The Global Patient Monitoring Accessories Market was valued at $7.9 Billion in 2020. Growing at a high CAGR of more than 9.57% between 2021 and 2031, it is estimated to reach $23.2 Billion by 2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. Patient monitoring accessories are supplemental medical devices used or with patient monitoring devices to perform efficient and timely treatment.
These accessories include blood pressure cuffs, SpO2 sensors, neuromuscular transmission sensors, CO2 absorbers/Amsorb filters, temperature sensors, brain monitoring system sensors, and ECG lead wires. All of them help in collecting and analyzing the vital signs of the patient. Integration of monitoring technologies in wireless devices and smartphones is a key trend of patient care, appearing in the introduction of remote monitoring systems, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, mobile cardiac telemetry devices, and ambulatory event monitors are the key factors supporting the growth of the market. Rising demand for patient monitoring and the appearance of technologically advanced monitoring accessories drive the market during the forecast period. Now, moving forward, the robust demand for the global Patient Monitoring Accessories market in the healthcare department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Patient Monitoring Accessories Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Patient Monitoring Accessories market is segmented as product and application. Based on product, the global Patient Monitoring Accessories market has been divided into SpO2 Sensors, Disposable, Reusable, Blood Pressure Cuffs, Disposable, Reusable, Brain Monitoring System Sensors, Neuromuscular Transmission Sensors, Temperature Sensors, Adult, Pediatric, CO2 Absorbers/Amsorb filters, ECG Leadwires, Disposable, Reusable, Diagnostic, and Continuous. Based on the end-use, the global Patient Monitoring Accessories market has been bifurcated as Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Other End Users.
By Region, North America is Holding the Major Market Share
The Patient Monitoring Accessories Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, Europe, and Africa region. In addition to this, North America has a significant share among those regions. The regional market comprises developing nations, whose development rate is faster than most of the developing countries in the world. The growing demand for patient monitoring devices in this current pandemic and increasing investment in the healthcare industry are the factors in the development of the market. Increasing disposal incomes, availability of advanced technology, expansion of the private healthcare sector to rural areas, and other potential factors drive the market over the forecast period. Apart from that, the Asia Pacific and Europe are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Patient Monitoring Accessories Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Medtronic plc, GE Healthcare Limited, Nihon Kohden Corporation, Masimo, Welch Allyn Inc., LifeScan Inc, Honeywell, Lifecare Solutions, Philips, Omron, Roche, Abbott Laboratories, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, and Edwards Lifesciences Corporation among others.
The Global Patient Monitoring Accessories Market Has Been Segmented into:
Global Patient Monitoring Accessories Market: By Product
Global Patient Monitoring Accessories Market: By End-Use
Global Patient Monitoring Accessories Market: By Region