The U.S. Patient Monitoring Systems Market was valued at $12,200.96 million in 2019, and is projected to reach $22,583.40 million by 2027, registering a CAGR of 5.21% from 2020 to 2027.
The aim of patient monitoring is to give warning of early or dangerous deterioration of health. Patient monitoring systems are used to measure, record, distribute, and display combinations of biometric values such as heart rate, blood oxygen saturation levels (SPO2), blood pressure, and temperature. They are used to monitor patients regularly, which helps to avoid serious problems. This reduces number of emergency department visits and duration of hospitalization. With advancements in wireless technology, these devices can be used remotely to monitor physiological parameters of patients. Patient monitoring devices such as pulse oximeters, capnographs, and cardiac monitors are increasingly used in major hospitals, clinics, and various outpatient centers. These devices are commonly used during minor and major surgeries to monitor physiological signs of patients and intervene, if any complications occur. These devices can also help healthcare professionals to monitor vital signs of multiple patients at the same time. Some of these devices are also used to alert physicians, in case parameter levels are either above or below the limit set by physicians. Moreover, with the help of remote monitoring devices, physicians can remotely monitor physiological parameters such as blood glucose level, blood pressure, and heart rate; and accordingly provide appropriate treatment for patients.
The U.S. patient monitoring systems market is expected to witness a significant growth during the forecast period. The growth can be attributed to increase in geriatric population and rise in adoption of remote patient monitoring devices. Rise in prevalence of chronic diseases such as COPD, diabetes, cancer, and atherosclerosis also contribute toward growth of the patient monitoring devices market. Moreover, collaborations between companies, hospitals, and academic institutions are expected to lead to launch of new products, which would help increase the market revenue and, therefore, boost the U.S. patient monitoring systems market growth.
However, data privacy & security issues are likely to restrain growth of the U.S. patient monitoring systems market. Moreover, government regulations and reimbursement issues also hamper growth of the U.S patient monitoring system market. Conversely, increase in adoption of AI and analytics is expected to create lucrative opportunities for the market during the forecast period. Further, growth in IoT healthcare applications is also projected to provide significant growth opportunities for the U.S. Patient Monitoring Systems Market.
By Component
Devices segment holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Though most of the markets are dropping down, COVID-19 outbreak has positively affected various healthcare related markets, one of them being patient monitoring systems. Presently, the patient monitoring systems market is witnessing a tremendous growth. As they play a crucial role to combat pandemic and monitor patients. Patient monitoring systems including cardiac monitors, respiratory devices, and temperature monitoring devices are facing huge demand, owing to their immense use in patient treatment along with IoT technology. In addition, IoT, specifically when combined with other transformative technologies such as Cloud and Artificial intelligence (AI), lead to a wide range of applications in patient monitoring, which have been beneficial during the crisis.
U.s. Patient Monitoring Systems Market Segmentation
The U.S. patient monitoring system market is segmented into component, which is divided into devices, services, and connectivity type. By device, the market is further categorized into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal & neonatal monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, weight monitoring devices, temperature monitoring devices, and urine output monitoring devices. The service segment is further divided into consulting, system integration & deployment, and support & maintenance. The connectivity technology segment is further categorized into cellular IoT - 3G, cellular IoT - 4G, LoRa, Wi-Fi, SIGFOX, wireline, wireless personal area network (WPAN), and others.
By Device Type
Remote patient monitoring devices is projected as one of the most lucrative segment.
Segment Review
On the basis of component, the device segment acquired major share of the U.S. Patient Monitoring Systems Market and is expected to experience rapid growth during the forecast period, owing to high demand of patient monitoring devices. Moreover, collaborations between companies, hospitals, and academic institutions are expected to lead to launch of new products, which would help increase the market revenue and boost the U.S. Patient Monitoring Systems Market growth.
The U.S. Patient Monitoring Systems Market is highly competitive and prominent players have adopted various strategies to garner maximum U.S. patient monitoring systems market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Biotronik SE & CO. KG, Boston Scientific Corporation, Medtronic, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare Ltd, Masimo Corporation, Nihon Kohden Corporation, OSI Systems, Inc. (Spacelabs Healthcare), and Koninklijke Philips N.V.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current U.S. patient monitoring system market trends and future estimations from 2020 to 2027, which assists in identifying the prevailing market opportunities.
- An in-depth analysis of the country is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate country specific plans.
- A comprehensive analysis of the factors that drive and restrain growth of the U.S. patient monitoring system market is provided.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
U.S. Patient Monitoring Systems Market Report Highlights
| Aspects | Details |
 By Component |
|
 Key Market Players | BOSTON SCIENTIFIC CORPORATION, NIHON KOHDEN CORPORATION, GENERAL ELECTRIC COMPANY (GE HEALTHCARE), KONINKLIJKE PHILIPS N.V. (PHILIPS HEALTHCARE), F. HOFFMANN-LA ROCHE LTD., OSI Systems, Inc. (Spacelabs Healthcare), ABBOTT LABORATORIES, BIOTRONIK SE & CO. KG, MASIMO CORPORATION, MEDTRONIC PLC. |
Analyst Review
The patient monitoring systems are used to monitor, measure, and record various physiological parameters of a patient. Owing to rise in prevalence of various cardiac diseases, the market is dominated by the cardiac monitoring devices segment, which is expected to account for major revenue generation during the forecast period. The remote patient monitoring devices segment is estimated to be the fastest growing segment, registering a CAGR of 5.98% during the forecast period. This is mainly attributed to growth in awareness about several benefits of using remote patient monitoring devices such as reduced hospital stay time, improvement in clinical outcomes, and reduction in number of hospital readmissions. Various advancements in patient monitoring technology such as improvement in performance, utility, usability, & sensitivity, and decrease in size of devices are expected to boost growth of the market. The growth of patient monitoring systems market is anticipated to be largely contributed by rise in incidences of lifestyle diseases and increase in geriatric population. However, data privacy & security issues are likely to restrain growth of the market. In contrast, increase in adoption of AI and analytics are expected to create lucrative opportunities for the market during the forecast period.
The total market value of U.S. patient monitoring systems market is $12,200.96 million in 2019.
The forcast period for U.S. patient monitoring systems market is 2020 to 2027
The expected market value of U.S. patient monitoring systems market in 2027 is $22,583.40 million.
The base year is 2019 in U.S. patient monitoring systems market
Top companies such as, Medtronic, Boston Scientific Corporation, Masimo Corporation, Koninklijke Philips N.V, GE Healthcare Ltd and Omron Corporation held a high market position in 2019. These key players held a high market postion owing to the strong geographical foothold in the U.S.
Device segment is the most influencing segment owing to high demand of devices and surge in investment by key players in connectivity to strengthen their portfolio for U.S. Patient Monitoring Systems Market
The major factor that fuels the growth of the global U.S. patient monitoring systems market includes the rise in adoption of remote patient monitoring and increase in geriatric population.
Remote pateint monitoring devices has the highest growth rate in the market with a CAGR of 6.0%. This can be attributed due to the various benefits it offers and rise in its adoption.
Patient monitoring is the observation of a disease, condition or one or several medical parameters over time.
Patient monitoring used to measure, record, distribute, and display combinations of biometric values such as heart rate, blood oxygen saturation levels (SPO2), blood pressure, and temperature. Patient monitoring devices are commonly used during minor and major surgeries to monitor physiological signs of patients and intervene, if any complications occur.
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