OEM Patient Monitoring and Vital Sign OEM Module Market Highlights
The OEM Patient Monitoring and Vital Sign OEM Module Market size report expects the industry to reach USD 22.44 billion by 2030 at 7.98% CAGR during the forecast period 2022-2030.
Patient monitoring devices are used to measure, record, distribute and display combinations of biometric values such as heart rate, blood oxygen saturation levels (SpO2), blood pressure, and temperature. They are used for monitoring patients regularly, which can help avoid serious problems. OEM modules and components are used in the monitoring devices to enable high-class monitoring in various medical applications.
The global OEM patient monitoring and vital sign modules market are growing due to the demand for wearable devices and increasing demand for continuous patient monitoring devices. Additionally, there is rising demand for patient monitoring devices in non-hospital settings are expected to boost the market growth. However, the high cost of patient monitoring devices is hampering the growth of the market.
Segment Analysis
The global OEM patient monitoring and vital sign OEM module market has been segmented based on product.
On the basis of product, the market is segmented into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal neonatal monitoring devices, respiratory monitoring devices, remote patient monitoring devices, temperature monitoring devices, and others. The hemodynamic monitoring devices segment held the largest market share in 2021 and remote patient monitoring devices is projected to be the fastest growing market.
Regional Analysis
The global OEM patient monitoring and vital sign OEM module market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe OEM patient monitoring and vital sign OEM module market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The OEM patient monitoring and vital sign OEM module market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World OEM patient monitoring and vital sign OEM module market comprises of Middle East, Africa, and Latin America.
North America is estimated to dominate the global OEM patient monitoring and vital signs modules market throughout the forecast period due to rising cases of cardiovascular diseases, increasing adoption of patient monitoring devices, and well-established healthcare infrastructure.
Moreover, the rise in research funding and initiatives taken by the European Society of Cardiology (ECS). For instance, the Fondation de France and Fondation pour la Recherche Médicale, the two major charities in France, provide USD 5.3 million (EUR 4.8 million) each year for cardiovascular research in France. Thus, the rising investment in research activities are fueling the growth of the Europe region.
Additionally, in the Asia-Pacific Region, medical tourism is growing rapidly. This growth is attributed to a rise in the quality of services and technological advancement in the healthcare and medical sectors. A few prominent centers for medical tourism include China, Japan, India, Singapore, and Thailand. These factors create a demand for patient monitoring devices in the region. Likewise, countries such as Japan in the Asia-Pacific region have a mature healthcare system in place and solid medical device industry.
Furthermore, the rest of the world consists of three major regions: the Middle East, Africa, and Latin America. Factors such as the rise in the geriatric population, rising awareness regarding health, and the availability of new treatment diagnostic methods are expected to drive this market. Moreover, the increase in cardiac diseases occurring in this region indirectly boosts the growth of the market.
MRFR recognizes the following companies as the top key players in its OEM patient monitoring and vital sign OEM module market overview report — Sentec AG (UK), Medtronic Plc (Ireland), Nonin Medical Inc. (US), Masimo Corporation (US), Ronseda Electronics Co., Ltd (China), Triton Electronic Systems Ltd (Russia), Halma Plc (UK), Zug Medical System SAS (France), Fresenius Kabi AG (Germany), Smiths Group plc (US), and Others.
Key Findings of the Study
- The global OEM patient monitoring and vital sign OEM module market is expected to reach USD 22.44 billion by 2030 at a CAGR of 7.98% during the forecast period.
- The Europe region accounted for the fastest growing of the global market, owing to the rising investment in research activities, new product launches, planning, and execution of government initiatives for increasing awareness regarding chronic diseases.
- Based on product, the hemodynamic monitoring devices segment held the largest market in 2021, with a market share of 24.57%.
- Sentec AG (UK), Medtronic Plc (Ireland), Nonin Medical Inc. (US), Masimo Corporation (US), Ronseda Electronics Co., Ltd (China), Triton Electronic Systems Ltd (Russia), Halma Plc (UK), Zug Medical System SAS (France), Fresenius Kabi AG (Germany), and Smiths Group plc (US), are the key market players.
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