PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284230
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284230
According to Stratistics MRC, the Global Patient Monitoring Market is accounted for $42.3 billion in 2022 and is expected to reach $71.33 billion by 2028 growing at a CAGR of 9.1% during the forecast period. A patient monitoring system is a collection of tools that allow medical personnel to keep tabs on a patient's wellbeing. These devices, which are also known as remote physiologic monitoring, are frequently employed for remote patient monitoring. It is a group of devices or pieces of machinery used to track and record changes in patients' welfare while continuously monitoring them using a variety of vital signs and warning systems. Patients don't need to see a doctor as frequently, which saves money on its own. It enables appropriate adjustments to the patient's care plan and enhances data-driven clinical decision making.
According to the World Health Organization (WHO), about 422 million people globally have diabetes and around 235 million people suffer from asthma.
For governments all across the world, the sustainability of the existing healthcare system is a major issue of concern. The emphasis is now on alternate treatment modalities like home healthcare because of the growing healthcare costs, particularly in hospital settings. The usage of remote and home monitoring devices has increased, which has resulted in a significant reduction in hospital readmissions. An increase in the need for effective home-use technology, such as fetal and neonatal monitors, temperature monitors, pulse oximeters, EEG recorders, and event and ECG monitors, is accelerating the market demand.
A few of the international efforts being made to lower healthcare costs include price regulations, competitive pricing, bidding and contract procedures, coverage and payment policies, comparative efficacy of medications, technology assessments, and managed-care arrangements. Taxes are predicted to push up operational expenses and adversely impact medical device businesses cash flow in the world's main healthcare markets.
Applications for wearable patient monitoring devices include continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. The Internet of Things is available on newer generations of wearable technologies. Platforms for telehealth and better patient monitoring will be easier to design as wireless data transmission networks get better and are more widely available. The market demand is being propelled by the increase in wearable biosensors.
Systems might fail due to faulty hardware or inadequate planning, thus it's critical to establish methods for anticipating and resolving system failures. Risk analysis related to system failures should be viewed as essential, especially for safety-critical applications like patient monitoring devices that deal with human health. This aspect is threatening the demand of the product.
Social segregation and quarantining practices have been used all across the world during the COVID-19 pandemic. As a consequence, many individuals avoided frequent hospital visits. This highlighted the necessity of routinely checking their home's temperature and oxygen levels to keep track on their health. Wearable technology aids in the identification of many chronic illnesses by merging clinical symptoms with vital indications. As a result, the use of wearable technologies to combat COVID-19 has dramatically increased.
The blood glucose monitoring devices segment is estimated to have a lucrative growth. Blood glucose monitoring systems include self-monitoring glucose systems and continuous monitoring systems. The introduction of new products and the expanding use of blood glucose monitoring equipment in developing nations, together with the rising incidence and prevalence of diabetes, are anticipated to drive sector expansion.
The hospitals & clinics segment is anticipated to witness the fastest CAGR growth during the forecast period. A large target patient population especially in emerging economies mostly prefers hospitals and clinics. The growing volume of procedures in hospital settings, and the financial support provided by hospitals for the introduction of various technologically advanced patient monitoring device products are all factors contributing to the large share of this market.
Asia Pacific is projected to hold the largest market share during the forecast period owing to huge prevalence of infectious illnesses. This region has large geriatric population and many and favourable public and private players are making huge investments on healthcare infrastructure. In addition, the expansion of hospital infrastructure and the rise in the number of ambulatory surgery centers are anticipated to drive the APAC region market.
North America is projected to have the highest CAGR over the forecast period. In North America, the incidence and prevalence of chronic illnesses are dramatically increasing. There are significant manufacturers notably GE Healthcare, Edward Lifesciences, Masimo Corporation and Natus Medical. They are investing on R&D to build facilities for more modern patient monitoring devices. The market expansion in this area is being accelerated by the expanding population and the growing demand to save healthcare costs.
Some of the key players profiled in the Patient Monitoring Market include Abbott Laboratories, SCHILLER , Biotelemetry, Inc, Baxter International Inc, BIOTRONIK, Shenzhen Mindray Bio-Medical, Natus Medical Medtronic plc, Boston Scientific Corporation, Edwards Lifesciences Corporation, Masimo Corporation, Compumedics Limited Electronics Co., Ltd, OMRON Corporation, Nonin, GE Healthcare, Johnson & Johnson, Medtronic PLC, Koninklijke Philips NV, Becton, Dickinson and Company, Smiths Medical and Philips Healthcare.
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In July 2022, Johnson & Johnson Consumer Health has unveiled Vivvi & Bloom, an Environmental Working Group (EWG) certified skin and hair care brand for babies and toddlers. The brand was co-created with a community called "The Village", including Millennial and Gen-Z parents as well as caregivers who gave their input about what they wanted.
In April 2022, Philips Healthcare launched the new Philips Sonicare range of electric toothbrush series that features advanced sonic technology. It provides three to seven times better plaque removal as compared to manual toothbrushes.