Patient Monitoring Accessories Market Size, Share & Trends Analysis Report By Product (SpO2 Sensors, BP Cuffs, NMT Sensors, Temperature Sensors, CO2 Absorbers, ECG Leadwires), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global patient monitoring accessories market size was valued at USD 5.9 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2020 to 2027. Patient monitoring accessories are supplemental devices that are used or with patient monitoring medical devices to deliver efficient and timely treatment. These accessories include SpO2 sensors, blood pressure cuffs, brain monitoring system sensors, neuromuscular transmission sensors, temperature sensors, CO2 absorbers/Amsorb filters, and ECG leadwires. All of them assist in collecting and analyzing vital signs of the patient. The major factors contributing to the growth of the market include the high burden and prevalence of chronic illnesses, rising demand for round the clock monitoring, and the advent of technologically advanced monitoring accessories.

The rising prevalence of chronic diseases is one of the major factors influencing the growth of the market for patient monitoring accessories. Cardiovascular Diseases (CVDs), including ischemic heart disease, stroke, and heart failure, constitute the leading cause of global mortality and are a major contributor to reduced quality of life globally. According to the WHO, cardiovascular diseases are the leading cause of death and disability globally, taking 17.9 million lives each year of which more than three quarters are in low-income and middle-income countries.

Diseases like these have become a major public health concern and need a quick and regulated mode of treatment. Neurological diseases are progressive and require 24/7 monitoring. More than one million adults in the U.S. are diagnosed annually with chronic brain disease or disorder, and this factor will assist in the demand for effective remote patient monitoring accessories.

The rising mortality rate due to non-communicable diseases is the major reason for driving focus on personalized monitoring and care. This in the long run is anticipated to further increase the demand for patient monitoring accessories. Technological advancements like sensors and LEDs that are durable and harmless for measuring oxygen saturation level in the patient’s body help in alerting the therapist to prevent the effect of desaturation and hypoxemia which may cause cyanosis. The introduction of skin-temperature probes for adults and children with corresponding adapters that are compatible with the temperature connection cables of other patient monitors helps in standardizing healthcare workflow.

Product Insights

The SpO2 sensors segment held the largest market share of 51.0% in 2019 and is expected to reciprocate a significant CAGR over the forecast period. Based on the product, the market for patient monitoring accessories is segmented into SpO2 sensors, blood pressure cuffs, brain monitoring system sensors, neuromuscular transmission sensors, temperature sensors, CO2 absorbers/Amsorb filters, and ECG leadwires. The SpO2 segment accounted for the largest share as monitoring SpO2 has become a patient care standard worldwide, and the majority of patient monitoring accessories have either attachable or built-in capabilities for monitoring vital signs, which is indicative of the importance of these sensors in the patient monitoring market. The segment is further segmented into disposable and reusable SpO2 sensors.

The brain monitoring system sensors and neuromuscular transmission sensors segments are anticipated to witness the highest CAGR in the market for patient monitoring accessories over the forecast period. The brain monitoring system sensors segment is anticipated to register the highest growth over the forecast period owing to the rising number of patients requiring sedation for various conditions. Neuromonitoring sensors are used for measuring the depth of anesthesia, which can be defined as the degree to which the Central Nervous System (CNS) is depressed by a general anesthetic agent, depending on the potency of the anesthetic agent and the concentration in which it is administered. Depth of Anaesthesia (DOA) should be accurately and adequately maintained in order to prevent potential intraoperative side effects such as hypertension, tachycardia, sweating, lacrimation, increased skeletal muscle tone, and post-traumatic syndrome.  The rise in the number of surgical procedures taking place and the subsequent necessity to monitor the intraoperative awareness of the patient are the factors expected to boost the growth of the segment.

Regional Insights

North America dominated the patient monitoring devices market and accounted for the largest revenue share of 41.3% in 2019 and is expected to showcase a significant CAGR in the forecast period. The increase in the number of chronic diseases requiring routine monitoring and the presence of sophisticated healthcare infrastructure are the factors likely to further drive the market over the forecast period. According to the Behavioural Risk Factor Surveillance System, around 45% of Americans live with co-morbidities and are at a greater risk of health complications, thereby requiring continuous monitoring.

In Asia Pacific, the market for patient monitoring accessories is expected to witness the highest CAGR of 8.8% over the forecast period owing to a large population, favorable government initiatives, and the availability of developed health care facilities in these countries. Factors like growing demand for patient monitoring accessories and related services because of increasing government spending on healthcare is expected to impel the growth of the market for patient monitoring accessories. The healthcare expenditure of countries like India, China, and Japan are significantly increasing as the population in these countries are escalating rapidly. The prevalence of chronic illnesses is also escalating in emerging economies; therefore, the need and demand for patient monitoring accessories are likely to grow.

Key Companies and Market Share Insights

The market for patient monitoring accessories is highly competitive in nature and is characterized by the presence of established players, with mergers and acquisitions, new product development, new product launch, collaborations, and other strategic initiatives undertaken by these companies in order to strengthen their market position. For instance, in June 2019, Medtronic initiated the Pivotal Trial for its next-generation Guardian continuous glucose monitoring sensor, thereby expanding its product offering. Some of the prominent players in the patient monitoring accessories market include:

• Medtronic plc

• GE Healthcare Limited

• Nihon Kohden Corporation

• Masimo

• Welch Allyn Inc.

• LifeScan Inc

• Honeywell

• Lifecare Solutions

• Philips

• Omron

• Roche

Patient Monitoring Accessories Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global patient monitoring accessories market report on the basis of product and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)

  • 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

    • Type

      • Disposable

      • Reusable

    •  By Modality

      • Diagnostic

      • Continuous

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • India

    • Japan

    • China

    • Australia

    • New Zealand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE