The patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period. Growth in this market is primarily driven by the rising incidence of chronic and lifestyle diseases such as CVD, COPD, diabetes; technological advancements towards the development of wearable patient monitoring technologies; increased funding, research grants, and public-private investments; growing government initiatives to improve healthcare infrastructure of hospitals; and the emergence of user-centric patient monitoring devices. However, the risk associated with invasive monitoring devices is expected to limit market growth in the coming years. Complex regulatory frameworks that delay the approval of new patient monitoring devices are also expected to challenge market growth to a certain extent.

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The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in the patient monitoring devices market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2019, the patient monitoring devices market was dominated by Medtronic plc (Ireland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), and Masimo Corporation (US).

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 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.

GE Healthcare (US) is a leader in the global patient monitoring devices market. GE Healthcare is a developer of innovative solutions for patient monitoring devices in fields such as multi-parameter monitoring devices, cardiac monitoring devices, and fetal and neonatal monitoring devices. The comprehensive range of products, high focus on R&D (to deliver novel products in the market), and strong geographical presence are the key factors contributing to the major market share of the company in the patient monitoring devices market. This heavy investment in R&D is driving the company’s technologically improved products.

Related Reports:

Patient Monitoring Devices Market by Product (EEG, MEG, TCD, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitoring, MCOT, ECG, ICP, ILRs, Blood Glucose Monitoring, Blood Pressure Monitor), End-User (Hospitals, ASCs) - Global Forecast to 2025

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