VANCOUVER, BC, Sept. 11,
2024 /PRNewswire/ - iData Research, a leading global
consulting and market research firm, has released new, in-depth
reports on the U.S. and European patient monitoring
equipment (PME) markets. The reports highlight the most prevalent
trends driving growth, including the integration of patient
monitoring devices into Internet of Things (IoT) settings and the
expansion of remote patient monitoring (RPM) in both regions.
According to iData's findings, the RPM market has shown strong
high-single-digit growth across the U.S. and Europe, with this upward trajectory expected
to continue throughout the forecast period. The increasing demand
for monitoring devices, both in and outside of professional
healthcare settings, is reshaping the industry. Traditional patient
monitoring devices are now being updated to include wireless
connectivity and software compatibility, facilitating seamless
system integration and enhancing workflow efficiencies in
healthcare settings.
U.S. Market Trends: Remote Patient Monitoring Leading
the Charge
In the U.S., the largest segment of the patient monitoring
market is remote patient monitoring, which is also the
fastest-growing segment. Supported by recent improvements in
reimbursement policies, RPM is expected to grow at a compound
annual growth rate (CAGR) in the high-single-digit range throughout
the forecast period. By the end of the forecast period, RPM will
remain the highest-value segment of the U.S. market. Following RPM,
the pulse oximetry monitoring market is the second-largest segment,
highlighting the widespread demand for non-invasive monitoring
technologies.
The U.S. market for PME is also being influenced by the rise of
alternative care facilities such as micro-hospitals, cardiac
hospitals, and orthopedic hospitals, as well as freestanding
emergency departments (FEDs). A key trend within this space is the
integration of patient monitoring devices into Ambulatory Surgery
Centers (ASCs), which are increasingly responsible for outpatient
care, particularly for elective and minimally invasive procedures.
The expansion of RPM into ASCs is set to create significant
opportunities for PME manufacturers to develop portable, wireless,
and telemedicine-integrated monitoring devices tailored to the
specific needs of outpatient facilities. However, with rising
demand comes heightened competition among manufacturers to offer
affordable, scalable solutions that meet the unique demands of
these centers.
European Market Trends: Home-Based Monitoring on the
Rise
Similar to the U.S., Europe has
seen rapid growth in the adoption of RPM, particularly during and
after the COVID-19 pandemic. Countries with aging populations, such
as Germany, Italy, and the UK, are leading the way in RPM
adoption as healthcare systems shift more care to home-based
settings to reduce the strain on hospitals. The UK and Germany boast the most mature RPM markets,
supported by successful pilot studies and the implementation of
reimbursement policies. In the coming years, countries with high
healthcare spending per capita and large rural populations,
including Scandinavian nations, are expected to experience
accelerated growth in RPM adoption.
Furthermore, countries with a greater proportion of privately
insured citizens, such as France,
Benelux, and Germany, may see even
more robust expansion of the RPM market, driven by private insurers
offering complementary telemedicine coverage.
Market Share Leaders in the U.S. and Europe
United States
Medtronic was the market leader in the total U.S.
patient monitoring equipment market in 2023, holding significant
shares in several key segments. The company dominated the RPM,
cerebral oximetry, pulse oximetry, intraoperative
neurophysiological monitoring (IONM), and standalone capnography
monitoring markets. Medtronic's strength in these areas has been
bolstered by its extensive portfolio of innovative, connected
monitoring solutions.
Philips Healthcare ranked as the second-largest
competitor in the U.S. PME market in 2023, with a strong presence
in multi-parameter vital signs monitoring, wireless ambulatory
telemetry, RPM, and fetal and neonatal monitoring markets. The
company's leadership in multiple product categories highlights its
comprehensive approach to addressing the diverse monitoring needs
of healthcare facilities across the U.S.
GE HealthCare, the third-largest player in the U.S.
market, excelled in the multi-parameter vital signs, fetal and
neonatal, ECG monitoring, and blood pressure monitoring markets. GE
HealthCare's MAC product line, particularly in ECG
monitoring, continues to set the standard for performance and
reliability in the U.S. healthcare industry.
Other notable competitors are: Abbott, Ambu, Avanos Medical, B.
Braun, Biotronik, Boston Scientific, Cardinal Health, ConMed,
Cooper Surgical, Dexcom, Dräger Medical, Fukuda Denshi, Getinge,
Medline, Omron Healthcare, Teleflex Medical, Tensys, Terumo, and
more.
Europe
In 2023, Philips Healthcare led the total European
patient monitoring equipment market, building on its long history
of innovation. The company's success was partly driven by the
release of its Rapid Equipment Deployment Kit during the
COVID-19 pandemic, which allowed European hospitals to quickly
scale up their intensive care unit (ICU) monitoring capabilities.
Combining advanced patient monitoring technology with predictive
patient-centric algorithms, this kit enabled care teams to respond
efficiently during periods of high demand.
GE HealthCare followed closely behind as the
second-largest competitor in the European PME market, with a strong
foothold in multi-parameter vital signs, wireless ambulatory
telemetry, fetal and neonatal, blood pressure, and ECG monitoring
markets. GE Healthcare's dominance in the Electrocephalogram (ECG)
monitoring segment, particularly with its MAC product line,
further solidifies its role as a critical player in the European
PME landscape.
Another notable player in Europe is Tunstall Healthcare, which
has pioneered the telehealth space over the past 60 years.
Supporting over five million people globally, Tunstall's
Lifeline Smart Hub is a standout innovation. This
cloud-based system integrates all telehealth solutions into one
home unit, working on cellular networks without the need for a
landline. The Lifeline Smart Hub has removed location limitations,
further driving Tunstall's influence in the RPM and telehealth
markets across Europe.
Other notable competitors are: Abbott, B. Braun, Baxter, Cardinal Health, Compumedics, Conmed,
Heyer Medical AG, Holtex, ICU Medical, LivaNova, Nonin, Noraxon,
Osypka Medical, Progetti Medical, Promed Medical, Siemens, Smiths
Medical, Teleflex, and more.
Growth in the Rapid EEG Market
Among the emerging segments within the PME market, the dedicated
rapid Electrocardiogram (EEG) market stands out for its rapid
expansion. The exponential growth in this segment is being driven
by increasing unit sales as well as a gradual rise in the average
selling price (ASP) of each monitor. From 2023 to 2030, the rapid
EEG market is projected to grow at a CAGR exceeding 5%. As of
November 2023, there are fewer than
five major competitors in the rapid EEG market, creating
significant opportunities for new entrants in the coming years.
Future Outlook
As the U.S. and European healthcare markets continue to embrace
IoT-enabled patient monitoring devices, iData's reports indicate
that manufacturers capable of delivering interoperable, wireless,
and cost-effective monitoring systems will be well-positioned for
success. The combination of technological advancements, favorable
reimbursement policies, and the shift toward home-based and
alternate care settings is expected to fuel sustained growth in the
RPM market.
"Our latest reports highlight the critical role that patient
monitoring devices are playing in shaping the future of healthcare
delivery, both in the U.S. and Europe," said Dr. Kamran Zamanian, CEO of iData Research. "The
integration of these devices into IoT environments, along with the
expansion of remote monitoring and alternate care facilities, is
transforming patient care, driving efficiency, and creating
significant opportunities for device manufacturers."
For more information about iData's U.S. and
European patient monitoring equipment market reports, or to
request a sample, please visit each report through the
hyperlinks.
In addition, for a global overview of these and other notable
markets across 65 countries, refer to the Global patient monitoring
equipment market report.
About iData Research
iData Research is a global consulting and market research firm
dedicated to providing actionable insights and data-driven
intelligence for the medical device, dental, and pharmaceutical
industries. By combining in-depth research methodologies with a
global network of key opinion leaders, iData provides reliable data
that companies use to make informed decisions about market
strategies, product development, and expansion.
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SOURCE iData Research Inc.