Global Patient Monitoring Device Market – Analysis and Forecast To 2024 | Nihon Kohden, Hill-Rom Holdings, Drägerwerk AG.

Patient monitoring devices are used for detection, continuous monitoring and treatment various body parts such as lungs, heart and brain. These devices are essential for hospitals and other healthcare facilities. The global patient monitoring device market is growing at significant rate, due to mounting occurrence chronic and lifestyle associated diseases and boosting demand of patient monitoring in remote and non-hospital settings. Different product contributed to the patient monitoring device market size. The cardiovascular device market has witnessed high demand for ECG devices in the coming years due to mounting occurrence of cardiovascular diseases and advancement of technologically innovative devices.

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Boosting demand of patient monitoring in remote and non-hospital settings, expanding geriatric population, mounting public health alertness and mounting healthcare expenditure are also facilitating the growth for the patient monitoring device market. For instance, according to WHO, globally in 2010 approximately 524 million people were aged 65 years and older, and is expected to reach 1.5 billion in 2050.

Threats related with invasive monitoring devices and strict regulatory requirements for the approval of devices are the major challenges for the growth of patient monitoring device market.

Globally, the manufacturing companies trying to enter the patient monitoring device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Asia is observed to witness fastest growth in the patient monitoring device market, due to mounting healthcare expenditure. In addition, mounting occurrence of chronic and lifestyle associated diseases, and budding public health alertness are also creating a positive impact on the patient monitoring device market growth in the region.

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Key players in the patient monitoring device market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In April 2018, Masimo received CE marking for Rad-97 pulse CO-oximeter with integrated NomoLine capnography, for continuous oxygenation and ventilation monitoring. Medtronic PLC, Edward Lifesciences, Natus Medical, Masimo, Koninklijke Philips N.V., Nihon Kohden, Hill-Rom Holdings, Drägerwerk AG, Omron and GE Healthcare are the key players offering patient monitoring device.

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