DUBLIN, Feb. 22, 2023 /PRNewswire/ — The “Patient Monitoring Devices Market Size, Share & Trends Analysis Report by Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices), by End-use, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global patient monitoring devices market size is expected to reach USD 92.8 billion by 2030 and is projected to grow at a CAGR of 7.8%.
The demand in the market is expected to rise owing to the technological advancements in patient monitoring devices along with the growth in the number of hospital admissions globally.
Improving healthcare expenditure across the globe coupled with the rising adoption of remote monitoring systems will also augment the market growth over the forecast period. Many hospitals and healthcare providers are investing in remote patient monitoring technologies as a part of a value-based care model.
Patient monitoring devices help in monitoring and managing high-risk patients that are suffering from chronic diseases and are considered unstable.
There has been a rise in the prevalence of chronic diseases such as diabetes, cancer, and hypertension across the world. Over 100 million Americans have hypertension and an increased risk of heart disease, according to the Centers for Disease Control and Prevention (CDC). The need for patient monitoring devices is rising due to the increasing prevalence of these conditions worldwide.
COVID-19 has decreased frequent hospital visits while increasing demand for home monitoring devices. Additionally, the scenario has altered customer demand, buying patterns, and behavior. The necessity to harness and utilize digital infrastructure for remote patient monitoring has been brought into sharp relief by the COVID-19 outbreak. The combination of telehealth & remote patient monitoring is projected to enhance the provision of at-home healthcare.
Patient monitoring devices industry growth is also being driven by supporting activities by the public and private sectors to assist COVID-19 patients globally. For instance, the World Health Organization distributed 30,000 oxygen concentrations worldwide in February 2021. Similarly, Invacare Corporation saw sales of respiratory products increase by 72.2% in the fourth quarter of 2020.
Patient Monitoring Devices Market Report Highlights
- Due to the technological advancements in multi-parameter patient monitoring, the category for multi-parameter monitoring devices accounted for the greatest revenue share of 23.3% in 2021. Multi-parameter patient monitors are widely used for enhancing the quality of healthcare in both the in-patient wards and intensive care units (ICU)
- The blood glucose monitoring devices segment is expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients’ demand for monitoring devices to keep track of their health
- Due to the strong demand for various monitoring devices to monitor patients at hospitals, the hospitals segment accounted for the largest revenue share of 51.1% in 2021
- North America contributed to the largest revenue share of 42.6% in 2021, owing to the presence of well-established reimbursement policies, dominant market players, high healthcare expenditure, and high adoption rate for advanced medical technologies
- Growing preference for wearable patient monitoring devices
- Increasing prevalence of chronic disease
- Risk associated with invasive monitoring devices
- American Telecare
- Philips Healthcare
- Koninklijke Philips N.V.
- GE Healthcare
- Masimo Corporation
- Smiths Medical
For more information about this report visit https://www.researchandmarkets.com/r/76v5o2
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