Patient Monitoring Devices Market Share Growing Rapidly with Recent Trends and Outlook By 2030
The Patient Monitoring Devices Market size reached USD 47 Billion in 2021 and is expected to register a revenue CAGR of 7.8% during the forecast period, according to the latest analysis by Emergen Research. One of the main factors driving revenue growth of the market is significant developments in biomedical devices and replacement of conventional methods due to creation of better patient monitoring facilities. Increasing use of wearable and remote patient monitoring devices is another factor driving revenue growth of the market.
The major drivers driving revenue growth of the market are advantageous reimbursement scenarios, rising awareness of patient monitoring devices, and prevalence of chronic diseases. Another factor driving revenue growth of the market is rising prevalence of acute and chronic respiratory disorders. Revenue growth of the market is driven by rising need for monitoring tools that capture, transmit, record, and display a range of biometric data, including blood pressure, temperature, and blood oxygen saturation levels.
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Significant lack of patient awareness and reliability on recently launched patient monitoring devices is a major factor, which could restrain revenue growth of the market. In addition, exorbitant cost of the patient monitoring devices significantly decreases the adoption rate of the launched devices.
Some Key Highlights From the Report
- The blood glucose monitoring systems segment accounted for largest revenue share in 2021. One of the main factors driving revenue growth of the segment is rising prevalence of diabetes across the globe. A considerable increase in the worldwide diabetic patient load caused by increase in the number of diabetic patients also results in rise in use of blood glucose monitoring systems. One of the key factors driving revenue growth of the segment is the ability of blood glucose monitoring systems to more effectively manage daily glucose levels.
- The hospitals segment accounted for largest revenue share in 2021. One of the main factors driving revenue growth of the segment is rising number of blood glucose monitoring, pressure monitoring, and a variety of other devices launched in hospitals. Increased prevalence of injuries, chronic diseases, and favorable reimbursement requirements are expected to support revenue growth of the segment. The ability to carry out complex monitoring operations and the accessibility of technologically advanced medical equipment and infrastructure are expected to contribute to revenue growth of the segment.
- The market in North America accounted for largest revenue share in 2021. This can be attributed to presence of a highly regulated and sophisticated healthcare system in the region. In addition, revenue growth of the market in the region is driven by accessibility of innovative products brought on by presence of significant industry competitors.
- Some major companies in the global market report include Intersect Smiths Medical Bosch GmbH, Biotronik, Intel Corporation, Welch Allyn, Health anywhere Inc., Koninklijke Philips N.V., GE Healthcare, Medtronic plc, MASIMO CORPORATION, and Smiths Medical.
- On 18 March 2022, a group of researchers at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU) developed a wearable, artificially intelligent sensor the size of a fingernail that may be used to monitor respiratory function.
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Emergen Research has segmented the global patient monitoring devices market on the basis of product, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Blood Glucose Monitoring Systems
- Cardiac Monitoring Devices
- Respiratory Monitoring Devices
- End-use Outlook (Revenue, USD Billion; 2019-2030)
- Ambulatory Surgical Centers (ASCs)
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
Key Objectives of the Global Patient Monitoring Devices Market Report:
- An all-inclusive analysis and forecast estimation of the market have been included in this report.
- The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Patient Monitoring Devices market and its leading players.
- The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
The report, additionally, presents a comprehensive analysis of the key elements of the Patient Monitoring Devices market that influence its growth over the projected timeline. These vital elements include the key drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The authors of the report have implemented a set of analytical tools, such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis, to offer strategic recommendations to the new entrants on how to overcome the entry-level barriers.
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