New York, USA, Aug. 09, 2021 (GLOBE NEWSWIRE) -- The global patient monitoring device market is expected to generate a revenue of $56,376.2 million by 2028, growing at a healthy CAGR of 6.0% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Request for Free Sample of the Market Research Report at: https://www.researchdive.com/download-sample/546
Dynamics of the Market
Drivers: There has been a significant rise in the number of chronic illnesses like diabetes, asthma, cardiac problems, and so on among the geriatric population. In addition, there has been increasing concerns over the health of the people around the globe, owing to the impact of the lethal virus on human body. This enabled people to avoid admissions in hospitals and take necessary precautions at home by adopting patient monitoring devices. These factors are expected to drive the growth of the market during the forecast period.
Restraints: The cost of patient monitoring device is quite high including those of sensors, monitors, and other equipment. This factor is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in the production of innovative patient monitoring devices are expected to create remarkable opportunities in the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on product, end-user, and region.
Product: Hemodynamic Sub-segment Expected to Have the Fastest Growth Rate
The hemodynamic sub-segment generated a revenue of $2,827.20 million back in 2020 and is further expected to grow exponentially in the coming years. Increasing adoption of unhealthy sedentary lifestyle and subsequent rise in the chronic illnesses around the world are major factors that are expected to drive the growth of the sub-segment during the forecast period.
End-user: Hospital & Clinic Sub-segment to be Most Lucrative
The hospital & clinic sub-segment is expected to generate a revenue of $33,242.8 million during the forecast period. Increased hospitalization rates due to the outbreak of COVID-19, and subsequent rise in the number of cancer cases, cardiac arrests, and so on are expected to bolster the growth of the sub-segment during the forecast period.
Region: North America Anticipated to Dominate the Market
The North America patient monitoring market is expected to generate a revenue of $22,325.00 million during the forecast period. Increase in the number of respiratory diseases among people in the region is expected to drive the growth of the market during the forecast period. Furthermore, rising demand for exemplary healthcare infrastructure is expected to accelerate the growth of the market in the region during the forecast period.
Connect with Our Analyst to Contextualize Our Insights for Your Business: https://www.researchdive.com/connect-to-analyst/546
Impact Of COVID-19 on the Market
The outbreak of coronavirus has had a significant impact on the global patient monitoring device market, owing to the increased rate of hospitalization due to the rapid spread of the infection. Due to this, the demand for patient monitoring devices surged dramatically. Thus, sale of devices like oximeter substantially accelerated in order to measure and analyze various respiratory issues experienced by the people.
Key Players of the Patient Monitoring Device Market
The major players of the market are -
- Schiller Global
- Hill-Rom Holdings Inc.
- Abbott Laboratories
- GE Healthcare
- A&D Medicals
- Omron Healthcare
- Koninklijke Philips N.V.
- Edwards Lifesciences Corporation
- Masimo Corporation
These players are working on developing strategies such as product development, merger and acquisition, and partnerships & collaborations to sustain the market growth.
For instance, in January 2021, Boston Scientific, a medical technological company, acquired Preventice Solutions, a wearable cardiac sensor manufacturer for remote patient monitoring, for about $925 million in order to bring about advanced monitoring technologies to more patients worldwide.
Further, the report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Top Trending Reports-
- X-ray Detector Market - https://www.researchdive.com/1572/x-ray-detectors-market
- Surgical Hat Market - https://www.researchdive.com/8362/surgical-hat-market
- Bloodstream Infection Testing Market - https://www.researchdive.com/8350/bloodstream-infection-testing-market
- Anti-blue Ray Myopia Lenses Market - https://www.researchdive.com/8356/global-anti-blue-ray-myopia-lenses-market
