The new report by Expert Market Research titled, ‘Global Patient Monitoring Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global patient monitoring market, assessing the market based on its segments like device type, end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast Historical Market Size (2020): USD 19,200 million
Forecast CAGR (2023-2028): 5.9%
The growing need for monitoring devices used to estimate, distribute, document, and display an assortment of biological values such as blood oxygen saturation level, temperature, and blood pressure can be attributed to the growth of the patient monitoring market. Since the pandemic, quarantining and social distancing practices have been implemented globally. As a result, many people avoid frequent hospital visits and require routine home monitoring of their oxygen level and temperature to keep track of their health. Home monitoring devices are in high demand owing to the pandemic. Growing disposable income and easy access to the internet are also driving the market.
Patient Monitoring Industry Definition and Major Segments
Patient monitoring is a subcategory of home care telehealth that allows patients to use mobile medical devices and software to capture and transmit patient-generated health data to health care professionals (PGHD). It is frequently used to help patients in acute, post-discharge, and senior care settings.
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By device type, the market is divided into:
- Haemodynamic Monitoring Devices
- Neuro-monitoring Devices
- Cardiac Monitoring Devices
- Multi-parameter Monitors
- Respiratory Monitoring Devices
- Remote Patient Monitoring Devices
- Others
By end-user, the market is divided into:
- Home Healthcare
- Hospitals and Clinics
- Others
On the basis of applications, the market is divided into:
- Cardiology
- Neurology
- Respiratory
- Fatal and Neonatal
- Weight Management and Fitness Monitoring
- Others
By region, the industry is categorized into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Patient Monitoring Market Trends
The rising burden of chronic diseases is driving the market as a result of lifestyle changes, the growing elderly population, and the growing demand for home-based monitoring equipment. Patient monitoring is a type of ambulatory healthcare that allows people to use a mobile medical device to do a standard test and send the results to a healthcare expert in real-time. Multi-parameter monitors are devices that measure multiple parameters simultaneously, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. Because they are small, portable, and user-friendly, patient monitoring have grown in popularity. These factors are expected to aid the growth of the market in the forecasted period.
North America dominated the market for patient monitoring market. Increasing chronic disease incidence, combined with the presence of advanced technology, demand for wireless and portable systems aimed at reducing out-of-pocket expenditure are some of the factors attributed to the region’s market growth. The market in the Asia Pacific is expected to grow at a rapid pace during the forecast period, owing to the region’s adoption of a sedentary lifestyle, which includes poor diet, physical inactivity, and high sugar consumption, which has resulted in many chronic conditions such as obesity, diabetes, and others. The increased awareness of diabetes preventive care is expected to boost the market growth.
Key Market Players
The major players in the market are Abbott Laboratories, Boston Scientific Corporation, Becton, Dickinson and Company, General Electric Company (GE Healthcare), Siemens Healthcare GmbH, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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