New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global patient monitoring device market. As per the report, the global market is projected to surpass $56,376.2 million and grow with a CAGR of 6.0% in the estimated period, 2021-2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the patient monitoring device market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Patient Monitoring Device Market Growth:
The global patient monitoring device market growth is driving owing to growing prevalence of chronic conditions such as heart disorders and diabetes amongst geriatric population worldwide. Moreover, hospitalizations and admissions in the emergency departments is increasing due to serious health disorders such as cancer and heart problems. As a result, the demand for patient monitoring devices is also rising, which is fueling the market growth. Additionally, increasing technological improvements in the manufacture of patient monitoring devices is anticipated to divulge profitable opportunities for the growth of the market in the estimated period. However, high costs of patient monitoring devices is expected to obstruct the growth of the market in the coming years.
Exclusive PDF Sample [266-Pages] of Patient Monitoring Device Market
Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global patient monitoring device market. The pandemic surged the global number of patients at a rapid pace, which triggered the demand for advanced patient monitoring devices. Additionally, the government bodies of various nations took an initiatives to offer patient monitoring devices to deliver advanced healthcare services to patients, which propelled the growth of the market during the pandemic period.
The report segments the global patient monitoring device market based on product, end user, and region.
Blood Glucose Monitoring Devices Sub-Segment to Hold Leading Market Share
The blood glucose monitoring devices sub-segment of the product segment is predicted to hit $17294.6 million in the estimated period. This growth is mainly because of the growing demand for glucose monitoring devices to monitor sugar levels in the blood samples of the rapidly growing number of diabetes patient worldwide.
Ambulatory Services Sub-Segment to Observe Noteworthy Growth
The ambulatory services sub-segment of the end user segment is foreseen to surpass $9,447.80 million in the estimated period. This growth is mainly owing to the rising preference of patients for reduced hospital stay-time as well as less spending, as treatments in ambulatory services are affordable as compared to hospitals.
Asia-Pacific Patient Monitoring Device Market to Witness Rapid Growth
The report examines the global patient monitoring device market across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to grow extensively by garnering $12,853.80 million during forecast period. The growth of this region market is mostly owing to the increasing occurrence of hemophilia in nations such as India and China and growing geriatric population which is highly vulnerable to illnesses owing to low immunity levels in the body.
Key Players in the Patient Monitoring Device Market:
The report states some of the foremost players operating in the global patient monitoring device market including
- Edwards Lifesciences Corporation
- Omron Healthcare
- Koninklijke Philips N.V.
- Masimo Corporation
- Hill-Rom Holdings, Inc.
- GE Healthcare
- A&D Medicals
- Abbott Laboratories
- Schiller Global
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in May 2022, Novant Health, a foremost healthcare provider, partnered with Health Recovery Solutions, a supplier of advanced remote monitoring and telehealth solutions for healthcare providers and payers, to launch a remote patient monitoring system to enhance healthcare delivery and improve results.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Patient Monitoring Device Market:
- 4 Reasons Why Patient Monitoring Device is Pertinent for Individuals These Days
- Patient Monitoring Devices Industry to Form the Base of the Future of Modern Healthcare
