Patient Monitoring Devices Market Analysis

Patient Monitoring Devices Market Analysis

The cardiac monitoring devices segment was valued at more than USD 2.7 billion in 2020, owing to the rising prevalence of cardiovascular diseases worldwide. CVD refers to a group of cardiac diseases that include congenital heart disease, coronary heart disease, congestive heart failure, and heart attacks. High cholesterol, high blood pressure, diabetes, drug usage, sedentary lifestyle, smoking, consumption of alcohol, and obesity are identified as prominent risk factors for the elevated risk of CVDs. People suffering from CVDs opt for monitoring devices as it is a cost-effective and accurate method of keeping track of cardiac health

The wireless segment in the patient monitoring devices market is projected to showcase 7.3% growth rate through 2027, as it helps monitor patients’ vitals without the requirement of any large setup. Wireless patient monitoring devices are replacing complex and difficult to operate systems and bridging the gap between the doctor and the patients, thereby driving the industry progression. Also, the use of wireless patient monitoring is rising because of the lack of doctors and nurses in hospitals, as well as a considerable difference in the doctor-to-patient ratio.
 

The ambulatory surgical centers segment captured around 30% of the market share in 2020. In recent times, many patients are inclined towards ASCs, as it is a cost-effective option over hospital-based treatment. Also, most of the ASCs are equipped with advanced equipment and monitoring devices that help in keeping a good track of a patient’s vitals and support in speedy recovery. Furthermore, other benefits such as shorter hospital stay, reduced risk of infection along with superior quality treatment are poised to stimulate the segment growth.
 

Europe patient monitoring devices market is estimated to attain a CAGR of over 6.5% till 2027. The prevalence of chronic diseases is increasing in several European countries. Therefore, European nations are upgrading their healthcare infrastructure to serve and treat their patients in a better way. Increasing prevalence of chronic diseases, aging demographics, and developing infrastructure are slated to promote the vital sign monitors the market demand. Additionally, the increasing preference for in-house medical care in Europe is anticipated to impel the market expansion during the forecast timeline.