As many are aware, COVID-19 has negatively affected most businesses, industries, and markets. However, the demand for patient monitoring equipment in Europe saw it differently. Patient monitoring devices play a crucial role in combating the pandemic and monitoring patients. If you want to learn more about this market, monitoring equipment, telehealth, and COVID-19, you’ve come to the right place.
Which market segments are included in the patient monitoring equipment analysis in Europe?
Overall, the market for patient monitoring equipment includes:
- Multi-parameter vital signs monitoring
- Wireless ambulatory telemetry
- Cardiac output (CO) monitoring
- Electromyogram (EMG) monitoring
- Electroencephalography monitoring
- Fetal and neonatal monitoring
- Pulse oximetry
- Intracranial pressure (ICP) monitoring
- Cerebral oximetry
- Blood pressure monitoring
What are monitoring devices?
Patient monitoring devices include those designed to measure and observe changes in vital signs, neurological, homodynamic, and cardiac functions of a patient. Furthermore, patient monitoring devices can diagnose patients suffering from specific health complications and provide alert and tracking treatments. These devices are present within almost all areas of a hospital and any alternate care sites. Additionally, some monitoring devices have the ability for use in patient’s homes.
Two of the most notable patient monitoring devices include multi-parameter monitoring and pulse-oximetry devices. Pulse oximetry devices measure the oxygen content bound to hemoglobin within a patient’s bloodstream. On the other hand, multi-parameter monitoring devices collect data for monitoring and diagnostic purposes. Both devices are essential to surgeries for monitoring vital parameters from the heart, blood, and lungs. In anticipation of the novel coronavirus situation worsening, the market for standalone pulse oximetry monitors along with the market for multi-parameter monitors increased from the previous year. Both of these monitors play a crucial role in combating the pandemic and monitoring patients.
What are telehealth devices?
Telehealth is the process of transferring medical information via telephone, internet, or networks for use in examinations, diagnosis, and procedures. Usually, telehealth consists of two parts, synchronous and asynchronous. Typically, telehealth networks consist of devices for measurement, transmission, data processing, manual entry, networking, and presentation of data.
Environmental factors, hospital staff shortages, and increasing globalization are the main drivers for the telehealth market in Europe. By reducing transportation costs and alleviating the desperate need for nurses and hospital staff, telehealth provides many benefits. But, as with any new advancements, challenges are present. Concerns surrounding data privacy and the inability to replace traditional face-to-face medical examinations and procedures hinder the telehealth market.
How has COVID-19 increased demand for the patient monitoring market in Europe?
The answer to this question solely surrounds preparing for the unknown. Hospitals across Europe began to stockpile patient monitors and monitoring accessories in anticipation of a worsening situation. Because patient monitors are crucial in the fight against COVID-19, everyone sought out these devices to ensure they had what they needed to treat hospitalized patients. Telehealth devices, in particular, expect to experience double-digit growth. The pandemic forced the adoption of telehealth technologies within healthcare facilities so patients could contact their doctors remotely. As healthcare facilities dealt with COVID-19 patients, treatments for other diseases took a backseat. Therefore, telehealth technologies enabled medical professionals to ensure that patients with chronic and other conditions were healthy.
Overall, the European patient monitoring equipment market is expected to increase over the forecast period and reach €2.3 billion, at a CAGR of 3.1%, by 2027. iData’s MedSuite report breaks down each monitoring and telehealth device and includes market overviews and forecasts, drivers and limiters, competitive market share analyses, and more. Thus, if you’re curious to know what the future has in store for this market outside of COVID-19, click the link below.