The global demand for next-generation patient monitoring devices witnessed major rise in Covid-19 pandemic due to the risingfocus on health and well-being amongst the people in 2020. Researches are continuously being undertaken by several manufacturing companies in 2021 to develop highly equipped patient monitoring devices for present as well as future generation patients.
Shifting focus of healthcare industries to value-based and patient-centric monitoring solutions continues to favour market growth. The integration of advanced technologies in wireless devices is a recent trend in next-generation patient monitoring devices.
Rising number of Covid-19 cases and other fatal diseases are putting a pressure to focus on high-tech patient monitoring devices. The growing demands for advanced medical facilities in 2021 continues to add lucrative progress. Medtronic and Abbott Laboratories are among the best players in this market which are continuously engaged in bringing innovations in their offerings.
In 2021, the manufacturers are getting involved in offering wireless and remote technologies, patient data processing applications & equipments, EMR data transfer equipments etc to facilitate medical facilities. Strategic allances, partnership agreements, research & developments etc are some of the market tactics adopted by manufacturers to occupy a leading position in this market.
For instance, eHealth Corporation in 2021 has commited to use mobile technologies to improve health and diagnostic services by using accessible information through mobiles. At present, the company is analysing large datasets in digital monitoring devices to make better clinical decisions for service management and medical research which is improving the global presence of the corporation.
In addition to that, Masimo Corporation, a global leader in innovative non-invasive monitoring technologies announced its agreement of acquiring TNI Medical AG , an innovative ventillation company on 19th March, 2020 to leverage their deep engineering and commercial expertize to continue delivering latest technological innovations for therapy with nasal insufflation. TNI’s novel softflow technology developed in 2020 is designed to provide high flow, warmed and humidified respiratory gases to patients suffering from serious pulmonary conditions to treat them quickly.
Furthermore, Medtronic Corporation, a global leader in medical technology announced its Medtronic Care Management Services (MCMS) on 27th March, 2020 for assessing, monitoring and tracking patients suffering from Covid-19 disease. It has also launched a new Covid-19 Virtual Care Evaluation and Monitoring solution and new Respiratory Infectitious Disease Health Check and has made it available to U.S. health systems. These are helping the patients with chronic & co-morbid health conditions and also those at highest complications for mortality associated with Covid-19 by tracking respiratory infectitious symptoms and body temperatures through daily health check-ups.
On december 2020, Royal Philips, a global leader in health technology has also launched next-generation wearable biosensors for early patient deterioration detection including clinical surveillance for Covid-19.This is helping the clinicians to detect risks so that they can intervene earlier and help in improving patient’s health in lower acuity care areas.
Global Next Generation Patient Monitoring Devices Market: Overview
The global next generation patient monitoring devices market is anticipated to experience an exponential rise in its demand in the years to come. These monitoring devices were developed to monitor patients who prefer staying away from hospitals or clinics. These also known to provide certain relief to hospitals which are getting busier these days due to rise in patients. These devices helps the doctor to stay in touch with the patients. Moreover, in order to improve efficiency and to deliver better service by a hospital, uptake of these next generation patient monitoring devices is surging.
Factors such as reduced adverse events, improving patient’s outcomes, lesser hospital stays, and helping hospitals to improve their efficiency are bolstering the growth of the market. These devices are also known to reduce the healthcare costs which is attracting the middle class thus adding more fuel to the growth of the market. However, budget and financial constraints accompanied with absence of advanced medical team in various developing and under developed countries are deterring the growth of the market.
Strict rules and regulatory approvals by various countries is predicted to pull down the growth of the market. Global next generation patient monitoring devices requires a high level of maintenance which some hospitals fails to meet, thus restricting the growth of the market.
Next generation patient monitoring devices are designed for enhancing patient care and improving clinical performance. The integration of IT in the healthcare system helps in the regular monitoring, timely capturing patient data, storing real time records and thus improving patient care. Hospitals are getting more busier these days and number of patients continuously increasing which generated the need of next generation patient monitoring devices in the hospital environment.
Furthermore, in order to improve efficiency, better resource utilization and maintaining their level of service, adoption of these next generation patient monitoring devices is increasing. These devices are able to provide constant and real time physiological and allied data such as heart activity, body temperature, blood pressure, pulse rate and other clinical conditions with wireless connectivity as to monitor patients better, more closely and efficiently.
The remote monitoring technology in the next generation patient monitoring devices provides access to broader geographical areas including less served regions which reduces the cost of treatment and time of travel. The next generation patient monitoring devices are comprised of a wearable component which includes the devices with sensors and a non-wearable component which includes monitoring devices. These devices are linked through wireless networks and analytical algorithms to both the ends.
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Next Generation Patient Monitoring Devices Market: Drivers & Restraints
Several advantages of next generation patient monitoring devices in assisting patient care such as reduced adverse events, improving hospital efficiency, improving patient outcomes, real time data monitoring and storage, lesser hospital stays etc. supports the adoption and market growth of these devices. The next generation patient monitoring devices also has the potential of minimizing the healthcare costs which further fuels their adoption in hospital settings.
Several factors such as hospital’s financial & budget constraints, lack of advanced medical facilities, lack of trained professionals in various developing as well as under-developed nations restricts the market growth for these next generation patient monitoring devices. Furthermore, stringent regulatory approvals in several countries slows down the product commercialization which also limits the market growth. Insufficiency in maintaining the privacy and security of the stored data and lack of uniformity in device functionality are some other challenges which restricts the market growth for these next generation patient monitoring devices.
Next Generation Patient Monitoring Devices Market: Overview
Companies involved in the Next Generation Patient Monitoring Devices services market are involved in continuous advancement of their manufacturing technologies to develop innovative solution with focus on more precise and low cost devices. These manufacturers are collaborating with healthcare professionals and organizations for network building and increasing sales. The demand of next generation patient monitoring devices in anticipated to increase with the rise in incidences of chronic diseases, increasing aging population and improving healthcare facilities.
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Next Generation Patient Monitoring Devices Market: Region-wise Outlook
Geographically, North America leads the market for Next Generation Patient Monitoring Devices services owing to the advanced healthcare infrastructure and the intensity of market players in the region. This is followed by the Western Europe countries due to more focus on patient care and thus a good rate of adoption. APEJ represents a significant growth rate for the next generation patient monitoring device over the forecast period owing to the rise in chronic disease and improvement in healthcare facilities. Japan also have a significant market share owing to the high number of geriatric population as well as available government support.
Eastern Europe does not represent a significant growth rate owing to the less developed healthcare infrastructure. Latin America followed by Middle East & Africa represents the least market share as well as growth rate in the next generation patient monitoring devices over the forecast period but represents a significant market opportunity for the market players to invest in the region.
Next Generation Patient Monitoring Devices Market Treatment Market: Key Players
Some of the players in the Next Generation Patient Monitoring Devices market includes Boston Scientific Corporation, Koninklijke Philips N.V., Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, Medtronic, Abbott, eDevice, Isansys Lifecare Ltd, Zywie Inc. etc.
An Adaptive Approach to Modern-day Research Needs
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size Analysis
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain Analysis
The regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- The Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
Next Generation Patient Monitoring Devices Market: Segmentation
Segmentation by Service Type:
- MRI Compatible Devices
- Non-MRI Compatible Devices
Segmentation by Component:
- Wearable component
- Non-Wearable component
Segmentation by Application:
- Treatment monitoring
Segmentation by End User
- Ambulatory Surgical Centers
- Diagnostic Centers
- Home Care Settings
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