The global Patient Monitoring Accessories market size is expected to be worth around US$ 10.12 billion by 2028, according to a new report by Vision Research Reports.
The global Patient Monitoring Accessories market size was valued at US$ 5.11 billion in 2020 and is anticipated to grow at a CAGR of 7.5% during forecast period 2021 to 2028.
Patient monitoring accessories are supplemental products that are used in conjunction with patient monitoring devices to help healthcare professionals accomplish efficient clinical excellence and ensure a high level of quality patient care. The major aim of patient monitoring is to check vital signs, detect early fatal deterioration, and transfer the data wirelessly. Factors like the rising prevalence of chronic illnesses, rising demand for round the clock checking, and the advent of technologically advanced monitoring products are fueling the market growth.
Patient monitoring accessories mainly include SpO2 sensors, NIBP cuffs, temperature sensors, CO2 absorber filters, and ECG leadwires that assist in collecting and analyzing a patient’s state of health. According to the WHO, currently, major chronic conditions such as cancer, diabetes, respiratory disorders, and cardiovascular diseases account for about 60.0% of the total number of deaths and 43.0% of the global burden of diseases. In addition, cardiovascular diseases are the leading cause of death and disability globally, taking 17.9 million lives each year, of which more than three quarters are in low-income and middle-income countries.
The SpO2 sensors segment held the largest market share of 51.02% in 2020 and is expected to reciprocate a significant CAGR over the forecast period. Based on the product, the market for patient monitoring accessories is segmented into SpO2 sensors, blood pressure cuffs, brain monitoring system sensors, neuromuscular transmission sensors, temperature sensors, CO2 absorbers/Amsorb filters, and ECG leadwires. The SpO2 segment accounted for the largest share as monitoring SpO2 has become a patient care standard worldwide, and the majority of patient monitoring accessories have either attachable or built-in capabilities for monitoring vital signs, which is indicative of the importance of these sensors in the patient monitoring market. The segment is further segmented into disposable and reusable SpO2 sensors.
The brain monitoring system sensors and neuromuscular transmission sensors segments are anticipated to witness the highest CAGR in the market for patient monitoring accessories over the forecast period. The brain monitoring system sensors segment is anticipated to register the highest growth over the forecast period owing to the rising number of patients requiring sedation for various conditions. Neuromonitoring sensors are used for measuring the depth of anesthesia, which can be defined as the degree to which the Central Nervous System (CNS) is depressed by a general anesthetic agent, depending on the potency of the anesthetic agent and the concentration in which it is administered.
North America dominated the patient monitoring devices market and accounted for the largest revenue share of 41.5% in 2020 and is expected to showcase a significant CAGR in the forecast period. The increase in the number of chronic diseases requiring routine monitoring and the presence of sophisticated healthcare infrastructure are the factors likely to further drive the market over the forecast period. According to the Behavioural Risk Factor Surveillance System, around 45% of Americans live with co-morbidities and are at a greater risk of health complications, thereby requiring continuous monitoring.
In Asia Pacific, the market for patient monitoring accessories is expected to witness the highest CAGR of 8.10% over the forecast period owing to a large population, favorable government initiatives, and the availability of developed health care facilities in these countries. Factors like growing demand for patient monitoring accessories and related services because of increasing government spending on healthcare is expected to impel the growth of the market for patient monitoring accessories. The healthcare expenditure of countries like India, China, and Japan are significantly increasing as the population in these countries are escalating rapidly. The prevalence of chronic illnesses is also escalating in emerging economies; therefore, the need and demand for patient monitoring accessories are likely to grow.
GE Healthcare Limited
Nihon Kohden Corporation
Welch Allyn Inc.
Blood Pressure Cuffs
Brain Monitoring System Sensors
Neuromuscular Transmission Sensors
CO2 Absorbers/Amsorb filters
Middle East & Africa
The Patient Monitoring Accessories market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Patient Monitoring Accessories market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Patient Monitoring Accessories market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Patient Monitoring Accessories market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Patient Monitoring Accessories market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Patient Monitoring Accessories capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Patient Monitoring Accessories by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Patient Monitoring Accessories market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Patient Monitoring Accessories market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Patient Monitoring Accessories market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Patient Monitoring Accessories industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Patient Monitoring Accessories market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Patient Monitoring Accessories market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Patient Monitoring Accessories market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Patient Monitoring Accessories market. These factors have benefited the growth of the global market for Patient Monitoring Accessories. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Patient Monitoring Accessories. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Patient Monitoring Accessories are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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