SOURCE: iData Research

iData Research

September 28, 2016 13:17 ET

Medtronic, Phillips Healthcare Lead High Demand Billion Dollar U.S. Patient Monitoring Market

The U.S. Patient Monitoring Market Is Expected to Grow Over the Next Several Years to Reach Over $6 Billion by 2023

VANCOUVER, BC--(Marketwired - September 28, 2016) - According to a new series of reports on the U.S. patient monitoring device market by iData Research (www.idataresearch.com), patient monitoring and diagnostic equipment will be in high demand in the U.S. due to steadily increasing cases of chronic illness in the U.S. population, including heart disease, obesity, diabetes, high cholesterol and high blood pressure among other conditions. This will facilitate increased investment into capital equipment and disposables, despite hospital budget constraints, reimbursement cuts and consolidation within industry group purchasing organizations. Moreover, the ease of use, accuracy and affordability of these devices will become an important factor in product development within the home patient monitoring device market.

"A trend that is currently prevailing across the U.S. relates to the adoption of less-invasive, more accessible, patient-centric monitoring device configurations", explains Dr. Kamran Zamanian, CEO of iData. "This is exemplified by the movement towards minimally and non-invasive modalities within the cardiac output market and the uptake of wireless telemetry solutions and remote patient monitoring platforms in both hospital and alternate care sites."

Furthermore, emphasis is now being placed on patient comfort and mobility across lower-acuity care settings, wherein gaps in monitoring are further filled with portable solutions. With respect to consumables, there is a shift in demand towards disposable units in many regions as a proactive means of reducing cross-contamination risk and liability concerns. Each of the aforementioned trends are in line with the general drive to improve patient outcomes through reduced complication and mortality rates, thereby promoting long term cost savings. This will help, in turn, to improve the quality of care while also alleviating pressure associated with budgetary constraints across the care continuum.

Medtronic leads the U.S. patient monitoring device market primarily due to capturing the largest segment of this market, pulse oximetry monitoring. Medtronic acquired Covidien, the previous leader within the sizable pulse oximetry market. They continue to market Covidien's Nellcor™ line of peripheral pulse oximeters and have reinforced their position within the overall patient monitoring device market as a result.

Philips Healthcare is the second leading competitor in the U.S. patient monitoring market. The company is the leader in the multi-parameter vital sign monitoring market, wireless telemetry and fetal/neonatal monitoring markets. Philips has one of the most extensive product lines of any company in the patient monitoring market. Their IntelliVue™ and SureSigns™ product lines range from low to high-acuity and have flexible product designs ranging from extremely compact to portable bedside units. Additional competitors in the U.S. patient monitoring device market include Masimo, GE Healthcare, Edwards Lifesciences, Mindray Medical, Natus Medical, Welch Allyn, Omron Healthcare, Honeywell Life Sciences, Nihon Kohden, Spacelabs Healthcare, St. Jude Medical, Nonin Medical and Boston Scientific among others.

For Further Information

More on the patient monitoring device market in the U.S. can be found in a report series published by iData Research entitled the US Market Report Suite for Patient Monitoring Equipment 2017 - MedSuite. The suite covers reports on the following markets: multi-parameter vital signs monitoring, wireless ambulatory telemetry monitoring, telehealth, intracranial pressure monitoring, electromyogram monitoring, cerebral oximetry, fetal and neonatal monitoring, cerebral oximetry, cardiac output monitoring and blood pressure monitoring.

The iData report series on patient monitoring covers the U.S. Japan, South Korea, Australia and 15 countries in Europe including Germany, France, the United Kingdom (U.K.), Italy, Spain, Benelux (Belgium, Netherlands and Luxemburg), Scandinavia (Finland, Denmark, Sweden and Norway), Portugal, Austria and Switzerland. Reports provide a comprehensive analysis including units sold, market value, forecasts, as well as detailed competitive market shares and analysis of major players' success strategies in each market and segment. To find out more about patient monitoring market data or procedure data, register online or email us at info@idataresearch.net for a US Market Report Suite for Patient Monitoring Equipment 2017 - MedSuite brochure and synopsis.

About iData Research

iData Research (www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Operating Room Equipment, Surgical Microscopes, Robotics and Surgical Navigation, Laparoscopy, Urology, Gynecology, Vascular Access, Endoscopy, Interventional Cardiology, Cardiac Surgery, Cardiac Rhythm Management, Electrophysiology, Ultrasound, X-Ray Imaging, Diagnostic Imaging, Oncology, Spinal Implants and VCF, Spinal MIS, Orthopedic Soft Tissue Repair and Regeneration, Orthopedic Trauma, Large & Small Joints, Anesthesiology, Wound Management, Orthopedics, Ophthalmics, Dental Operatory Equipment and more.

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