May 12th, 2021 Coherent Market Insights Releases
Physiological data is collected and shown using patient tracking equipment. Holter monitors, incident recorders, handheld cardiac telemetry, and insertable cardiac monitors are examples of popular cardiac monitoring devices.
The global patient monitoring devices market is expected to account around US$ 22,869.5 Mn in terms of value in 2020 and is estimated to reach over US$ 35,209.0 Mn by the end of 2027.
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Growing number of incidences of lifestyle diseases is expected to drive growth of the global patient monitoring devices market during the forecast period. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018.
Moreover, rising geriatric population is also expected to propel growth of the global patient monitoring devices market over the forecast period. For instance, in 2015, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million.
Respiratory and Anesthesia Monitors segment held dominant position in the global patient monitoring devices market in 2019, accounted around 30.8% share in terms of value.
The negative effects of the U.S. medical device tax and rigorous FDA regulatory processes are expected to hamper growth of the global patient monitoring devices market. In 2013, the U.S. government plans to impose a 2.3% excise tax on medical device purchases.
Furthermore, security issues around mobile devices are expected to constrain business expansion.
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Rising investment in Holter monitoring is expected to pose attractive growth opportunities for major players in the global patient monitoring devices market. For instance, Biotricity Inc., a medical diagnostic and consumer healthcare technology firm, raised US$ 6 million in December 2019 to file an FDA application for its patch solution within the first six months of 2020, which will be a new device in the field of Holter monitoring.
Furthermore, rising launches of wireless electroencephalogram headsets is also expected to drive growth of the global patient monitoring devices market during the forecast period. For instance, in September 2019, Nihon Kohden launched its VitalEEG wireless electroencephalogram headset in the U.S., which is intended for simple setup and positioning of electrodes to evaluate brain health.
The global patient monitoring devices market was accounted around US$ 21,505.5 Mn in 2019 and is forecast to reach a value over US$ 35,209.0 Mn by 2027 at a CAGR around 6.4% between 2020 and 2027.
Key players in the global patient monitoring devices market are focusing on introducing services to support existing consumers who have lost insurance as a result of the COVID-19 pandemic. For instance, in April 2020, DexCom, Inc. unveiled a new patient assistance program that provides two 90-day supply shipments of Dexcom continuous glucose monitoring (CGM) system supplies and reduces customer cost to US$ 45 per 90-day supply shipment, due to aid current U.S. customers who have lost insurance due to the COVID-19 pandemic.
Key players in the global patient monitoring devices market are concentrating on partnering strategies to broaden their product portfolio. For instance, in July 2019, Caretaker Medical partnered with Mespere LifeSciences to integrate wireless CNIBP, Cerebral Oximetry, and other non-invasive hemodynamic measurements in a single monitoring platform.
Key players dominating in the global patient monitoring devices market such as, Covidien, Draegerwerk AG, and Co. KGaA, 3M Healthcare, Boston Scientific Corporation, Medtronic Plc, GE Healthcare, Mindray Medical, Nihon Kohden Corporation, Omron, Biotricity Inc., DexCom, Inc., Bittium Corporation, Shimmer, Caretaker Medical, Saranas, Inc., Edwards Lifesciences Corporation, VivaQuant, Philips Healthcare and DiaMonTech GmbH.
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Key players in the global patient monitoring devices market are focusing on the acceptance and sale of new products in order to broaden their product range. For instance, in November 2019, Shimmer, a U.S.-based developer of wearable technology, announced that ECGmd – it’s five-wire, four-lead Holter monitor ECG, received CE mark
However, in August 2019, DiaMonTech GmbH, a medical technology startup, received the CE certification for its first medical product DMT Base, a device that offers non-invasive blood glucose measurement using laser-based technology.
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