New York, USA, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Patient Monitoring Devices Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Patient Monitoring Devices Market Information by Product type, End-User - Forecast to 2030”, the market is anticipated to reach USD 3,850 Million by 2030 at 14.40% CAGR during the forecast period 2022-2030.
Market Scope:
In healthcare, patient monitoring refers to the use of electronic devices to track a patient's vital signs in real time. Vital signs, blood pressure, and other medical readings are tracked continuously. Patients can be monitored using a variety of gadgets, including those that track their breathing, heart rate, brain activity, and other characteristics. The information gathered from these devices can be invaluable in gauging the patient's progress and prognosis.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 3850 Million |
| CAGR | 14.40% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing need for wearable patient monitoring devices |
| Wide range of applications and Rapid expansion of internet of things (IoT) |
Patient Monitoring Devices Market Competitive Dynamics:
The high level of competition in the industry is shown by the large number of both domestic and international players. During the ongoing COVID-19 epidemic, prominent firms are also investing in the introduction and approval of products to track oxygen levels and other vital indicators. The key players of patient monitoring devices market are
- Biotelemetry, Inc
- SCHILLER
- BIOTRONIK
- Shenzhen Mindray Bio-Medical
- Natus Medical Medtronic plc
- Boston Scientific Corporation
- Edwards Lifesciences Corporation
- Masimo Corporation
- Compumedics Limited Electronics Co., Ltd
- OMRON Corporation
- Nonin
Patient Monitoring Devices Market Dynamics:
Market Drivers
Since the advent of the IoT, it has been much simpler to track patients' vitals. All these values are accessible to the patient outside of hospital settings. In the event of a medical emergency, the gadgets can also notify you to schedule an appointment. Additionally, the market for infant wearable gadgets is booming. It is a major factor in the growth of the market for patient monitoring equipment. The infant wearable was developed specifically for newborns to monitor vital signs and other factors.
The market for patient monitoring devices is expanding rapidly because of the widespread applicability of such gadgets, both in and out of hospitals. These easily transportable tools help ensure patients are always monitored. This device is especially useful for postoperative patient monitoring. During the time of recovery, various monitoring tools were put in place to ensure no unexpected incidents occurred.
Stress in the medical industry is at an all-time high. The number of people needing medical care is rising. This factor contributes significantly to the explosion of the patient monitoring industry. Because it produces instantaneous digital results, this tool has a higher rate of acceptance. The growth of the patient monitoring devices market is a direct result of the increased funding for the medical equipment and product market. A study of the market for patient monitoring devices predicts rapid development in the future.
Market Restraints
An important commercial constraint is the dangers inherent to patient monitoring equipment. Inserting a monitoring device is not without its risks, including the potential for pain and discomfort. Particularly unpleasant is the process of placing a monitoring gadget to detect heart problems such artery catharses.
Increasing costs in the market present a barrier. Unpredictability in the market is a risk posed by competitive processing. There is more of a push for affordable health monitoring gadgets. As an added bonus, the market is full of strong contenders that actively work to drive down prices.
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COVID-19 Analysis:
The widespread spread of Covid 19 has resulted in a decrease in the need for patient monitoring equipment. The market is expected to decline after 2020. There has been a decline in both availability and sales of such gadgets. Nowadays hospitals are mostly concerned with covid patient care. However, the necessity of remote monitoring of patients arises during this epidemic. The device industry is increasing output to keep up with demand.
There has been a lot of expansion in the field of patient monitoring gadgets that may be used from afar. Production is on the upswing as well in response to an increase in demand for monitoring devices across a variety of application domains, including but not limited to respiratory, cardiac, glucose, and temperature. Its covid 19 applications are soaring, and so are those of all these devices. Additionally, market supply disruptions are anticipated to improve in 2021. The market outlook after the implementation of COV 19 is optimistic, with strong potential for expansion. Increased patient monitoring equipment use will drive the market.
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Patient Monitoring Devices Market Segmentation:
By Product Type
The market is segmented bu product type into Central monitoring stations, Portable bedside monitors, Electrocardiogram (ECG) Devices, Hemodynamic Monitoring Devices, Fetal and neonatal monitors, Respiratory Monitors, Weight management monitors and Temperature monitoring devices
Electrocardiogram (ECG) Devices is poised to record substantial growth over the review period.
By End-User
Hospitals and clinics is likely to acquire significant market value over the review period.
Patient Monitoring Devices Market Regional Analysis:
The market for patient monitoring devices is largest in North America. The prevalence of chronic diseases is increasing, which is a major growth driver. The market has taken a strong liking to portable, wearable monitoring equipment. All patient monitoring equipment are cheap because of reimbursement policies. As covid 19 spreads, patient monitoring systems are getting increased use. The widespread increase in chronic diseases, the availability of cutting-edge technology, and the demand for mobile solutions to cut down on out-of-pocket costs are all factors in the regional growth. Major players in the market are spending in research and development for more advanced patient monitoring device facilities, which is a factor that will contribute to the expansion of the market.
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Consumer spending on medical monitoring equipment has increased rapidly in recent years. One reason for this is the increasing number of cases of contagious diseases. The Asia-Pacific region is another area where there is a considerable demand for patient wearable devices. This widespread use can be attributed to the increased incidence of cardiovascular disease and other illnesses. In addition, patient monitoring systems have a lot of potential in developing regions like Europe and the Middle East. It is expected that the Asia-Pacific region will continue to grow profitably during the forecast period despite the prevalence of chronic diseases such as obesity, diabetes, and others that have been linked to the widespread adoption of a sedentary lifestyle there. The prevalence of diabetes is expected to increase in the world's two most populous countries, China and India. Increased knowledge of the importance of preventing diabetes has a multiplier effect on the growth of the market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
