PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304618
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304618
Patient Monitoring Devices Market size was valued at USD 42,008.1 Million in 2022, expanding at a CAGR of 10.2% from 2023 to 2030.
Patient monitoring devices are used in cardiology to monitor and diagnose various abnormalities or disorders of the heart and the overall cardiovascular system. Additionally, to avoid serious problems patient monitoring is used to monitor patients regularly. Moreover, these devices correctly display and assemble physiological data of the patients suffering from several types of disease including diabetes on consistently and cardiovascular disease which assist doctors to take an exact and immediate actions course of action.
In the present complex healthcare environment, the requirement for accurate and advanced is monitoring systems rising as healthcare organizations progress to offer better services. Additionally, patient monitoring is evolving continuously from ad-hoc to continuous monitoring to offer accurate data to clinicians to make better treatment decisions. Moreover, the main focus of healthcare and hospital providers is to get lower-cost devices and reliable data this in turn considered the first step toward advancement in technology. However, the high cost of technology and the adoption of patient monitoring systems are expected to hamper the patients monitoring devices market growth. Further, increase cases of chronic disease due to lifestyle changes, growing preference for remote and home monitoring, growth in the geriatric population, and the ease of use of portable devices attributed to boost the market demand..
The global patient monitoring devices market is segmented on the basis of product, type, technology, and region.
The market is divided into nine categories based on product: blood glucose monitoring systems, cardiac monitoring devices, respiratory monitoring devices, multi-parameter monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal & neonatal monitoring devices, weight monitoring devices, neuromonitoring devices, and others. The multi-parameter patient monitoring devices are expected to hold the highest revenue share. The advantages of multi-parameter patient monitoring devices include low-cost, battery-powered, and highly integrated silicon systems that implement several parameters into a low-cost are the major drivers of the segment.
The market is divided into two categories based on type: conventional and wireless. The wireless segment is likely to possess the market share. It assists monitor patients without the need for any large setup.
The market is divided into three categories based on end use: hospitals, ambulatory surgery centers, home care settings, and others. The hospital segment is likely to maintain its dominance in the market. The rising importance of timely and accurate disease detection in hospitals along with the rising volume of procedures performed there is attributed to increase the in segment growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The patient monitoring market is highly competitive and consists of various major players. The companies are focusing on strategic initiatives including new product launches, mergers & acquisitions, partnerships, and collaboration that help to strengthen their market position. The requirement for the use of patient monitoring devices is increasing as the number of diabetic patients increases. For instance, in July 2021, Abbott announced Jot Dx, an insertable cardiac monitor. In addition, it is designed to minimize diagnosis abnormal heart rhythms and data burden.
For instance, in April 2023, GE HealthCare announced the clearance of its CARESCAPE Canvas patient monitoring for flexible and precise patient care. Additionally, CARESCAPE Canvas is a part of an adaptable ecosystem that can easily scale down and scale up monitoring capabilities.
This proposed research study on patient monitoring devices market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The report provides the client the latest up-to-date and trending insights about the patient monitoring devices market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for patient monitoring devices market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the patient monitoring devices market.
Impact of COVID-19 on patient monitoring devices market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on patient monitoring devices market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the patient monitoring devices market, we have also included competitive landscape and key innovator analysis for the patient monitoring devices market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the patient monitoring devices market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global patient monitoring devices market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: