patient monitoring device market report

The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028.

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What is the market size of the patient monitoring devices market?

The global patient monitoring devices market size was valued at USD 37.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028.

What is the forecast period of patient monitoring systems market research report?

The patient monitoring systems market registered a market size of USD 34,310 million in 2020, and it is expected to reach 26,198 million by 2026, registering a CAGR of 8.87% during the forecast period.

What hinder the remote patient monitoring devices market in Q1 2020?

Severe shortages in critical medical supplies and delayed regulatory approvals are hindered the overall remote patient monitoring devices market in the first quarter of 2020

What is the use of patient monitoring devices in home settings?

This supported the use of patient monitoring devices in home settings, physician care units, and ASCs for patients suffering from acute illnesses. The patient monitoring devices are used for continuous monitoring of patient's vitals such as heart rate, pulse rate, blood pressure, blood oxygen saturation, and many other physiological parameters.

How big is the remote patient monitoring market?

The global remote patient monitoring market was valued at $30.5 billion in 2021 and is expected to reach $62 billion, growing at a CAGR of 12.5% during the forecast period.

How big is the RPM market?

As of 2021, the global value of the remote patient monitoring market is worth $745.7 million. Remote patient monitoring is reducing the risk of hospital readmissions. According to the University of Pittsburgh Medical Center, RPM helped to reduce its readmission rate by 76%.

What are patient monitoring devices?

Remote or wearable patient monitoring devices include (1) non-invasive remote monitoring devices that measure or detect common physiological parameters and, (2) non-invasive monitoring devices that wirelessly transmit patient information to their health care provider or other monitoring entity.

What are some examples of patient monitoring devices?

7 Common Remote Patient Monitoring DevicesBlood Pressure Cuff. Blood pressure cuffs calculate a patient's heart rate and blood flow by measuring changes in artery motion. ... Glucometer. ... Pulse Oximeter. ... ECG + Stethoscope. ... Wearables (Activity Trackers and Continuous Monitoring) ... Thermometer. ... Scale.

Is remote patient monitoring worth it?

Even without Medicare reimbursements, remote patient monitoring can lower healthcare costs long-term. By focusing on preventative care over reactive care, clinics will be able to avoid costly procedures and resources.

Who can monitor RPM?

The RPM service must be ordered by a physician or other “qualified healthcare professional,” such as a nurse practitioner, certified nurse specialist, or physician assistant. Patients must be monitored for at least 16 days to be applied to a billing period (a requirement to bill for CPT 99454).

How do I start an RPM business?

Without further ado, let's walk through how to get your own RPM program started.Step 1: Identify A Need and Form Your Team. ... Step 2: Set Your Goals. ... Step 3: Decide to Lease or Buy RPM Devices. ... Step 4: Identify and Recruit Eligible Patients. ... Step 5: Train Patients and Clinicians. ... Step 6: Deliver RPM and Engage Patients.More items...•

What is a RPM in healthcare?

Remote patient monitoring (RPM) is a subcategory of homecare telehealth that allows patients to use mobile medical devices and technology to gather patient-generated health data (PGHD) and send it to healthcare professionals.

How do I start a remote patient monitoring business?

Remote patient monitoring works wonders for patient care....5 Best Practices for Starting an RPM BusinessKnow and Understand General Business Requirements. ... Know the Cost of Acquiring RPM Devices. ... Develop a Process and Hire Your Care Team. ... Think About Effective Patient Engagement. ... Be Aware of Billing and Reimbursement Codes.

How many types of patient monitoring system are there?

The two broad types of patient monitoring systems are bedside patient monitoring systems and remote patient monitoring systems. Bedside patient monitoring systems are also referred to as hospital patient monitoring systems. They are used within the hospitals to monitor patients in ER as well as intensive care settings.

What are the two types of remote patient monitoring?

Common examples of remote health monitoring devices include continuous glucose monitors that remind diabetes patients to take their insulin, while allowing their physician to monitor the disease, digital blood pressure monitors that enable patients to remotely send physicians their blood pressure and blood oxygen ...

What are the applications of patient monitoring system?

Remote patient monitoring allows physicians to: Adjust medication dosing or treatment regularly to improve outcomes. Automate and respond to alerts while identifying worrisome trends or readings. Minimize associated hospitalizations by performing timely interventions as soon as message alerts indicate a problem.

What is the patient monitoring devices industry worth?

The market size of patient monitoring devices was over USD 23.3 billion in 2020 and is estimated to expand at a 6.9% CAGR through 2027 owing to the...

What devices are used for patient monitoring?

Cardiac monitoring, neuromonitoring devices, respiratory monitoring devices, anesthesia monitor, hemodynamic monitoring devices, fetal and neonatal...

How big is wireless patient monitoring devices market?

Demand for wireless patient monitoring devices is expected to record a growth rate of more than 7.3% up to 2027, driven by increasing adoption to m...

What is the value of Europe patient monitoring devices market?

The Europe region is anticipated to strike a CAGR of around 6.5% through 2027 due to the growing incidences of chronic diseases across several coun...

How many people have asthma?

According to the WHO, around 235 million people suffer from asthma. This leads to an increase in the use of a peak flow meter that is used to measure the rate of respiration.

What is the hospital segment?

The hospital segment dominated the market in 2020, contributing to more than 51.25% of the market share. The large share of the market is anticipated to the rising emphasis on effective and early disease diagnosis in hospitals, and the growing procedural volume in hospital settings. According to the America Heart Association (AHA), in 2016 around 209,000 patients suffered from in-hospitals cardiac arrest in the U.S., and the number is expected to grow to more than 23.6 million by 2030.

What is Grand View Research report?

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global patient monitoring devices market report on the basis of product, end-use, and region:

What is the patient monitoring device market?

North America dominated the patient monitoring devices market in 2020, accounting for more than 42.70% of the market share. Increasing incidence of chronic diseases, coupled with the presence of advanced technology, demand for wireless and portable systems aimed at cutting out-of-pocket expenditure are some of the factors attributed to the regional growth. Also, major market players such as Edward Lifesciences, GE Healthcare, Masimo Corporation, and Natus Medial are investing in R&D for more advanced patient monitoring device facilities that will boost the market.

What pacemaker has atrioventricular synchrony?

For instance, in January 2020, Medtronic received FDA approval for Micra AV, which is the smallest pacemaker with the atrioventricular synchrony. Besides, technological advancement, government initiatives, and regional expansion are likely to boost the segmental growth of patient monitoring devices. For instance, In February 2020, Abbott received ...

What is the market size of patient monitoring devices?

The global patient monitoring devices market size was valued at USD 37.30 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. The growth can be attributed to the rising demand for monitoring devices used to measure, distribute, record, and display a combination of biometric values such as blood oxygen saturation level, temperature, and blood pressure. Since the COVID-19 pandemic, quarantining and social distancing practices are implemented around the world. Due to this many people are avoiding frequent hospital visits. As such times many people require routine monitoring of their oxygen level and temperature at home to keep track of their health. Thereby, demanding monitoring devices at home.

Which country has the largest diabetic population?

India and China have the largest diabetic population and is expected to increase over the forecast period. This leads to an increase in awareness regarding diabetes preventive care, which, in turn, is anticipated to augment market growth.

What is patient monitoring?

As per the scope of this report, patient monitoring devices are monitoring devices that continuously monitor the patient’s vital parameters, like blood pressure and heart rates, by using a medical monitor and collecting medical (and other) data from individuals. The patient monitoring market is segmented by type of device (hemodynamic monitoring device, neuromonitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, remote patient monitoring devices and other types of devices), application (cardiology, neurology, respiratory, fetal and neonatal, weight management and fitness monitoring, and other devices), end-user (home care settings, hospital and clinics and other end users) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

What is the market size of patient monitoring systems?

The Patient Monitoring Systems Market registered a market size of USD 18,810 million in 2020 and is expected to reach 26,198 million by 2026, registering a CAGR of 5.6% during the forecast period. The growth of the patient monitoring market is attributed to the rising burden of chronic diseases due to lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring, and ease of use and portability devices to promote growth.

Why is patient monitoring important?

In recent times, North American countries face the huge threat of coronavirus, and thus, patient monitoring has become crucial at stopping the adverse effects of the virus. According to an article published by the Center for Disease Control and Prevention in Feb-2020, 19% of patients who contracted COVID-19 had conditions severe enough to require hospitalization. Thus, the COVID-19 pandemic has unsurprisingly escalated the demand for patient monitoring devices.

What is the North American patient monitoring market?

The North American patient monitoring market dominated the global market and is estimated to show a similar trend during the forecast period . The increasing geriatric population, rising incidences of chronic diseases, growing demand for wireless and portable systems, coupled with the presence of sophisticated reimbursement structures aiming toward cutting out-of-pocket expenditure levels, are the major factors attributing to its large market share.

How does patient monitoring technology help?

Patient monitoring technologies come into play and identify small changes in the patient’s physiological data, promoting self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations, decreases the number of unnecessary trips to the doctor’s office, and reduces travel-related expenses.

How many people died from cancer in 2020?

Also, according to Globocan 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 worldwide, with 9,958,133 deaths due to cancers globally. Among all cancers, breast cancer accounted for 2,261, 419 new cancer cases, followed by lung (2,206,771), Prostate (1,414,259) and colon (1,148,515) new cases in 2020. Patient monitoring technologies come into play and identify small changes in the patient’s physiological data, promoting self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations, decreases the number of unnecessary trips to the doctor’s office, and reduces travel-related expenses. On a short- and long-term basis, by the proper implementation, patient monitoring technologies can expand access to quality healthcare and save time and money.

Where is Dexcom G6 made?

In July 2021, Terumo Corporation launched Dexcom G6 continuous glucose monitoring system in Japan. Dexcom, Inc., based in the United States manufactures the product and Terumo holds the exclusive distribution agreement in Japan.

Global Patient Monitoring Device Market – Analysis and Forecast (2021-2027)

The global patient monitoring device market was valued at USD 26.1 billion in 2020 and is anticipated to reach USD 44.85 billion in 2027, witnessing a CAGR of 4.5% during the forecast period 2021-2027. Patient monitoring devices are used for detection, continuous monitoring and treatment various body parts such as lungs, heart and brain.

Industry Insights by Product (Cardiac Monitoring Devices, Meuromonitoring Devices, Respiratory Monitoring Devices, Hemodynamic Monitoring Devices, Multi-Parameter Monitoring Devices, Temperature Monitoring Devices, Fetal and Neonatal Monitoring Device and Weight Monitoring Devices), and by End User (Ambulatory Surgical Centers, Home Settings and Hospitals and Clinics)

The global patient monitoring device market was valued at USD 26.1 billion in 2020 and is anticipated to reach USD 44.85 billion in 2027, witnessing a CAGR of 4.5% during the forecast period 2021-2027. Patient monitoring devices are used for detection, continuous monitoring and treatment various body parts such as lungs, heart and brain.

What is a Medtronic device?

Medtronic plc is a leader in the global patient monitoring devices market. Medtronic plc (US) has a wide range of product offerings in the patient monitoring devices market, including neuromonitoring, respiratory monitoring devices, cardiac monitoring devices, and blood glucose monitoring products. The company’s flagship product-BIS the brain monitoring system–is among the most widely used systems in the patient monitoring devices market. The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department. Medtronic global footprint allows it to cater to a customer base across 150+ countries such as Germany, the UK, New Zealand, Australia, and the US.

What is LINQ II?

LINQ II is a small wireless ICM for patients with abnormal heart rhythms and for those who require long-term monitoring. It enables remote patient monitoring and data transfer through the MyCareLink Heart mobile app or MyCareLink Relay home communicator by using BlueSync technology

What are the key growth strategies adopted by the top players in this market?

The key growth strategies adopted by the top players in this market include product launches and approvals; agreements and partnerships; expansions; and acquisitions.

What is the patient monitoring device market?

Based on application, the patient monitoring devices market has been segmented into the hospitals, ambulatory surgery centers, home care settings and other end users. Among these, the hospitals segment accounted for the largest share of the market in 2019. The large share of this segment is attributed to the large target patient population base (especially in emerging countries) preferring hospitals, the growing procedural volume in hospital settings, rising emphasis on effective and early disease diagnosis in hospital, and the high budget of hospitals for introducing various technologically advanced patient monitoring devices products.

What are the devices used in home care?

This, in turn, has ensured a growing demand for effective home-use devices such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and fetal monitors. The sustainability of the current healthcare system is a key area of concern for governments across the globe. According to the CDC, in the US, long-term care services were provided by 4,600 adult day service centers, 12,200 home health agencies, 4,300 hospice care facilities, 15,600 nursing homes, and 28,900 assisted living and similar residential care communities in 2016. Moreover, the number of hospital readmissions has decreased considerably due to the rising use of remote and home monitoring devices.

How are percentage shares determined?

All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources.

What are the risks of using a PAC?

There are several risks associated with using invasive monitoring systems, such as the discomfort associated with the insertion of monitoring instruments , such as pulmonary artery catheters (PAC). Air embolism, sepsis, bleeding/hematoma formation, cardiac arrhythmias, reduced circulation to the distal limb, hemorrhage, nerve damage (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis are some other major risks. These factors increase the mortality rate during invasive procedures. Therefore, the above-mentioned risks limit usage of invasive monitoring devices

What was the home care market in 2008?

The U.S. market will rise to $4.3 billion by 2008, at an average annual growth rate (AAGR) of 8.1%. The home care market has the highest growth rate of any market segment. Averaging 11.7%/year, the handheld monitor market will reach $1.6 billion in 2008.

What is BCC publishing?

BCC Publishing Staff comprises expert analysts who are skilled in conducting primary research, secondary research and data analysis and have decades of combined experience covering a wide range of industries, including healthcare, advanced materials and emerging technologies. Collectively, the team represents a diverse set of educational achievements with individual graduate work completed in fields such as microbiology, electrical engineering, business administration and surgery, among others.

How much was disposable sensor worth in 2007?

Disposable sensors and other consumables generated $2.6 billion in 2007. This should increase to $2.7 billion in 2008 and $3.4 billion in 2013, for a CAGR of 5.1%. The U.S. market for patient monitoring devices and related consumable supplies such as disposable sensors was worth an estimated $4.3 billion in 2005.

How much is the patient monitoring device market?

The global patient monitoring device market reached $15.9 billion and $16.9 billion in 2014 and 2015 respectively. The market should reach $23.8 billion in 2020, increasing at a compound annual growth rate (CAGR) of 7.1% from 2015 to 2020. Report Includes.

How much will the patient monitoring market grow in 2023?

The global market for patient monitoring device will grow from $20.3 billion in 2018 to $25.9 billion by 2023 at a compound annual growth rate (CAGR) of 5.0% for the period of 2018-2023.

Why is there a shortage of space in hospitals?

The COVID-19 pandemic has led to a shortage of space in hospitals. Apart from this, patients, especially those suffering from chronic diseases, are also advised to avoid physical visits to hospitals owing to the threat of getting infected. This has led hospitals to implement a remote patient monitoring system to keep track of a patient’s health. Hence, a remote patient monitoring system is expected to play a vital role amidst the COVID-19 pandemic.

What is the market for remote patient monitoring?

The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028. Remote monitoring systems serve with improved chronic disease management, including early warning signs and progress tracker, thus anticipated to witness an increased demand in the coming years at the global level. Chronic conditions account for 90% of the healthcare costs in the U.S. annually. This can be prevented by timely assistance provided to patients using a remote monitoring system. It can delay emergency room visits and hospitalizations, thus expanding the usage of remote monitoring systems in the coming years.

What is the largest segment of diabetes in 2020?

The diabetes application segment held the largest share of 11.9% in 2020. The hypertension application segment held the second-largest share in 2020. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1 billion people have hypertension worldwide. Remote patient monitoring can play a key role in controlling hypertension.

How many people have hypertension?

According to the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. Hypertension further increases the risk of heart disease. The American Heart Association (AHA) also supports initiatives that increase access to the use of Remote Patient Monitoring (RPM) technologies for better health management.

What is HTIC in healthcare?

In August 2020, IIT Madras’ Healthcare Technology Innovation Centre (HTIC) and Helyxon developed remote patient monitoring solutions for COVID-19 that will continuously monitor vital signs. The device has currently reached 2000 patients in public and private hospitals and at homes with another 5000 devices in the pipeline, allowing people to self-screen, seek virtual guidance, and receive medical support in the future

What is the leading end use segment in RPM system?

b. The hospital-based patient segment was the leading end-use segment in the RPM system market in 2020 and accounted for an 80.0% share owing to the presence of a large number of patients and tests being performed in hospitals.

What is alternate site monitoring?

Alternate site monitoring, especially home healthcare, is anticipated to exhibit a sturdy CAGR over the forecast period. The cost-efficiency of this alternate site, along with the availability of qualified resources, is expected to support the growth of the segment. Apart from this, the recent COVID-19 has increased the number of patients interacting with their doctors from home, thus boosting the demand for remote patient monitoring systems.

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Report Summary

The global digital patient monitoring devices market was valued at USD 25.65 billion in 2020 and is expected to grow at a CAGR of 23.0% during forecast period.

Industry Dynamics

Technology is one of the key driving forces behind improvements in every market, thereby reinforcing market growth in digital patient monitoring machines. For instance, digital health is presenting new approaches to the administration of health conditions.

Report Segmentation

The market is primarily segmented on the basis of type, product, and region.

Insight by Type

The wearable digital device segment dominated the global digital patient monitoring devices market in 2020, owing to the growing technological advancements in wearable medical devices and the surging incidence of chronic diseases.

Insight by Product

Based on product segment, the diagnostic digital monitoring devices segment is expected to witness the highest CAGR during the forecast period as rising prevalence of chronic conditions such as diabetes, high preference for home healthcare and rehabilitation owing to the convenience of the services, and surging government initiatives are supporting the adoption of digital diagnostic monitoring devices..

Geographic Overview

North America is projected to hold the highest revenue share in the global digital patient monitoring devices market since the surging prevalence of diabetes, along with strategic initiatives opted by the private organizations indulged in offering digital patient monitoring devices.

Competitive Insights

The market players include general electric company, Abbott, Athenahealth, Biotronik SE & CO. KG, FitBit, Garmin Ltd., GE Healthcare, Hill-Rom Services Inc., Koninklijke Philips N.V., Koninklijke Philips N.V. AB, Masimo, Medtronic, Nihon Kohden Corporation, Omron, ResMed, Siren, Vital Connect.

Report Overview

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Product Insights

End-Use Insights

Regional Insights

Key Companies & Market Share Insights

Segments Covered in The Report

Patient Monitoring Devices Market Dynamics

• Driver: Growing preference for wearable patient monitoring devices
  Continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry are a few applications of wearable patient monitoring devices, biosensors, and smart implants. New-generation wearable devices are equipped with the Internet of Things technology…
• Restraint: Risk associated with invasive monitoring devices
  There are several risks associated with using invasive monitoring systems, such as the discomfort associated with the insertion of monitoring instruments, such as pulmonary artery catheters (PAC). Air embolism, sepsis, bleeding/hematoma formation, cardiac arrhythmias, redu…

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Key Market Players

Scope of The Report

Recent Developments