Patient Monitors

Patient Monitors Global Market Outlook:

MARKET OVERVIEW

Global market size – 10.8 Bn (2021)

Expected to grow at a CAGR of 5.5 percent to 13.8 Bn by 2026

• The global market size is 10.8 billion in 2021, growing at a rate of 5.5 percent, due to an increased demand from medical device industry

• The hospital (39 percent) followed by homecare setting (20 percent) is the major end-use application for patient monitor. The COVID-19 pandemic has created an unprecedented need for patient multiparameter monitor. Especially for most of the patients who tested (or are suspected to be) positive for COVID-19 for their timely reading on various parameters, patient monitors are utmost necessary

• To support the COVID 19 GE Healthcare Launches COVID-19 Patient Data Monitoring Technology, it will deploy remote patient data monitoring technology to help clinicians support most critical covid-19 patients across the health system.

Patient Monitors Regional Market Outlook - North America

• North America is expected to be the largest market in 2026 accounting for more than 40.0% of the market share

• Factors, like huge demand for real-time patient monitors in critical care units and adoption of technologically advanced products with the ongoing trend of accurate and real-time monitoring are improving the market growth

• According to the United States Renal Data System 2020 Annual Data Report, almost 786,000 people in the country have end-stage kidney disease, which can seriously impact and limit lifespan

• Moreover, the presence of key companies, like Masimo Corporation and Medtronic plc., in the region. Moreover, the high prevalence of chronic diseases, is likely to boost the product demand in up-coming years

Patient Monitors Market Trend

• The move from wired to wireless technology facilitates healthcare professional with a hands-free, wireless device to monitor a patient’s vital signs, creating a safer environment for both EMS personnel and patients. 16% of the US Hospital and Health Systems have already implemented Wi-Fi based wireless patient monitoring and the coverage is expected to jump to 34% in the next few years

• Remote Patient Monitoring (RPM) uses digital technologies to collect health data from individuals in one location and electronically transmit that information securely to health care providers in a different location for assessment and recommendations. The acceptance of RPM has been mainly in North American and European countries where the healthcare providers are incentivized to keep the readmission rates low

Porter's Analysis on Patient Monitors

Factors such as focused research on measuring several parameters through non-invasive or less-invasive approach, development of improved algorithms, and incorporation of data for medical records is expected to fuel the multi-parameter patient monitor market growth

Supplier Power

• The supplier market for patient monitor is fragmented, with over 100 suppliers present globally with most of them supplying for patient multi-parameter monitor. The market is value based as the devices are expensive

• Moreover, these suppliers have both the types – portable patient monitor as well as fixed/standalone patient monitor

• Hence, the supplier power varies from medium to high

Barriers to New Entrants

• Regulatory Requirements: US-FDA,CE, and ISO 13485 capabilities are key for production of patient monitors

• The cost associated with this technology and issues related to government regulations and reimbursements are the major barriers for the new entrants

• Hence, the new entrant power varies from medium to high

Intensity of Rivalry

• Since 2021 there have been mergers, product launched, along with collaborations: Capability expansion: Established suppliers have been growing through expanding their manufacturing capabilities (in terms of technology) in the patient monitor category to: (I) expand, enhance its product for incorporating technology - Baxter acquired Hillrom, expanding connected care and medical innovation Globally and Nihon Kohden’s acquisition of AMP3D further highlights interest of analytics in the clinical world. (II) new product launches along with collaborations offering GE Healthcare’s AMX Navigate Portable X-Ray system and Tabula Rasa launches remote patient monitoring service

• The above trends leave the intensity of the rivalry as high among suppliers

Threat of Substitutes

• The multi-parameter patient monitors are highly adopted in healthcare facilities for examination of several parameters

• Other types or substitutes remains single parameter patient monitors for analysis/examine and are engineered to meet/function specific requirement only

• Telehealth and Remote Patient Monitoring is expected to generate growth for digital chronic care companies in the next 2-3 years. Due to the social distancing during the COVID-19 pandemic and reduce barriers to entry by supporting remote services

• Due to the pricing of the product and high adoption of the product the threat of substitute remains medium

Buyer Power

• Buyer power for healthcare clients varies between medium to high based on type of patient monitor – single/multiparameter along with fixed or portable device

• By considering single sourcing for patient monitor there are chances of posses a better negotiation power in terms of value and pricing