Patient Monitoring Market: Drivers, Opportunities, Challenges & Driving the Growth of the Market

The global patient monitoring devices market is projected to reach USD 25.31 Billion by 2023 from USD 19.14 Billion in 2018, at a CAGR of 5.7%. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023. The patient monitoring devices market is a consolidated market with a number of companies offering various types of patient monitoring devices. The major players operating in the global patient monitoring devices market are GE Healthcare (US), Natus Medical (US), Medtronic (Ireland), and Nihon Kohden (Japan) dominated the patient monitoring devices market. Most companies focus on product launches and approvals to compete in the market. The players also focused on increasing their presence in high-growth markets through acquisitions, agreements, partnerships, collaborations, and expansions.

Natus (US) is the leading player in the global patient monitoring devices market. Natus has been operating in the neuromonitoring industry for more than two decades. The company focuses on inorganic strategies such as acquisitions to increase its product portfolio and geographic footprint in the patient monitoring systems market. For instance, in October 2017, Natus acquired the global Camino ICP monitoring product line, including its San Diego manufacturing facility, from Integra. The sale also includes the US rights relating to Integras fixed pressure shunts, as well as the rights to Codmans DURAFORM dural graft implant, standard EVD catheters, and CSF collection systems. The company is increasingly investing in its research and development activities. For instance, in 2015, the company invested USD 30.4 million or 8.1% of its total revenue, whereas, in 2016, it invested USD 33.4 million or 8.8% of its total revenue on R&D activities.

Nihon Kohden (Japan) is a prominent player in the global patient monitoring devices market. The company focuses on expansions and product launches to increase its growth in Japan as well as international markets. For instance, in November 2017, Nihon Kohden invested in a new sales office in Kenya. In January 2016, the company established its sales subsidiary in Mexico. The company is increasingly investing in its research and development activities. For instance, in 2017, the company invested USD 60.0 million or 3.6% of its total revenue, whereas, in 2016, it invested USD 52.9 million or 3.6% of its total revenue on R&D activities.

Some other leading players in the patient monitoring devices market include Masimo (US), Compumedics (Australia), Hill-Rom Holdings (US), and SCHILLER (Switzerland). These companies focus significantly on investing in R&D activities to add innovative technologies and products to their portfolio. With a strong portfolio of patient monitoring devices and ceaseless efforts to develop innovative products, these companies are likely to maintain their strong position in the market in the coming years.

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Patient Monitoring Device/System/Equipment Market by Product (EEG, EMG, MEG, TCD, Peak Flow Meter, Pulse Oximeter, Fetal Monitoring, Temperature Monitoring Devices, MCOT, ECG, Hemodynamic Monitoring System), End User (Home, Hospital) - Global Forecast to 2023

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