global patient monitoring devices market size was valued at USD 38.7 billion in 2021 and is expected to reach USD 73.4 Billion by 2030, growing at a CAGR of 7.4% during the forecast period.
Polaris Market Research recently published [115+ Pages] research report on “Patient Monitoring Devices Market Share, Size, Trends, Industry Analysis Report, By Product; By End-Use (Hospitals, Ambulatory Surgery Centers, Home Care Settings, Other); By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global patient monitoring devices market size was valued at USD 38.7 billion in 2021 and is expected to reach USD 73.4 Billion by 2030, growing at a CAGR of 7.4% during the forecast period.
What are Patient Monitoring Devices? How Big is Patient Monitoring Devices Market Size?
Patient monitoring devices permit providers to continually monitor the patient’s severe or chronic conditions, such as pulse rate, heart rate, blood oxygen saturation, and others. The patient’s condition can be analyzed from outside the clinics and hospitals. The major goal of these monitoring devices is to early warn critically ill patients.
The leading patient monitoring devices include respiratory devices, cardiac monitors, and temperature monitoring devices. The growing acceptance of wearable patient monitoring devices is propelling the market. The increasing frequency of cardiovascular disease across the world is anticipated to uplift the patient monitoring devices market share over the foreseen period.
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Key Highlights of the Report
Some of the Top Market Players Are:
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Growth Driving Factors
The patient monitoring devices market demand is rising due to the increasing number of chronic cases, including kidney disease, stroke, and diabetes. The rapid rise in patient monitoring devices for residential settings is anticipated to boost the market during the assessment period. The rising geriatric population is one of the major factors responsible for the market’s highest revenue share and is expected to maintain its dominance over the foreseen period.
The evolution of advanced technology products such as nebulizers, ventilators, oxygen monitors, and others is expected to uplift the patient monitoring devices market size over the assessment period. Several government initiatives towards the healthcare industry are expected to fuel the industry’s demand. The growing prevalence of wearable and remote patient monitoring devices is predicted to accelerate the patient monitoring devices industry over the assessment period. Also, the rapid rise in tobacco smoking is expected to boost the industry.
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Recent Developments
Segmental Analysis
On the basis of product, multiparameter monitoring devices dominated the patient monitoring devices industry in 2021 and are expected to maintain their dominance over the assessment period. The accountable factors for the segment’s dominance are battery-powered, low-cost, and hugely merged silicon systems that implement several parameters into a low-cost, low-power integrated solution. Also, the readily available silicon solutions are pulse oximetry, respiration, one or more computer units, and a Bluetooth low-energy radio.
On the basis of end-use, the patient monitoring devices market segmentations are classified into hospitals, ambulatory surgery centers, home care settings, and others. Out of all, the hospital’s segment accounted for the largest revenue share in 2021 and is predicted to maintain its dominance during the forecast period. The factors responsible for the segment’s dominance are the rising importance of exact and accurate disease detection and the growing number of treatments transferred in hospitals. Further, the number of admissions is rising due to several reasons, such as accidents, chronic illnesses, and others fueling the segment’s dominance.
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Geographic Overview
On the basis of geography, the North American region is considered the largest patient monitoring devices market share. The region is dominating due to growing research and development for evolving advanced sensor-based patient monitoring systems, safety concerns, rising frequency of infectious diseases, and advancement in technology in the devices such as inpatient monitoring. Moreover, the most popular companies in the world, such as Natus Medical, GE Healthcare, and Edward Lifesciences, have their headquarters in the region is another factor accountable for the region’s dominance.
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Key Questions Answered in The Report Include:
Polaris Market Research has segmented the patient monitoring devices market report based on product, end-use, and region:
By Product Outlook
By End-Use Outlook
By Region Outlook
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Dec 06, 2022
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