Despite an overall decline in most procedural volumes on the global scale, the patient monitoring equipment market has seen substantial growth due to the consequences that follow COVID-19. With an increase in hospitalizations, monitoring key patients’ vitals became increasingly integral as the pandemic developed. With the pandemic continually evolving, and with consideration to the emergence of the new COVID-19 variant, Omicron, iData forecasts a continuous surge in the patient monitoring equipment market occurring well into 2028. To assist with understanding of this market surge, our analysts have provided exclusive insights into the top five patient monitoring equipment market leaders and their products going into 2022. With this analysis, we hope our clients will consider strategic decision making for themselves and their patients going swiftly into 2022 and beyond.
What is Patient Monitoring Equipment?
Patient monitoring equipment is a long-standing component of healthcare offered in most regions. This market includes any machines or equipment used to monitor patients through vital signs and warning systems designed to detect and record changes in patient wellbeing. They typically contain a sensor to capture patient information, such as heart rate, as well as an interconnect solution, such as PCBs, connectors or wiring, that transmit the information to the equipment.
The Top 5 Market Leaders in the Patient Monitoring Equipment Market
- Philips Healthcare
- GE Healthcare
- Mindray Medical
Philips Healthcare is the leading competitor in the global patient monitoring equipment market. Leading in a number of notable segments, Philips market share can be accredited to multi-parameter vital signs monitoring, wireless telemetry monitoring, and fetal & neonatal monitoring with product success including IntelliVue™ and SureSigns™, as well as STEMI Limit Map™. As a globally recognized brand, Philips is able to leverage their strong market position in a multitude of regional markets.
GE Healthcare is the second-leading competitor of the global patient monitoring equipment market. GE competes in the same three markets as Philips, and in each case, GE acts as the second-leading market share holder. GE Healthcare’s competitive edge can be accredited to their extensive product line such as CARESCAPE™B series and B40™ patient monitors. It is important to note that although GE is predicted to maintain their overall market position over the forecast period, the company could face pressure from smaller competitors in a number of localized markets.
Medtronic holds the third-leading position in the global patient monitoring equipment market, however, their market position is almost entirely based upon their share of the highly-lucrative pulse oximetry market. Medtronic’s popular pulse oximetry products are offered as part of their Nellcor™ product line.
Masimo is a notable competitor in the global patient monitoring equipment market. Similarly to Medtronic, a majority of Masimo’s revenue within the PME space is based on the pulse oximetry market. Masimo is known for the sophisticated technological innovations, including Rainbow Pulse CO-Oximetry™, and their overall ability to integrate standalone patient monitors with varying device boards.
Another notable competitor in the global patient monitoring equipment market is Mindray Medical. Their strength in the market can be attributed to their affordable prices and high-quality product offerings, such as Passport® beside and TD60 telemetry transport monitors.
MARKET RECAP AND FURTHER INSIGHTS
Globally, there is an increase in awareness among both physicians and patients as to the benefits of patient monitoring in an array of areas, and with technological innovations, monitoring can occur both in hospitals as well as in the home. Not only is this driving demand for existing patient monitoring devices, but also motivating innovation across multiple segments in the market. As devices continue to increase their features and lower their costs, coupled with the continuing impact of COVID-19, the healthcare population is forecasted to be more motivated and act on this awareness to purchase new devices. For more information on the Global Patient Monitoring Equipment Market, including unit sales, average selling prices, market drivers and limiters, competitive market share analysis, and more, follow this link to receive a free research summary of this report.