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The healthcare sector is growing robustly and continuously owing to government investments in technology and human resource. The latest trends in home monitoring devices for weight management and fitness monitoring is driving the market for patient monitoring. With the coronavirus pandemic, people are forced to stay indoors, due to which a sedentary lifestyle is being followed. Many health monitoring devices like weighing machines and fitness bands that measure the number of steps, calories burnt, provides updates on sleeping pattern and other features is propelling the market growth of patient monitoring devices. Further, the pandemic has also invigorated the requirement for respiratory monitoring devices like pulse oximeters and blood pressure monitors, further rising the market demand for patient monitoring devices, which, in turn, is bolstering the overall market growth.
Abbott Laboratories (NYSE: ABT), one of the leading companies in the patient monitoring market, recently announced a partnership with Tandem Diabetes Care (NASDAQ: TNDM) in June 2020 to develop and commercialise an integrated diabetes solution that combines Abbott’s continuous glucose monitoring with Tandem’s innovative insulin delivery systems, which would aid in managing diabetes. The FreeStyle Libre 2 system by Abbott is a remote sensor monitoring device that is recognised as the world’s first system to be cleared by the FDA and offers real-time updates measuring glucose levels, with excellent accuracy rates. The t:slim insulin pump by Tandem, compatible with interoperable continuous glucose monitoring (iCGM) devices, includes advanced features like a large colour touchscreen, rechargeable battery and Bluetooth wireless technology and USB connectivity, which makes it ideal for remote usage. The integration of world-leading diabetes monitoring devices is anticipated to provide a cohesive environment for diabetic people and can fit easily into the everyday lives of people. Hence, such advancements are invigorating the market growth of patient monitoring.
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The major players in the global patient monitoring market are Abbott Laboratories, Boston Scientific Corporation, Becton, Dickinson and Company, General Electric Company (GE Healthcare), and Siemens Healthcare GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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