SAN FRANCISCO , Sept. 29, 2022 /PRNewswire/ --The global patient monitoring devices market size is expected to reach USD 92.8 billion by 2030 and is projected to grow at a CAGR of 7.8%, according to a new report by Grand View Research, Inc. The demand in the market is expected to rise owing to the technological advancements in patient monitoring devices along with the growth in the number of hospital admissions globally.
Key Industry Insights & Findings from the report:
Due to the technological advancements in multi-parameter patient monitoring, the category for multi-parameter monitoring devices accounted for the greatest revenue share of 23.3% in 2021. Multi-parameter patient monitors are widely used for enhancing the quality of healthcare in both the in-patient wards and intensive care units (ICU).
The blood glucose monitoring devices segment is expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients' demand for monitoring devices to keep track of their health.
Due to the strong demand for various monitoring devices to monitor patients at hospitals, the hospitals segment accounted for the largest revenue share of 51.1% in 2021.
North America contributed to the largest revenue share of 42.6% in 2021, owing to the presence of well-established reimbursement policies, dominant market players, high healthcare expenditure, and high adoption rate for advanced medical technologies.
Read 187-page market research report, "Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices), By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Patient Monitoring Devices Market Growth & Trends
Improving healthcare expenditure across the globe coupled with the rising adoption of remote monitoring systems will also augment the market growth over the forecast period. Many hospitals and healthcare providers are investing in remote patient monitoring technologies as a part of a value-based care model.
Patient monitoring devices help in monitoring and managing high-risk patients that are suffering from chronic diseases and are considered unstable. There has been a rise in the prevalence of chronic diseases such as diabetes, cancer, and hypertension across the world. Over 100 million Americans have hypertension and an increased risk of heart disease, according to the Centers for Disease Control and Prevention (CDC). The need for patient monitoring devices is rising due to the increasing prevalence of these conditions worldwide.
COVID-19 has decreased frequent hospital visits while increasing demand for home monitoring devices. Additionally, the scenario has altered customer demand, buying patterns, and behavior. The necessity to harness and utilize digital infrastructure for remote patient monitoring has been brought into sharp relief by the COVID-19 outbreak. The combination of telehealth & remote patient monitoring is projected to enhance the provision of at-home healthcare.
Patient monitoring devices industry growth is also being driven by supporting activities by the public and private sectors to assist COVID-19 patients globally. For instance, the World Health Organization distributed 30,000 oxygen concentrations worldwide in February 2021 . Similarly, Invacare Corporation saw sales of respiratory products increase by 72.2% in the fourth quarter of 2020...
Patient Monitoring Devices Market Segmentation
Grand View Research has segmented the global patient monitoring devices market based on product, end-use, and region
Patient Monitoring Devices Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)
Fetal & Neonatal Monitoring Devices
Patient Monitoring Devices Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Patient Monitoring Devices Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players of Patient Monitoring Devices Market
Check out more related studies published by Grand View Research:
Patient Positioning Systems Market - The global patient positioning systems market size is expected to reach USD 1.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2022 to 2030. This market is expected to witness lucrative growth owing to rising awareness about and surging expenditure on diagnostic procedures. In addition, the increasing prevalence of cancer and the rising geriatric population are expected to assist in market growth.
Clinical Trial Patient Recruitment Services Market - The global clinical trial patient recruitment services market size is expected to reach USD 1.56 billion by 2030 witnessing a CAGR of 8.0% during the forecast period, according to a new report by Grand View Research, Inc. The growing pharmaceutical and medical sectors, increasing demand for clinical studies, and adoption of decentralized clinical trials are a few of the factors supporting the growth of the clinical trial patient recruitment services market.
Patient Temperature Management Market - The global patient temperature management market size is expected to reach USD 6.9 billion by 2030, registering a CAGR of 8.8% according to a new report by Grand View Research, Inc. Rising number of surgeries is anticipated to accelerate the demand for temperature management devices. For instance, open heart surgeries require lowering of patient's body heat through blood cooling, which helps in reducing the risk of post and perioperative surgical complications.
Browse through Grand View Research's Medical Devices Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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