The global patient monitoring devices market was valued around $22 billion in 2018. North America was the largest market for patient monitoring devices, accounting for about 41% of the global market in 2018.
The patient monitoring devices market consists of the sales of patient monitoring devices and related services by entities (organizations, sole traders and partnerships) that manufacture patient monitoring devices used in monitoring vital health parameters. The global patient monitoring devices market is further segmented based on type and geography.
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Patient Monitoring Devices Market Size
The global patient monitoring devices market size is expected to grow to over $30 billion in 2022 at an annual rate of about 8%. [KG1]
With rising chronic diseases, population ageing, adoption of advanced technologies and investments in the medical and healthcare industries, the scope and potential for the global patient monitoring devices market is expected to significantly rise in the forecast period. To take advantage of opportunities such as these, patient monitoring devices manufacturers should consider strategies such as investing in new technologies such as medical body area network (MBAN) to increase profit margins, and developing portable devices to cater to the growing demand for compact and smaller devices.
Philips Healthcare was the largest competitor with about 13% of the patient monitoring devices market, followed by GE healthcare, Medtronic Inc., Siemens Healthineers AG and Fujifilm Holdings Corporation. (exact figures are mentioned in report).
Philips Healthcare develops and distributes enterprise-wide medical image and information management solutions. Headquartered in Foster City, California, the company was founded in 1998 and is a subsidiary of Koninklijke Philips N.V.
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Company profiles included in the patient monitoring devices market report are Philips Healthcare, GE Healthcare, Medtronic Inc., Omron Corporation, and Masimo.
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