The patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period. Growth in this market is primarily driven by the rising incidence of chronic and lifestyle diseases such as CVD, COPD, diabetes; technological advancements towards the development of wearable patient monitoring technologies; increased funding, research grants, and public-private investments; growing government initiatives to improve healthcare infrastructure of hospitals; and the emergence of user-centric patient monitoring devices. However, the risk associated with invasive monitoring devices is expected to limit market growth in the coming years. Complex regulatory frameworks that delay the approval of new patient monitoring devices are also expected to challenge market growth to a certain extent.

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North America is expected to dominate the global patient monitoring market in 2019
North America, comprising the US and Canada, accounted for the largest share of the patient monitoring devices market in 2019. Increasing number of clinical trials validating patient monitoring devices and a growing number of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are moving towards homecare patient monitoring, which requires non-invasive patient monitoring devices. This trend will have a positive impact on the patient monitoring devices market.

Abbott Laboratories (US), HILL-ROM HOLDINGS, INC. (US), Drägerwerk AG & Co. KGaA (Germany), Edwards Lifesciences Corporation (US), OMRON Corporation (Japan), Masimo Corporation (US), Compumedics Limited (Australia), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), Natus Medical (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (US), among othersare some of the major players operating in the global patient monitoring devices market.

The ECG devices subsegment of cardiac monitoring devices products to hold major market share by 2025
Based on the product, the patient monitoring devices market is segmented into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal and neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other patient monitoring devices. The cardiac monitoring devices products segment is further divided into ECG devices, event monitors, implantable loop recorders (ILRs), mobile cardiac telemetry (MCT) monitors, and smart/wearable ECG monitors. Among the cardiac monitoring devices products, the ECG devices segment held a major share of the market in 2019. The wide applications of ECG devices in CVD management are a major factor contributing to the growth of this market segment. Other factors supporting market growth include the low cost of ECG devices and the simplicity, easy-to-access nature, and compact & ergonomic design of these devices.

Based on product, the blood glucose monitoring systems segment is expected to account for the largest share of the patient monitoring devices market in 2019
Based on type, the blood glucose monitoring systems market has been segmented into the self-monitoring blood glucose systems and continuous glucose monitoring system. Among these, the self-monitoring blood glucose systems sub-segment dominated the market in 2019. The major share of the segment is attributed to the rising adoption of integrated blood glucose monitoring systems in developing as well as developed countries. New products have been introduced in the market that allow for easier result interpretation. LifeScan, for example, launched the OneTouch Verio Flex in 2016, which comes with the ColorSure technology to determine if blood glucose levels are low or high. Many manufacturers offer smartphone-connected meters that allow information transfer using Bluetooth.

The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the patient monitoring devices market has been segmented into the hospitals, ambulatory surgery centers, home care settings and other end users. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced ICUs and emergency wards in hospitals and the increasing number of surgical procedures.

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