Market Overview The global patient monitoring accessories market achieved a size of USD 55.3 billion in 2022 and is anticipated to reach USD 101.67 billion by 2032, with a projected revenue Compound Annual Growth Rate (CAGR) of 8% during the forecast period.
Driving Factors The growth in market revenue is primarily propelled by factors such as the increasing incidence of chronic diseases, technological advancements in patient monitoring systems, and a growing demand for home-based and Remote Patient Monitoring solutions.
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Challenges and Opportunities Despite the positive outlook, challenges in the market include the high cost of sophisticated monitoring systems, the absence of standards for accessory performance and design, and concerns about the security and privacy of patient data. Government regulations, such as the Affordable Care Act in the US and the National Health Service in the UK, are driving the need for patient monitoring systems to enhance healthcare infrastructure and accessibility.
Government Regulations Regulatory bodies such as the U.S. Food and Drug Administration (FDA), the European Union, the International Organization for Standardization (ISO), the Centres for Medicare & Medicaid Services (CMS), and the National Institute for Standards and Technology (NIST) have established guidelines and standards for the safety, efficacy, and performance testing of patient monitoring accessories.
End-Use Segmentation Hospitals dominated the market in 2022, accounting for the largest revenue share, given the need for ongoing patient monitoring in critical care settings. Clinics and home care settings are anticipated to experience considerable revenue growth, with home care settings projected to have the fastest increase. Other end-use locations, including ambulatory surgery centers, nursing homes, and rehabilitation facilities, are expected to witness revenue growth.
Regional Analysis
- North America: The patient monitoring accessories market in North America is expected to experience a high revenue CAGR throughout the forecast period. The region’s superior healthcare system, technical advancements, and the rising older population contribute to market expansion.
- Europe: The European market is projected to witness modest growth, driven by the increasing incidence of chronic diseases and the presence of major market players.
- Asia-Pacific: The Asia-Pacific market accounted for the largest revenue share in 2021, attributed to a desire for advanced healthcare facilities, government initiatives, and a growing awareness of chronic diseases. The emergence of the middle class and rising healthcare costs are also expected to fuel market growth.
- Middle East and Africa: The market in this region is expected to steadily rise due to the increasing incidence of chronic diseases, technological advancements, and government efforts in healthcare infrastructure.
- South America: The Latin American market is expected to experience moderate growth, driven by an aging population and the prevalence of chronic diseases.
Competitive Landscape The global patient monitoring accessories market is characterized by a high level of fragmentation, with several large and medium-sized players contributing to the majority of market revenue. Major players, including Philips Healthcare, General Electric Company, Nihon Kohden Corporation, Medtronic plc, and others, employ strategies such as mergers, acquisitions, strategic agreements, and product development to maintain their market position.
Strategic Developments
- Medtronic plc’s acquisition of Medicrea enhances its patient monitoring accessory lineup and strengthens its position in the spine surgery industry.
- Masimo Corporation’s purchase of NantHealth’s connected care assets enhances its capabilities in patient monitoring and data management.
- Philips Healthcare and the American Heart Association’s strategic cooperation focuses on developing digital health technology and patient monitoring accessories for the early diagnosis and treatment of cardiovascular diseases.
- Becton, Dickinson and Company’s acquisition of TVA Medical expands its product offering in the renal care market.
New Product Launches
- Philips Healthcare introduced the Philips IntelliVue MX750/MX850, offering advanced monitoring capabilities for critical care situations.
- General Electric Company unveiled the CARESCAPE R860 Ventilator, enhancing ventilation capabilities for intensive care units.
- Nihon Kohden Corporation launched the Lifescope G4 Series, a wearable patient monitoring equipment series for continuous monitoring outside hospital settings.
- Medtronic Plc introduced the Percept PC Deep Brain Stimulation (DBS) System for precise patient monitoring in the treatment of Parkinson’s disease and other movement disorders.
- Drägerwerk AG & Co. KGaA introduced the Dräger Evita V300 ICU Ventilator, providing advanced ventilation capabilities for intensive care units.
Market Segmentation The global patient monitoring accessories market is segmented based on product type (sensors, cables, leads, electrodes, mounts, others), end-use (hospitals, clinics, home care settings, others), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The report provides a comprehensive overview, covering parameters such as market size, CAGR, revenue forecast, historical data, and company profiles.
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