Medical Monitor Market Size, Share, Growth, And Industry Analysis By Type (For Patient, For Doctor) By Application (Clinic, Hospital), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Medical Monitor Market Report Overview

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The global medical monitor market size was USD 2119.7 million in 2021 and market is projected to touch USD 3215.12 million by 2031, exhibiting a CAGR of 4.2% from 2021 to 2031.

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Medical monitors are essentially a display piece of equipment needed to continuously monitor a patient's vital signs. A sensor for recording crucial patient data and an interconnected system that sends the data to the display screen are typically coupled to the medical monitor equipment. This equipment provide patients with clear results and aid in enhancing the precision, caliber, and effectiveness of diagnostic processes. Medical monitors are essential for monitoring the vital signs of critically ill patients, helping with surgery, and performing other medical tasks.

Devices for medical monitoring are used to keep track of a patient's functional symptoms and any associated issues. With the use of such monitors, it is crucial to keep an eye on things like body temperature, blood pressure, oxygen saturation, state of consciousness, discomfort, pulse, breathing rate, and urine output. These devices regularly and accurately assess and present the physiology data of people with diabetes and other disorders. Additionally, the adoption of these gadgets is being aided by the development of wireless technology.

COVID-19 Impact: Increased Demand Due To Rise In Critical Patients

Globally, the COVID-19 pandemic's consequences are already being seen, and the market for medical monitors was considerably affected. The COVID-19 outbreak had a favourable effect on a very small number of markets. Lockdowns were implemented in several nations. The abrupt outbreak caused difficulties in many different kinds of enterprises. The pharmaceutical industry was one among the numerous sectors affected by the pandemic's severe restrictions. The market demand for medical monitors was impacted when production of certain devices was stopped. The epidemic caused a sharp rise in the number of critically ill patients, which in turn increased demand for the good.

Latest Trends

"Wireless Monitors To Suffice The Growing Demand "

The growing domain of wireless technology is also present in medical monitor products. Medical monitor devices containing wireless technology are a rapidly expanding field. Multiple sensors to assess the patient's important organs can be simultaneously attached to the monitors with the aid of wireless communication, allowing for effective patient diagnosis. The wireless connectivity also makes installation extremely simple and hassle-free, allowing for comfortable installation at the patients' homes. This will have a significant impact on the medical monitor market growth.

Medical Monitor Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into For Patient and For Doctor. For patients segment is the leading segment by type.

• By Application Analysis

Based on application, the market can be divided into Clinic and Hospital. The clinic segment is forecasted to hold the majority share of the application segment.

Driving Factors

"Increasing Health Concerns To Ramp Up The Demand For Better Diagnosis"

Individuals are now more aware of their health concerns in the post-COVID-19 environment. It is projected that ailments like cancer, diabetes, cardiac diseases, and increased expendable income will give medical monitor devices in the healthcare industry a boost. In addition, it is projected that increasing consumption of junk food, a change in lifestyle, and a lack of physical activity will raise the likelihood of developing major health disorders. The rise in health concerns is anticipated to aid in the market share expansion of medical monitors.

"Multi-Parameter Monitors To Increase The Market Demand"

The fundamental forces behind the development of the technology are the advantages of multi-parameter medical monitors, such as battery-powered, low-cost, and highly integrated silicon systems that integrate numerous parameters into a low-cost, low-power integrated solution. For instance, silicon solutions and single-chips with one or more CPU cores, a Bluetooth low-energy radio, integrated ECG, and respiration is now readily available. In addition to clinics and hospitals, it is starting to contribute more at home. Home care and senior care are becoming more and more important for lower costs of care. Multi-parameter monitoring technologies make it easier to assess the health of patients before they are taken to the hospital.

Restraining Factors

"SYSTEM FAILURES OF DEVICES TO HAMPER THE GROWTH OF MARKET DEMAND"

As a result of equipment failure or improper training, systems fail, hence it's critical to establish methods for anticipating and resolving system failures. Risk analysis related to system failures should be viewed as essential, especially for safety-critical applications like medical monitoring systems, which deal with human health. This might have a significant negative effect on the expansion of the medical monitor market size.

Medical Monitor Market Regional Insights

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"Europe To Dominate With Its Advanced Healthcare Sector"

Europe has one of the best healthcare sectors around the world. Therefore, as per our report, the European medical monitor market is the leading market followed by the North America region, and is forecasted to remain dominant in the forecast period. The increased incidence of chronic diseases, the presence of cutting-edge technology, and the desire for wireless and portable systems designed to lower out-of-pocket costs are a few factors influencing regional spread.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Advantech (Taiwan)
• GE (U.S.)
• Philips (Netherlands)
• LG (South Korea)
• Vyaire (U.S.)
• Barco (Belgium)
• Infinium Medical (U.S.)
• EIZO (Japan)
• BenQ (Taiwan)
• Smiths Medical (U.S.)
• Athena Medical (U.S.)
• Medtronic (Ireland)
• Ondal Medical Systems GmbH (Germany)
• BriteMED (Taiwan)
• Jvckenwood (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.