(PharmaNewsWire.Com, August 12, 2021 ) The Key Growth Elements in Detailed?
The Integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are the key factors supporting the growth of the market.
Worldwide Growth Opportunities in Terms of Revenue:
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.
Driver: Growing preference for wearable patient monitoring devices;
Continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry are a few applications of wearable patient monitoring devices, biosensors, and smart implants. New-generation wearable devices are equipped with the Internet of Things technology. Vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG) are measured using wearable biosensors and transmitted over mobile wireless networks to a central server. Listed below are regulatory approval in recent years:
- In July 2020, Medtronic received 510(k) clearances from the FDA and CE for its LINQ II Insertable Cardiac Monitor (ICM). LINQ II is a small wireless ICM for patients with abnormal heart rhythms and for those who require long-term monitoring. It enables remote patient monitoring and data transfer through the MyCareLink Heart mobile app or MyCareLink Relay home communicator by using BlueSync technology
- In June 2020, Abbott received FDA clearance for the FreeStyle Libre 2 Integrated Continuous Glucose Monitoring (iCGM) system for patients suffering from diabetes. This device measures glucose levels every minute and has an optional real-time alarm. It has a self-applied iCGM sensor that eliminates the need for blood removal through finger pricks. Its Bluetooth technology automatically alerts users when their blood glucose levels drop or increase.
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.
Major Key Players Mentioned in the research report are:
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.
- In 2020, Medtronic received the US FDA approval for its LINQ II Insertable Cardiac Monitor (ICM). It is a implantable devices for determining the irregular heart rythm.
- In 2020, Medtronic and Tandem Diabetes Care, Inc underwent patent cross-license agreement, as per which both companies can cross-license each other’s patent portfolio for five years and jointly focus on innovating new products and services for diabetes management.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
