SAN FRANCISCO, June 15, 2021 /PRNewswire/ — The global patient monitoring devices market is expected to reach USD 73.46 billion by 2028 and is projected to grow at a CAGR of 8.8%, according to a new report by Grand View Research, Inc. The growth is attributed to technological advancement in patient monitoring devices as well as the increasing number of hospital admissions globally.
Key suggestions from the report:
- The cardiac monitoring devices segment accounted for the largest revenue share of 19.50% in 2020 owing to the high demand for wearable cardiac monitoring devices. The system records patient’s physiological data via wearable sensors, for instance, measuring the oxygen level and pulse rate.
- Blood glucose monitoring devices are expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients who demand monitoring devices to keep track of their health.
- Hospitals accounted for the largest revenue share of 51.25% in 2020 due to the high demand for various monitoring devices to monitor patients at hospitals.
- North America contributed for the largest share 42.70% owing to the presence of dominant market players, well-established reimbursement policies, high healthcare expenditure, and high adoption rate for advanced medical technologies.
Read 187 page research report with ToC on “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, 2021 – 2028” at:https://www.grandviewresearch.com/industry-analysis/patient-monitoring-devices-market
The COVID-19 has increased the demand for monitoring devices at home and reduced frequent visits to hospitals. The situation has also changed consumer behavior, purchasing, and demand pattern. The COVID-19 pandemic has brought into sharp focus the need to harness & leverage digital infrastructure for remote patient monitoring. Besides, the combination of remote patient monitoring & telehealth is likely to improve the delivery of at-home healthcare.
Supporting initiatives by the private & public sectors to help COVID-19 patients globally is also driving the patient monitoring devices market growth. For instance, the World Health Organization in February 2021, has distributed 30,000 oxygen concentrations globally. Also, Invacare Corporation witnessed 72.2% sales of respiratory products in the fourth quarter of 2020.
Besides, there has been an increase in the prevalence of chronic diseases such as cancer, diabetes, and hypertension across the globe. According to the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. this further increased risk of heart disease. A growing number of such disorders globally leads to an increase in the demand for patient monitoring devices.
Grand View Research has segmented the global patient monitoring devices market based on product, end-use, and region:
- Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2016 – 2028)
- Blood Glucose Monitoring Systems
- Self-monitoring Blood Glucose Systems
- Continuous Glucose Monitoring Systems
- Cardiac Monitoring Devices
- ECG Devices
- Implantable Loop Recorders
- Event Monitors
- Mobile Cardiac Telemetry Monitors
- Smart/Wearable ECG Monitors
- Multi-parameter Monitoring Devices.
- Low-acuity Monitoring Devices
- Mid-acuity Monitoring Devices
- High-acuity Monitoring Devices
- Respiratory Monitoring Devices
- Pulse Oximeters
- Peak Flow Meters
- Temperature Monitoring Devices
- Handheld Temperature Monitoring Devices
- Table-top Temperature Monitoring Devices
- Wearable Continuous Monitoring Devices
- Invasive Temperature Monitoring Devices
- Smart Temperature Monitoring Devices
- Hemodynamic/Pressure Monitoring Devices
- Hemodynamic Monitors
- Blood Pressure Monitors
- Fetal & Neonatal Monitoring Devices
- Fetal Monitoring Devices
- Neonatal Monitoring Devices
- Neuromonitoring Devices
- Electroencephalograph Machines
- Electromyography Machines
- Cerebral Oximeters
- Intracranial Pressure Monitors
- Magnetoencephalograph Machines
- Transcranial Doppler Machines
- Weight Monitoring Devices
- Other Patient Monitoring Devices
- Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2016 – 2028)
- Ambulatory Surgery Centers
- Home Care settings
- Other End Users
- Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Patient Monitoring Devices Market
- American Telecare
- Philips Healthcare
- Welch Allyn
- Health anywhere Inc.
- Johnson & Johnson
- Covidien Plc.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Remote Patient Monitoring System Market – The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028.
- Digital Patient Monitoring Devices Market– The global digital patient monitoring devices market size was estimated at USD 62.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2021 to 2028.
- Multiparameter Patient Monitoring Systems Market – The global multiparameter patient monitoring systems market size was valued at USD 10.0 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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