Patient Monitoring Accessories Market: Introduction
- Patient monitoring accessories are supplemental gadgets that are used with patient monitoring clinical devices to deliver efficient and timely treatment
- These accessories include oxygen saturation sensors, vital sign cuffs, and brain monitoring system sensors, neuromuscular transmission sensors, temperature sensors, CO2 absorbers/Amsorb filters, and ECG lead wires. All of them assist in the collection and analysis of the vital signs of the patient.
- High burden and prevalence of chronic illnesses, rising demand for round-the-clock monitoring, and the advent of technologically advanced monitoring accessories are major factors boosting the market
- Medical care unit systems and digital monitoring systems are being installed extensively across the globe, because the price of those systems have become affordable
- Increased awareness about usage and the geriatric population has fueled the adoption of home-based/remote patient monitoring significantly in the last few years
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Key Drivers, Restraints, and Opportunities of Patient Monitoring Accessories Market
- The pandemic has led to a major increase in the demand for remote monitoring and patient engagement solutions. COVID-19 has led to a big surge in the demand for patient monitoring systems.
- Manufacturers are increasingly focused on expansion of production to fulfill the increasing need for respiratory monitoring devices, multi-parameter monitoring devices, blood sugar monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices
- Continuous blood sugar monitoring, temperature monitoring, vital sign monitoring, and pulse oximetry are some applications of wearable patient monitoring devices, biosensors, and smart implants. New-generation wearable devices are equipped with the IoT (Internet of Things technology).
- Vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG) are measured using wearable biosensors and transmitted over mobile wireless networks to a central server
- There are several risks related to using invasive monitoring systems such as discomfort related to the insertion of monitoring instruments, like pulmonary artery catheters (PAC)
- Gas embolism, septicemia, bleeding/hematoma formation, cardiac arrhythmias, reduced circulation to the distal limb, hemorrhage, nerve damage (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis are other major risks. These factors increase the fatality rate during invasive procedures. Therefore, the risks mentioned above hamper the usage of invasive monitoring devices.
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North America to Dominate Global Patient Monitoring Accessories Market
- North America accounted for a prominent share of the patient monitoring devices market in 2019. Increase in researches activities to develop novel sensor-based patient monitoring systems, rising prevalence of infectious diseases, safety concerns, and technological advancements in patient monitoring gadgets and device products are key factors propelling the market in North America.
- Increase in number of chronic diseases that require routine monitoring and the presence of sophisticated healthcare infrastructure are major factors that are likely to further drive the patient monitoring accessories market in North America during the forecast period
- The market in Asia Pacific is anticipated to expand at a notable growth rate during the forecast period, primarily due to cost reduction in manufacturing products and equipment in countries across Asia such as India, China, and Japan.
- Healthcare expenditure of nations such as India, China, and Japan is increasing significantly because the population in these countries is increasing rapidly. Prevalence of chronic illnesses is increasing considerably in emerging economies; therefore, the requirement and demand for patient monitoring accessories is estimated to increase in the near future.
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Key Players of Patient Monitoring Accessories Market
- Medtronic plc
- GE Healthcare Limited
- Nihon Kohden Corporation
- Masimo
- Welch Allyn
- LifeScan IP Holdings, LLC
- Honeywell International Inc.
- Koninklijke Philips N.V.
- OMRON Corporation
- F. Hoffmann-La Roche Ltd
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