The global patient monitoring devices market is expected to reach USD 73.46 billion by 2028 and is projected to grow at a CAGR of 8.8%, according to a new report by Grand View Research, Inc. The growth is attributed to technological advancement in patient monitoring devices as well as the increasing number of hospital admissions globally.
The COVID-19 has increased the demand for monitoring devices at home and reduced frequent visits to hospitals. The situation has also changed consumer behavior, purchasing, and demand pattern. The COVID-19 pandemic has brought into sharp focus the need to harness & leverage digital infrastructure for remote patient monitoring. Besides, the combination of remote patient monitoring & telehealth is likely to improve the delivery of at-home healthcare.
Supporting initiatives by the private & public sectors to help COVID-19 patients globally is also driving the patient monitoring devices market growth. For instance, the World Health Organization in February 2021, has distributed 30,000 oxygen concentrations globally. Also, Invacare Corporation witnessed 72.2% sales of respiratory products in the fourth quarter of 2020.
Besides, there has been an increase in the prevalence of chronic diseases such as cancer, diabetes, and hypertension across the globe. According to the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. this further increased risk of heart disease. A growing number of such disorders globally leads to an increase in the demand for patient monitoring devices.
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The cardiac monitoring devices segment accounted for the largest revenue share of 19.50% in 2020 owing to the high demand for wearable cardiac monitoring devices. The system records patient’s physiological data via wearable sensors, for instance, measuring the oxygen level and pulse rate.
Blood glucose monitoring devices are expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients who demand monitoring devices to keep track of their health.
Hospitals accounted for the largest revenue share of 51.25% in 2020 due to the high demand for various monitoring devices to monitor patients at hospitals.
North America contributed for the largest share 42.70% owing to the presence of dominant market players, well-established reimbursement policies, high healthcare expenditure, and high adoption rate for advanced medical technologies.
Grand View Research has segmented the global patient monitoring devices market based on product, end-use, and region:
Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2016 - 2028)
Blood Glucose Monitoring Systems
Self-monitoring Blood Glucose Systems
Continuous Glucose Monitoring Systems
Cardiac Monitoring Devices
Implantable Loop Recorders
Mobile Cardiac Telemetry Monitors
Smart/Wearable ECG Monitors
Multi-parameter Monitoring Devices.
Low-acuity Monitoring Devices
Mid-acuity Monitoring Devices
High-acuity Monitoring Devices
Respiratory Monitoring Devices
Peak Flow Meters
Temperature Monitoring Devices
Handheld Temperature Monitoring Devices
Table-top Temperature Monitoring Devices
Wearable Continuous Monitoring Devices
Invasive Temperature Monitoring Devices
Smart Temperature Monitoring Devices
Hemodynamic/Pressure Monitoring Devices
Blood Pressure Monitors
Fetal & Neonatal Monitoring Devices
Fetal Monitoring Devices
Neonatal Monitoring Devices
Intracranial Pressure Monitors
Transcranial Doppler Machines
Weight Monitoring Devices
Other Patient Monitoring Devices
Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2016 - 2028)
Ambulatory Surgery Centers
Home Care Settings
Other End Users
Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Middle East & Africa
List of Key Players of Patient Monitoring Devices Market
Health anywhere Inc.
Johnson & Johnson
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