Patient monitoring systems is 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 is used for monitoring patients regularly, which can help avoid serious problems. This reduces the number of emergency department visits, and duration of hospitalization. This is attributed to the large undiagnosed patient population, improving access to healthcare systems, and a high risk of developing chronic disease due to rapid urbanization. In addition, the increase in incidences of chronic diseases, such as diabetes and COPD, are responsible for the high growth rate. Furthermore, according to the IHS (Information Handling Services), more than four million patients are expected to monitor their health conditions remotely by 2020. This is a 34% increase in remote patient monitoring (RPM). Moreover, technological giants such as Google, Apple, and Amazon are tapping into the RPM market; which leads to drastic changes in healthcare.
Further, IoT applications in healthcare facilitate important tasks such as to improve patient outcomes, and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Furthermore, growth in IoT healthcare applications is indeed projected to accelerate as the Internet of Things is a key component in the digital transformation of the healthcare industry and various stakeholders are stepping up their effort in this field.
In addition, Patient monitoring devices is used to continuously measure or observe the physiological parameters of a patient. According to a study by Elliot and Coventry, it is important that the following eight parameters of a critically ill patient should be monitored: oxygen saturation, blood pressure, temperature, pain, pulse, level of consciousness, urine output, and respiration rate. All these parameters can be easily monitored with the help of various patient monitoring devices.
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. At present, the patient monitoring systems market is witnessing a tremendous growth. As these are playing a crucial role to combat the pandemic and monitor patients. Patient monitoring systems including cardiac monitors, respiratory devices and temperature monitoring devices are facing a huge demand, owing to their immense usage in patient treatment along with IoT technology. In addition, IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to wide range of applications of IoT in healthcare during this crisis.
The major factors that contribute toward the growth of the patient monitoring system market include increase in geriatric population, increased adoption of smart devices & wearable’s, and technological advancements. In addition, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others also contribute toward uplifting growth of the patient monitoring systems market. Furthermore, collaborations between companies, hospitals, and academic institutions are expected to lead to the launch of new products, which would help to increase the market revenue and boost the market growth. However, data privacy & security issues and lack of awareness among public in developing country like U.S. Moreover, government regulations and reimbursement issues can also hamper growth of the U.S patient monitoring system market.
U.S. PATIENT MONITORING SYSTEM MARKET SEGMENTATION
The U.S. patient monitoring system market is segmented into a component which is further classified into device type is sub-segmented, service type and connectivity technology. By device type sub segmented hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal neonatal monitoring devices, respiratory monitors, multiparameter monitoring devices, remote patient monitoring devices, and temperature monitoring devices. The service type segment is further divided into consulting, foam dressings, system integration & deployment, and support & maintenance. The connectivity technology type segment is further categorized into cellular IoT, LoRa, NB-IoT, Wi-Fi, SIGFOX, wire line, wireless personal area network (WPAN), and others. Cellular IoT type is further subdivided into 3G and 4G.
Component segment review
On the basis component, the devices segment acquired largest market share in 2019, and is anticipated to maintain to forecast period. The cardiac monitoring devices segment dominated the patient monitoring devices market throughout the forecast period. This is attributed to rise in prevalence of various cardiovascular diseases such as congestive heart failure and stroke each year across the globe.
The report provides a comprehensive analysis of the key players operating in the U.S.
patient monitoring system market, namely Apple Inc., Alphabet Inc. (Google), Abbott Laboratories, Boston Scientific Corporation, International Business Machine Corporation (IBM), General Electric Company, Johnson and Johnson, Nihon Kohden Corporation, Medtronic Plc, Masimo Corporation.
Other players in the patient monitoring system market include (Profiles not included in the report): Cisco Systems Inc., Koninklijke Philips N.V., Microsoft Corporation, Schiller AG and among others.
Key Benefits for Stakeholders
Key Market Segments
By Component
Further, IoT applications in healthcare facilitate important tasks such as to improve patient outcomes, and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Furthermore, growth in IoT healthcare applications is indeed projected to accelerate as the Internet of Things is a key component in the digital transformation of the healthcare industry and various stakeholders are stepping up their effort in this field.
In addition, Patient monitoring devices is used to continuously measure or observe the physiological parameters of a patient. According to a study by Elliot and Coventry, it is important that the following eight parameters of a critically ill patient should be monitored: oxygen saturation, blood pressure, temperature, pain, pulse, level of consciousness, urine output, and respiration rate. All these parameters can be easily monitored with the help of various patient monitoring devices.
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. At present, the patient monitoring systems market is witnessing a tremendous growth. As these are playing a crucial role to combat the pandemic and monitor patients. Patient monitoring systems including cardiac monitors, respiratory devices and temperature monitoring devices are facing a huge demand, owing to their immense usage in patient treatment along with IoT technology. In addition, IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to wide range of applications of IoT in healthcare during this crisis.
The major factors that contribute toward the growth of the patient monitoring system market include increase in geriatric population, increased adoption of smart devices & wearable’s, and technological advancements. In addition, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others also contribute toward uplifting growth of the patient monitoring systems market. Furthermore, collaborations between companies, hospitals, and academic institutions are expected to lead to the launch of new products, which would help to increase the market revenue and boost the market growth. However, data privacy & security issues and lack of awareness among public in developing country like U.S. Moreover, government regulations and reimbursement issues can also hamper growth of the U.S patient monitoring system market.
U.S. PATIENT MONITORING SYSTEM MARKET SEGMENTATION
The U.S. patient monitoring system market is segmented into a component which is further classified into device type is sub-segmented, service type and connectivity technology. By device type sub segmented hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal neonatal monitoring devices, respiratory monitors, multiparameter monitoring devices, remote patient monitoring devices, and temperature monitoring devices. The service type segment is further divided into consulting, foam dressings, system integration & deployment, and support & maintenance. The connectivity technology type segment is further categorized into cellular IoT, LoRa, NB-IoT, Wi-Fi, SIGFOX, wire line, wireless personal area network (WPAN), and others. Cellular IoT type is further subdivided into 3G and 4G.
Component segment review
On the basis component, the devices segment acquired largest market share in 2019, and is anticipated to maintain to forecast period. The cardiac monitoring devices segment dominated the patient monitoring devices market throughout the forecast period. This is attributed to rise in prevalence of various cardiovascular diseases such as congestive heart failure and stroke each year across the globe.
The report provides a comprehensive analysis of the key players operating in the U.S.
patient monitoring system market, namely Apple Inc., Alphabet Inc. (Google), Abbott Laboratories, Boston Scientific Corporation, International Business Machine Corporation (IBM), General Electric Company, Johnson and Johnson, Nihon Kohden Corporation, Medtronic Plc, Masimo Corporation.
Other players in the patient monitoring system market include (Profiles not included in the report): Cisco Systems Inc., Koninklijke Philips N.V., Microsoft Corporation, Schiller AG and among others.
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 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 the growth of the U.S. patient monitoring system market is provided.
- The key regulatory guidelines for the U.S. patient monitoring system market are critically dealt across the country.
Key Market Segments
By Component
- Device
- Hemodynamic monitoring devices
- Neuromonitoring devices
- Cardiac monitoring devices
- Fetal neonatal monitoring devices
- Respiratory monitors
- Multiparameter monitoring devices
- Remote patient monitoring devices
- Temperature monitoring devices
- Others
- Service
- Consulting
- System Integration and Deployment
- Support and Maintenance
- Connectivity Technology
- Cellular IoT
- 3G
- 4G
- LoRa
- NB-IoT
- Wi-Fi
- SIGFOX
- Wireline
- Wireless Personal Area Network (WPAN)
- Others
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Patient Monitoring Systems Market, by Component
Chapter 5: Company Profiles
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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