Press release
Patient Monitoring Devices Market Size (USD 3.13 billion by 2027) Achieves Record-breaking Growth in Meeting Healthcare Requirements
Patient Monitoring Devices Market
Patient monitoring devices are the equipment that measure and record the vitals of patients, such as their heart rate, blood pressure, and body temperature. Such equipment can be the conventional ones, wearable, or the highly advanced implantable ones.
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The Factors Impacting the Market Growth
Market growth is influenced by various growth drivers, opportunities, and restraints. The factors driving the growth of the market include increase in prevalence of lifestyle diseases and exponential growth in geriatric population. The lifestyle diseases common among individuals are diabetes, atherosclerosis, obesity, and stroke.
However, there are certain restraints of the market growth such as the possibility of system failure and display of inaccurate data. In addition, lack of awareness among patients regarding the correct usage of these devices prevent their widespread adoption. On the contrary, surge in popularity of home healthcare is presenting new opportunities for market expansion.
Recent Technological Advancements
• With the advent of the Internet of Things (IoT) and artificial intelligence (AI), patient monitoring devices have evolved substantially, resulting in highly proficient outcomes. Some of the latest advancements in these devices are:
• Integration of Cloud-native Platforms: These cloud platforms are assimilated with video conferencing systems and electronic health records which directly upload patient data from the device into a centralized repository. This system enables real-time decision-making and quick speed-to-value.
• GenAI Powered Clinical Decision Support: Generative AI is being used to review patient reports to offer live clinical support through chatbots. These chatbots assist patients throughout their healthcare journey, thereby enhancing patient safety and quality of healthcare.
• Integration of AR and VR into Patient Monitoring Devices: Virtual reality (VR) and augmented reality (AR) technologies are poised to transform the perspective of healthcare in future. Both the technologies will allow for provision of several clinical services remotely, easing the process of individuals for whom access to in-person services would be otherwise difficult. Breaking the geographical barriers, this assimilation is projected to enable the conduction of several procedures remotely.
Top Patient Monitoring Devices Companies
• BIOTRONIK
• F. Hoffmann-La Roche Ltd.
• OMRON Healthcare, Inc.
• GE HealthCare
• Medtronic, Inc.
• Masimo Corporation
• Koninklijke Philips N.V.
• Abbott Laboratories
• Nihon Kohden Corporation
• Johnson & Johnson
Patient Monitoring Devices market segments
Based on imaging technique, the cardiac monitoring devices segment contributed to more than one-fourth of the global patient monitoring devices market revenue in 2019 and is expected to rule the roost by the end of 2027. Rise in prevalence of cardiovascular diseases fuel the segment growth. The remote patient monitoring devices segment, on the other hand, would register the fastest CAGR of 6.3% throughout the forecast period, owing to the surge in demand for remote patient monitoring devices during the COVID-19 pandemic.
Based on end-user, the hospitals segment accounted for around half of the global patient monitoring devices market share in 2019 and is anticipated to rule the roost till 2027, owing to significant usage of patient monitoring devices in the hospitals for monitoring patients of different disorders. At the same time, the home setting segment, would grow at the fastest CAGR of 5.0% during the study period.
Based on geography, North America held the highest share in 2019, generating more than two-fifths of the global patient monitoring devices market. This is attributed to the huge availability of patient monitoring devices in this region. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 5.5% from 2019 to 2027. This is due to rise in the geriatric population and increase in the purchasing power of populous countries such as China and Japan.
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
• Which region has more opportunities?
By Region Outlook
• North America
(U.S., Canada, Mexico)
• Europe
(Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific
(Japan, China, India, Rest of Asia-Pacific)
• LAMEA
(Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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