Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Patient Monitoring Market by Product, by Type, and by End User by End User - Global Opportunity Analysis and Industry Forecast 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Patient Monitoring Market size was valued at USD 36.45 billion in 2021 and is predicted to reach USD 77.56 billion by 2030 with a CAGR of 8.7% from 2022-2030.
Patient monitors, also known as medical monitors, are a set of systems that enable healthcare providers to monitor physiological signals of a patient's health. They are used for observing and measuring health parameters such as heart rate, respiratory rate, temperature, blood oxygen saturation, and many others. These devices offer accurate and immediate availability of information that are vital for making crucial decision for effective treatment. Moreover, they enable patients to become more educated and take charge of their health.
Market Dynamics and Trends
The demand for patient monitoring is increasing due to rising prevalence of infectious and chronic diseases due to changing lifestyle, coupled with growing preference towards remote monitoring. For instances, in April 2021, WHO stated in a report that Noncommunicable diseases (NCDs) also known as chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Patient monitoring can identify small changes in the patient's physiological data and alert the user on time. Thus, it reduces the chances of avoidable hospitalizations, admissions, and unnecessary trips to the doctor's office.
These, along with the introduction of IoT based wireless portable healthcare systems that can continuously monitor patient's heart rate, body temperature, and SpO2 are propelling the patient monitoring market growth. These sensors are connected to a NodeMCU development board and display the vitals. All these data are synced from the device to the cloud using Wi-fi or SIM Card IoT module, for future references. It enables real-time data monitoring of medical records or anamnesis, 24/7 using mobile devices, allowing physicians or family members to take immediate precautions and also autogenerate prescriptions in some cases. All these factors are expected to support the growth of the global patient monitoring market
However, higher cost of patient monitoring devices is expected to restraint the growth of market during the forecast period. On the contrary, growing demand for patient monitoring devices in non-hospital settings and increasing investments in healthcare IT are expected to create ample growth opportunities for the patient monitoring market in the upcoming years.
Geographical Analysis
North America holds the dominant share of the global patient monitoring market at present, and is expected to maintain its dominance on the market throughout the forecast period. This is attributed to the factors such as increasing R&D to develop novel sensor-based patient monitoring systems, growing acceptance of mHealth apps, and rising investment in the healthcare sector. Also, growing number of surgeries in the region due to presence of large number of hospitals with advanced medical facilities creates further demand for the patient monitoring devices.
In addition, collaborations made by various companies are also expected to contribute towards the market growth in this region. For instances, in February 2022, Abbott Laboratories announced new collaborations with key health-tech partners like BeatO, Sugar.fit, PharmEasy, GOQii, 1MG, Zyla Health, Healthifyme and Fitterfly for diabetes management care. Through these collaborations, Abbott aims to offer glucose monitoring solutions to 8 million people living with diabetes.
However, Asia Pacific is expected to show a swift rise in the market due to rise in adoption of remote patient monitoring devices. Also, high consumption of tobacco in the region that led to the diseases related to heart and lungs, is expected to boost the patient monitoring devices market demand during the forecast period.
Market Dynamics
Drivers
- Surge in the Number of Chronic and Lifestyle Diseases
- Rising Adoption of Wearable Devices
- Growth in Geriatric Population
Restraints
- Higher Costs Associated With the Devices
- Risks Related to Patient Monitoring Equipment and Instruments
Opportunities
- Untapped Markets in the Emerging Countries
Key Topics Covered:
1. Introduction
2. Patient Monitoring Market - Executive Summary
3. Market Overview
4. Market Share Analysis
5. Global Patient Monitoring Market, by Product
6. Global Patient Monitoring Market, by Type
7. Global Patient Monitoring Market, by End-user
8. Global Patient Monitoring Market, by Region
9. Company Profiles
A selection of companies mentioned in this report includes
- Asahi Diamond Industrial Company Ltd.
- Carborundum Universal Ltd.
- Fujimi Incorporated
- Henkel AG & CO KGAA
- Krebs & Riedel
- KWH Mirka
- Nippon resibon corporation
- Noritake Co. Ltd.
- Robert Bosch GmbH
- Saint Gobain
- THE 3M COMPANY
For more information about this report visit https://www.researchandmarkets.com/r/97c3gu
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