patient monitoring devices segment is estimated to be the fastest growing segment, registering a CAGR of 5.98% during the forecast period. This is mainly attributed to growth in awareness about several benefits of using remote patient monitoring devices such as reduced hospital stay time, improvement in clinical outcomes, and reduction in number of hospital readmissions. Various advancements in patient monitoring technology such as improvement in performance, utility, usability, & sensitivity, and decrease in size of devices are expected to boost growth of the market.
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Major market players covered in this report are –
Abbott Laboratories,
Biotronik Se & Co. Kg,
Boston Scientific Corporation,
General Electric Company (Ge Healthcare),
F. Hoffmann-La Roche Ltd.,
Koninklijke Philips N.V. (Philips Healthcare),
Masimo Corporation,
Medtronic Plc.,
Nihon Kohden Corporation,
Osi Systems, Inc. (Spacelabs Healthcare)
The U.S. patient monitoring system market is segmented into component, which is divided into devices, services, and connectivity type. By device, the market is further categorized into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal & neonatal monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, weight monitoring devices, temperature monitoring devices, and urine output monitoring devices. The service segment is further divided into consulting, system integration & deployment, and support & maintenance. The connectivity technology segment is further categorized into cellular IoT – 3G, cellular IoT – 4G, LoRa, Wi-Fi, SIGFOX, wireline, wireless personal area network (WPAN), and others.
Key Findings Of The Study
- By component, the device segment accounted for a share of nearly 84.5% in the U.S. patient monitoring devices market in 2019.
- By component, the connectivity technology segment is anticipated to grow with the highest CAGR of 14.9% throughout the forecast period
- By service type, the support and maintenance segment accounted for a share of 54.7% in the healthcare payer solution market in 2019.
- By connectivity technology type, the Wireless Personal Area Network (WPAN) and Wi-fi segment collectively accounted for a share of 45.0% in the U.S. patient monitoring devices market in 2019.
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