Patient Monitoring Market – Growth, Trends, COVID-19 Impact, and Forecast (2021
The patient monitoring systems market registered a market size of USD 26,198 million in 2020, and it is expected to reach 34,310 million by 2026, registering a CAGR of 8. 87% during the forecast period.
New York, Nov. 18, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Patient Monitoring Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)” – https://www.reportlinker.com/p06184941/?utm_source=GNW
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 the ease of use of portability devices.
Globally, the COVID-19 pandemic put enormous pressure on the healthcare system and hospitals that were understaffed and overworked. Patient monitoring devices, such as ventilators, helped in the monitoring of critically ill COVID-19 patients, which allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions during the pandemic, showing a positive impact on the market.
Furthermore, the companies are increasing their manufacturing of critical/essential medical device products. For instance, in March 2020, Royal Philips ramped up the production of certain critical care products and solutions that help in detecting and providing treatment for patients with COVID-19. The product line includes the patient vital signs monitors, medical consumables for non-invasive and invasive ventilation, and portable ventilators to treat respiratory conditions. Thus, owing to the aforementioned factors, the market is likely to have a positive impact of the pandemic on it.
As per the World Health Organization 2020, the major chronic disorders such as cancer, chronic obstructive pulmonary disease, cardiovascular diseases (CVD), and diabetes were estimated to account for 73% of all deaths and 60% of the global burden of diseases 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.
However, resistance from healthcare industry professionals toward the adoption of patient monitoring systems and the high cost of technology are likely to hinder the market growth.
Key Market Trends
The Cardiology Application Segment is Expected to Grow Fastest Over the Forecast Period
In cardiology, patient monitoring devices are used to diagnose and monitor various disorders or abnormalities of the heart and the overall cardiovascular system. The major factor driving the growth of the market is the rising incidence and prevalence of cardiovascular diseases, as this increases the adoption of these devices in cardiac monitoring. According to the American Heart Association Research Report 2019, about 92.1 million American adults were living with some form of cardiovascular disease or the after-effects of stroke.
Amid pandemic, the virus poses a particular risk to people who have underlying medical conditions, including cardiovascular disease and hypertension. In 2020, the World Health Foundation, a study was conducted in JAMA Cardiology among 100 COVID-19 patients, whereas 60 showed some signs of cardiovascular disorders. In 2020, doctors at Edinburgh University examined echocardiograms from more than 1,200 COVID-19 patients across 69 countries and found cardiac problems in 55%, with 1 in 7 exhibiting signs of severe abnormalities. This led hospitals to implement a patient monitoring system to keep track of a patient’s health, thereby positively influencing the verticle growth.
Furthermore, the market players in the cardiac monitoring space are actively advancing the product technologies and increasing the adoption of these devices, which is likely to fuel the growth of this segment. For example, in 2018, Qardio Inc. received approval from Australia’s Therapeutic Goods Administration (TGA) for QardioCore, its revolutionary ECG monitor. Similarly, in August 2019, AliveCor launched the KardiaMobile 6L in the United Kingdom, the world’s first FDA-cleared and CE-marked, six-lead personal heart monitoring device. This unique, smartphone-based technology provides a multi-dimensional view of the heart in 30-seconds, including visibility into arrhythmias, such as atrial fibrillation (AF), that are leading indicators of cardiovascular disease. Therefore, the overall scenario of the cardiac application in the market studied is expected to witness significant growth over the forecast period.
North America Region Holds the Largest Market Share of the Patient Monitoring Market
The North American patient monitoring market dominated the global market, and it 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, and the presence of sophisticated reimbursement structures aiming toward cutting out-of-pocket expenditure levels are the major factors attributing to its large market share.
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.
In October 2020, the US Food and Drug Administration issued a new policy that helps in expanding the availability and capability of non-invasive remote monitoring devices to facilitate patient monitoring while reducing patient and healthcare provider contact and exposure to COVID-19 for the duration of the COVID-19 public health emergency.
Key players are implementing strategic initiatives to gain a higher market share. In December 2018, Humana announced a partnership with Philips Health to launch a remote member monitoring pilot for certain Medicare Advantage members with severe congestive heart failure (CHF), which will positively influence the market in the coming years.
Thus, owing to the launch of innovative products and the rising prevalence of chronic diseases in the United States, the market is expected to witness a high growth rate over the forecast period.
Competitive Landscape
The patient monitoring market consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, that help strengthen their market position.
Additional Benefits:
The market estimate (ME) sheet in Excel format
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