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
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.
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.
Key Players of Patient Monitoring Accessories Market
- Medtronic plc
- GE Healthcare Limited
- Nihon Kohden Corporation
- Welch Allyn
- LifeScan IP Holdings, LLC
- Honeywell International Inc.
- Koninklijke Philips N.V.
- OMRON Corporation
- F. Hoffmann-La Roche Ltd
Patient Monitoring Accessories Market, Research Scope
Patient Monitoring Accessories Market, by Product
- Blood Glucose Monitoring Systems
- Self-monitoring Blood Glucose Systems
- Continuous Glucose Monitoring Systems
- Hemodynamic/Pressure Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Neuromonitoring Devices
- Magnetoencephalography Machines
- Electroencephalograph Machines
- Intracranial Pressure Monitors
- Electromyography Machines
- Cerebral Oximeters
- Transcranial Doppler Machines
- Cardiac Monitoring Devices
- ECG Devices
- Mobile Cardiac Telemetry Monitors
- Implantable Loop Recorders
- Smart/Wearable ECG Monitors
- Multi-parameter Monitoring Devices
- Low-acuity Monitoring Devices
- Mid-acuity Monitoring Devices
- High-acuity Monitoring Devices
- Respiratory Monitoring Devices
- spO2 Sensors
- Peak Flow Meter
- Temperature Monitoring Devices
- Smart wearable Continuous Monitoring Devices
- Handheld Temperature Monitoring Devices
- Table-top Temperature Monitoring Devices
- Invasive Temperature Monitoring Devices
- Weight Monitoring Devices
- Other Patient Monitoring Devices
Patient Monitoring Accessories Market, by End-user
- Ambulatory Surgery Centers
- Home Care Settings
- Other End Users
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.