New York, United States , May 15, 2024 (GLOBE NEWSWIRE) -- The Global Patient Monitoring Devices Market Size is to Grow from USD 48.23 Billion in 2023 to USD 103.82 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.97% during the projected period.
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Patient monitoring devices track a patient's functional indicators and associated diseases. Temperature, blood pressure, oxygen permeation, state of awareness, pain, pulse, respiratory rate, and urine output should all be measured with such devices. These gadgets constantly gather and display physiology data of patients suffering from various conditions such as cardiovascular disease and diabetes, allowing clinicians to take immediate and precise therapy. The healthcare industry is experiencing a significant shift toward wireless monitoring devices within the greater patient monitoring market. Traditional patient monitoring methods restrict patients' mobility and comfort by tying them to bedside gadgets. Wireless solutions address this issue by providing greater flexibility of movement and encouraging a more patient-centered approach to care delivery. Wireless monitoring enables continuous and real-time recording of vital signs, blood sugar levels, and other health metrics. This continuous data stream offers a more complete picture of a patient's health than conventional, intermittent assessments. However, patient monitoring systems, such as hemodynamic monitors or various wireless monitoring devices, can be expensive to buy and install, providing a financial problem for hospitals and healthcare facilities, particularly smaller ones.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Patient Monitoring Devices Market Size, Share, and COVID-19 Impact Analysis, By Product (Cardiac Monitoring Devices, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitor, Blood Pressure Monitors, ECG, ICP, Weight Monitoring), By End User (Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers (ASCs)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The blood pressure monitors segment is expected to hold the largest share of the global patient monitoring devices market during the forecast period.
Based on the product, the global patient monitoring devices market is categorized into cardiac monitoring devices, pulse oximeter, spirometer, fetal monitor, temperature monitor, blood pressure monitors, ECG, ICP, and weight monitoring. Among these, the blood pressure monitors segment is expected to hold the largest share of the global patient monitoring devices market during the forecast period. Monitoring the level of blood glucose and where it is going can help patients in making informed decisions about insulin treatment and dosing. Continuous glucose monitoring allows diabetics to easily track their blood sugar levels throughout the day and night.
The hospitals & clinics segment is expected to grow at the fastest CAGR during the forecast period.
Based on the end user, the global patient monitoring devices market is categorized into hospitals & clinics, home settings, and ambulatory surgical centers (ASCs). Among these, the hospitals & clinics segment is expected to grow at the fastest CAGR during the forecast period. The rising occurrence of injuries and chronic diseases, together with favorable reimbursement requirements, are expected to drive revenue growth in this market. The segment's revenue growth is expected to be driven by its ability to undertake sophisticated monitoring procedures, as well as the availability of technologically advanced infrastructure and medical equipment.
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Asia Pacific is projected to hold the largest share of the global patient monitoring devices market over the forecast period.
Asia Pacific is projected to hold the largest share of the global patient monitoring devices market over the forecast period. The APAC region is emerging as a medical tourism hotspot, attracting patients seeking high-quality healthcare treatments such as surgical advancements and increased patient monitoring. Furthermore, the Asia Pacific market is predicted to grow rapidly due to a combination of demographic, economic, and technological factors.
North America is expected to grow at the fastest CAGR growth of the global patient monitoring devices market during the forecast period. The fast-growing startup environment in this region, fueled by fund inflows, is predicted to spur increased research and development activities toward generating innovative healthcare technologies, which are likely to promote market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global patient monitoring devices market are Medtronic Plc, Mindray Medical, Omron, 3M, Boston Scientific Corporation, Covidien, Drägerwerk AG and Co. KGaA, GE Healthcare, Nihon Kohden Corporation, Biotricity Inc., Natus Medical Incorporated, DexCom, Inc, and others.
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Recent Developments
- In February 2023, 3M, a multinational corporation headquartered in the United States, has announced the upgrade of their medical adhesive, which can bond to the skin and is designed for use with a variety of health monitors, sensors, and long-term medical wearables. Prior to 2022, extended medical adhesives had an average wear duration of up to 14 days. 3M is now tripling that standard to support more patient-centered care.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global patient monitoring devices market based on the below-mentioned segments:
Global Patient Monitoring Devices Market, By Product
- Cardiac Monitoring Devices
- Pulse Oximeter
- Spirometer
- Fetal Monitor
- Temperature Monitor
- Blood Pressure Monitors
- ECG
- ICP
- Weight Monitoring
Global Patient Monitoring Devices Market, By End User
- Hospitals & Clinics
- Home Settings
- Ambulatory Surgical Centers (ASCs)
Global Patient Monitoring Devices Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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