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.
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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.Geographically, North America is the largest patient monitoring device market as in the region the occurrence of chronic and lifestyle associated diseases is increasing. For instance, according to according to Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease. Technological advancement in patient monitoring devices, advanced healthcare infrastructure, high healthcare expenditure and expanding geriatric population are also up surging growth of the North American patient monitoring device market.
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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.
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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