Home > Pressrelease > Patient Monitoring Devices Market worth over $39.6bn by 2027
Patient Monitoring Devices Market worth over $39.6bn by 2027
- Published Date: October 27, 2021
Patient monitoring market size is set to surpass USD 39.6 billion by 2027, according to a new research report by Global Market Insights Inc.
Technological advancements in the industry in developed regions along with the rising number of hospital admissions globally will positively impact the market growth. The growing popularity of remote and wearable patient monitoring devices is positively impacting the market progression.
Wearable devices aid in the monitoring of chronic diseases by combining clinical symptomology with essential vital signs. As a result, the use of wearable devices to combat COVID-19 has increased significantly. Wearable patient monitoring devices, smart implants, and biosensors are used for a variety of purposes, including, temperature monitoring, continuous glucose monitoring, pulse oximetry, and blood pressure monitoring. In recent years, advanced wearable devices are being equipped with IoT technology. Wearable biosensors assess vital signs that are then communicated to a central server via mobile wireless networks.
Increasing demand for respiratory monitoring devices will augment the market expansion
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The respiratory monitoring devices segment captured 6.5% of the market share in 2020, owing to the rising prevalence of asthma and other respiratory diseases. According to the WHO report, in 2019, asthma affected an estimated 262 million people globally. Also, the demand for medical supplies is rising to provide medical aid to the infected population during COVID-19 pandemic. Respiratory monitoring devices such as pulse oximetry and capnography are among the most commonly used medical devices in primary clinical care.
Growing demand for conventional devices to fuel the market revenue
The conventional segment in the patient monitoring devices market was valued at USD 14 billion in 2020. Conventional systems enable physicians to continuously monitor patients’ health closely, thus increasing its demand. Moreover, conventional devices are available at a low cost as compared to wireless devices. Also, increasing product launches are expected to foster the industry growth.
Browse key industry insights spread across 205 pages with 350 market data tables & 15 figures & charts from the report,” Patient Monitoring Devices Market Size By Product (Cardiac Monitoring Devices {ECG Devices, Implantable Loop Recorders, Mobile Cardiac Telemetry Monitors, Smart Wearable ECG Patches}, Neuromonitoring Devices {EEG Devices, Cerebral Oximeters, Intracranial Pressure Monitors, EMG Devices}, Respiratory Monitoring Devices {Pulse Oximeters, Spirometers, Capnographs, Peak Flow Meters}, Anesthesia Monitor, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitoring, Multiparameter Devices), By Type (Conventional, Wireless), By End-use (Hospitals, Ambulatory Surgical Centers (ASCs), Homecare Settings), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/patient-monitoring-devices-market
Rising patient admissions will promote the hospital segment growth
The patient monitoring devices market for hospital segment is projected to witness around 6.5% growth rate through 2027. This is due to the large target patient pool in developing countries preferring hospitals, increasing emphasis on early disease diagnosis along with high spending capacity of hospitals to equip various technologically advanced patient monitoring devices. Also, quality care available for a large spectrum of diseases in hospitals is anticipated to drive the segment expansion during the forecast period.
Rapidly increasing technological advancement in patient monitoring devices in the North America region will boost the market demand
North America patient monitoring devices market is slated to attain a CAGR of over 7% till 2027 led by the growing R&D activities to develop sensor-based patient monitoring devices as well as the rising prevalence of infectious diseases. Furthermore, increasing technological advancement in patient monitoring devices coupled with rising demand for wireless and portable devices will enhance the industry progression. The major market players including Edward Lifesciences, Masimo Corporation, and GE Healthcare, are focusing on the development of advanced patient monitoring devices that will stimulate the industry expansion.
Strategic initiatives undertaken by market leaders will gain a higher competitive advantage
Some of the prominent companies operating in the patient monitoring devices market include Philips, skanray Technologies, Medtronic, Epsimed, OSI Systems, Medion Healthcare, GE Healthcare, Siemens Healthineers, Hill-Rom Holdings, Fukuda, and Mindray. These industry participants are involved in strategic partnership agreements, collaborations, and mergers to strengthen the market position.