Market Trends of Transcutaneous Monitors Industry
This section covers the major market trends shaping the Transcutaneous Monitors Market according to our research experts:
Hospitals are Expected to Hold a Significant Share in the End User Segment
Hospitals are expected to hold a significant share in the end-user segment of the transcutaneous monitors market, which is majorly attributed to several services provided by the hospitals, including blood gas monitoring, wound healing, respiratory care, and sleep diagnostics.
Asthma continues to be a serious public concern globally. The United States Environmental Protection Agency and the National Health Interview Surveys (NHIS), in April 2021, estimated that almost 25.1 million people, comprising 5.1 million children, had asthma in the country as of the year 2021. Moreover, as per the data from the Australian Bureau of Statistics published in March 2022, around 10.7% of Australian had Asthma in the year 2021. Furthermore, the Indian Study on Epidemiology of Asthma, Respiratory Symptoms and Chronic Bronchitis in Adults (INSEARCH) published in April 2022 estimated the national burden of asthma at 17.23 million with an overall prevalence of 2.05% during the year 2021. Therefore, the rising cases of asthma across various countries are increasing the demand for transcutaneous monitors in hospitals.
Furthermore, as per Tommys.org, in 2021, around 8% of births in the United Kingdom were preterm. That was around 60,000 babies each year. Transcutaneous monitoring in neonates provides a real-time overview of the patient's often fluctuating oxygenation (tcpO2) and ventilation (tcpCO2) status. Hence, the demand for transcutaneous oximetry systems in hospitals is also expected to rise due to the increasing number of preterm births.
Thus, hospitals are expected to hold a significant share of the end-user segment in the transcutaneous monitor market due to the aforementioned factors.
North America is Expected to Hold a Considerable Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the Transcutaneous Monitors Market. This can be attributed to the rising number of respiratory disorders leading to increasing demand for non-invasive monitoring, a growing number of hospitals, increasing healthcare expenditure, and well-established healthcare infrastructure.
According to National Center for Chronic Disease Prevention and Health Promotion update in 2021, preterm birth affected 1 of every ten infants born in the United States in 2021. The rise in preterm birth is expected to boost the demand for neonatal monitoring systems in the United States, as preterm birth babies are more susceptible to diseases like sepsis, pneumonia, etc. Moreover, non-invasive monitoring of oxygenation has become a standard procedure in neonatal critical care in the United States, which is expected to boost the market growth.
Furthermore, strategic collaborations, acquisitions, expansion, product launches, agreements, and research sponsorship are the key strategies adopted by manufacturers to increase product sales in the United States. For instance, in December 2021, Royal Philips announced that its Philips Patient Monitors MX750 and MX850 received clearance from the United States Food and Drug Administration. Initially cleared for Emergency Use Authorization, the MX750 and MX850 were Philips' most advanced patient monitors uniquely designed to support scalability, alarm management, cybersecurity, and infection prevention within the hospital. Therefore, with such new launches from the key companies, the market studied is believed to witness substantial growth over the forecast period.
