The global transcutaneous monitors market is on the verge of significant expansion, with sales revenue anticipated to soar to USD 540.1 million by the end of 2029. This growth reflects a robust compound annual growth rate (CAGR) of 4.3%, up from an estimated market value of USD 401.8 million in 2022.
According to a recent analysis by Future Market Insights, the market is primarily driven by the widespread adoption of multichannel transcutaneous monitors, which commanded a dominant market share of over 92.9% in 2021. The increasing demand for these advanced monitoring systems is propelled by continuous technological advancements, enhancing patient care and monitoring capabilities.
While multichannel transcutaneous monitors remain at the forefront of the market, there is a noteworthy shift toward single-channel transcutaneous monitors, particularly in developing nations. This trend is attributed to the significant price difference between single-channel and multichannel devices, making them a more accessible option despite their limitations in channels and technology.
As healthcare facilities across the globe recognize the value of efficient and accurate monitoring solutions, the transcutaneous monitors market is poised for a transformative phase. Stakeholders and investors are encouraged to keep a close watch on this evolving landscape as it presents substantial opportunities for growth and innovation.
Key Takeaways: Transcutaneous Monitors Market
- The global transcutaneous monitors market is expected to reach USD 540.1 million by 2029, with a CAGR of 4.3%.
- The US leads the market with a projected high growth rate due to advanced healthcare infrastructure and a preference for non-invasive monitoring.
- Germany is expected to see a CAGR of over 1.2% due to established manufacturers complying with strict regulations.
- China holds a significant share in East Asia and is projected to grow at a CAGR of 4.1% due to increasing automation and robotics in healthcare.
- Japan’s market is expected to expand at a CAGR of 4.3% due to the adoption of non-invasive monitoring methods driven by digitalization.
Stakeholders in the transcutaneous monitors market are showing a palpable duality in their approach – in addition to increasing the sales of multi-channel monitors in high income countries, manufacturers are likely to tap into opportunities in price sensitive countries by offering low-cost yet significantly efficient products, according to the FMI analyst.
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Competitive Landscape:
Companies in the transcutaneous monitors market are primarily focusing on advancing multichannel transcutaneous monitors over traditional ones. Key players are launching these multichannel monitors to drive revenue growth.
Manufacturers are adopting strategies such as strategic collaborations, acquisitions, expansions, new channel type launches, agreements, and research sponsorships to boost transcutaneous monitor sales across various regions.
- In April 2020, GE Healthcare introduced a new software solution to support clinicians and health systems in treating COVID-19 patients. The company launched the Mural Virtual Care Solution on the secure and trusted Microsoft Azure cloud platform. This solution offers hospitals a comprehensive view of their ventilated patient population and helps identify patients at risk of deterioration. This move is part of the ongoing collaboration between GE Healthcare and Microsoft.
- In November 2021, Masimo announced the Dual SET® Pulse Oximetry for Root®, a highly versatile patient monitoring and connectivity hub.
Key Companies Profiled:
- Radiometer Medical Aps
- SenTec AG
- Perimed AB
- Philips Healthcare
- GE Healthcare
- Criticare Technologies, Inc.
- Hill-Rom Services Inc.
- Medtronic
- Masimo
Key Market Segments Covered in Transcutaneous monitors Industry Research:
By Channel Type
- Single Channel
- Multichannel
By End User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Laboratories
- Home Care Settings
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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