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The market is segmented into devices pertaining to multi-parameter vital signs monitoring, wireless ambulatory telemetry, telehealth, intracranial pressure monitoring, electromyogram, electroencephalography, cerebral oximetry, fetal and neonatal monitoring, pulse oximetry, cardiac output monitoring and blood pressure monitoring.
Revenue growth since the end of the recession in 2011 has varied across segments; however, the overall market continues to see recovery motivated by the need to replace equipment that had been retained during the economic downturn. Future growth is expected due to the continued expansion of vital sign monitoring in low-acuity areas of hospitals, alternate care and home settings. Furthermore, advancements in device connectivity and interoperability will drive the total market as these improvements will help in stabilizing the price decline across segments. In the case of segments that are matured, and thus heavily reliant upon replacement sales, revenue growth may still be driven by the sales of consumables, which are increasing as a result of growing procedural volumes and increased awareness.
All segments within the patient monitoring device market are trending upward, with electromyogram monitoring and cardiac output monitoring segments remaining largely flat. There will continue to be a shift towards using less invasive device types as well as increased adoption of low-acuity patient monitoring devices for use in hospital general wards and step-down units, as well as within alternate care settings. These trends are being driven by the desire to improve the quality of patient care and level of monitoring across the care continuum and ultimately realize long-term savings through improved patient outcomes. Consequently, a redistribution of market share will be expected in favor of manufacturers able to market devices that support less invasive and more portable patient monitoring among other expanded capabilities.
Despite increasing unit sales, increased competitiveness within the total patient monitoring market has had a negative impact on market growth. The entry of low cost foreign competition has been especially disruptive, most notably in those regions where tenders are frequently won on the basis of cost over quality. However, the long term prospects remain positive as demand for increased levels of monitoring will enable unit sales growth to outpace pricing pressure. This positive outlook combined with fast growing segments such as telehealth and cardiac output monitoring will facilitate accelerated market growth over the forecast period.
For Further Information
More on the patient monitoring device market in the U.S. can be found in a report series published by iData Research entitled the US Market Report Suite for Patient Monitoring Equipment 2017 – MedSuite. The suite covers reports on the following markets: multi-parameter vital signs monitoring, wireless ambulatory telemetry monitoring, telehealth, intracranial pressure monitoring, electromyogram monitoring, cerebral oximetry, fetal and neonatal monitoring, cerebral oximetry, cardiac output monitoring and blood pressure monitoring.
The iData report series on patient monitoring covers the U.S. Japan, South Korea, Australia and 15 countries in Europe including Germany, France, the United Kingdom (U.K.), Italy, Spain, Benelux (Belgium, Netherlands and Luxemburg), Scandinavia (Finland, Denmark, Sweden and Norway), Portugal, Austria and Switzerland. Reports provide a comprehensive analysis including units sold, market value, forecasts, as well as detailed competitive market shares and analysis of major players’ success strategies in each market and segment. To find out more about patient monitoring market data or procedure data, register online or email us at [email protected] for a US Market Report Suite for Patient Monitoring Equipment 2017 – MedSuite brochure and synopsis.