New York, USA, Sept. 07, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global patient monitoring device market is anticipated to generate a significant revenue of $56,376.2 million at a 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.
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Dynamics of the Market
Drivers: Increasing prevalence of chronic diseases such as cancer, heart diseases, and Type 2 diabetes is one of the major factors accelerating the growth of the market. High-risk patients with critical conditions require constant monitoring, which has increased the demand of patient monitoring devices. Moreover, advanced remote monitoring devices are introduced for people with heart conditions and diabetes, which helps to avoid unnecessary hospital admission. These are the main factors behind the growth of the global patient monitoring devices market.
Restraint: High cost of patient monitoring devices with advanced technologies is expected to hinder the growth of the market during the forecast period.
Opportunity: Implementation of advanced technologies is expected to create many opportunities in the upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on product type, end-users, and regional outlook.
Product Type: Blood Glucose Sub-Segment to be the Most Profitable
The blood glucose sub-segment is predicted to dominate the market with a maximum revenue of $17294.6 million during the analysis period. The main attributor behind this growth is the increasing cases of diabetes among global population. These blood glucose devices help in monitoring sugar level in the blood sample of the patient.
End-User: Hospital & Clinic Sub-Segment Expected to be the Most Lucrative
The hospital & clinic sub-segment is predicted to garner a revenue of $33,242.8 million during the analysis period. The main factors behind this growth are increasing hospital admissions during the COVID-19 pandemic as well as chronic diseases.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/546
Regional Analysis: North America to Dominate the Market
The North America regional market registered a revenue of $15,053.2 million in 2020 and is further predicted to generate the maximum revenue of $22,325.00 million during the forecast period. The main attributor behind this growth is the high prevalence of respiratory diseases in the regional countries because of rising pollution level.
Key Players of the Market
The most significant players of the patient monitoring devices market include -
- Masimo Corporation
- Hill-Rom Holdings, Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Omron Healthcare
- Edwards Lifesciences Corporation
- A&D Medicals
- Schiller Global
- Abbott Laboratories
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
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Recent Development
In March 2020, Masimo Corporation, a global leader in innovative noninvasive monitoring technologies, announced about its definitive agreement to acquire TNI medical AG, an innovative ventilation company based out of Würzburg, Germany.
TNI’s latest technology softFlow is designed to provide high flow, warmed, and humidified respiratory gases to impulsively breathing patients suffering from serious pulmonary conditions. This acquisition illustrates the dedication of Masimo in improving patient outcomes and reducing the cost of care.
Impact Analysis of COVID-19
During the coronavirus outbreak, industries have been affected in a drastic way because of decrease in the demand and stoppage of manufacturing process. However, the healthcare sector is experiencing unprecedented growth because of overwhelming requirement of healthcare settings and facilities. Because of increasing number of COVID-19 patients in the hospitals, the demand of patient monitoring devices has been increased inside the facilities. These are the major factors enhancing the growth of the global patient monitoring devices market during the pandemic period.
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