With 7% CAGR, Patient Monitoring Devices Market Emerging Trends, Increasing Demand and Future Outlook 2029

Wednesday, March 1, 2023 at 11:22am UTC

Luton, Bedfordshire, United Kingdom, March 01, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Patient Monitoring Devices Market.

Global Patient Monitoring Devices Market stands at US$ 32.45 Billion in 2022 and is anticipated to grow at a CAGR of 7% over the following Six years to reach US$ 50.56 billion by 2029.

Patient Monitoring Devices Market Growth in upcoming years

Several reasons, including the rising incidence of chronic diseases, the aging population, and technological developments in healthcare, are anticipated to contribute to the market growth for patient monitoring devices in the years to come.

Another important reason boosting the market for patient monitoring devices is the aging population. As individuals get older, their health deteriorates more quickly, and they need more frequent medical care. Patient monitoring tools can assist medical professionals in remotely watching and managing the health of their patients, thereby minimizing the need for hospitalization and enhancing patient outcomes.

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The market for patient monitoring systems is primarily driven by the rising incidence of chronic illnesses like diabetes, hypertension, and cardiovascular conditions. Patient monitoring devices can be used to continuously measure vital signs and other physiological parameters, which is necessary for these illnesses.

Technological advancements

The creation of wearable sensors, wireless communication, and telemedicine, among other technological developments in healthcare, have all fueled the market expansion for patient monitoring devices. These developments have made it feasible to remotely monitor patients and give them prompt medical attention, wherever they may be.

COVID-19 Impact

In the intensive care unit (ICU), where patients need continuous tracking of their vital signs, the COVID-19 pandemic has also accelerated the adoption of patient monitoring devices. More sophisticated patient monitoring devices have been created as a result of the growing demand for contactless communication and remote patient tracking.

Competitive Insight

Some of the notable market players operating in the global Patient Monitoring Devices Market covered in this report are:

  • Medtronic, Inc.
  • Biotronik
  • Hoffmann-La Roche Ltd.
  • GE Healthcare Ltd
  • Masimo Corporation
  • Nihon Kohden Corporation
  • Johnson and Johnson
  • Omron Healthcare Co. Ltd.
  • Abbott Laboratories
  • Koninklijke Philips N.V.

Recent Developments

  • In June 2022, GE Healthcare launched a new wireless patient monitoring device. It supports in oxygen saturation capturing respiration rate, and pulse rate for post-surgery patients continuously and general ward, thereby giving clinicians to act early and avert serious adverse events.
  • In April 2022, LivaNova commenced the targeted commercial launch of its Essenz Patient Monitor, following receipt of required regulatory approvals. The system received 510(k) clearance from the US Food and Drug Administration (FDA) as well as CE Mark. It was initially launched in the US and Europe for use in hospitals that were involved in the device’s user-centric design and development program.
  • For instance, according to the World Health Organization (WHO), about 422 million people globally have diabetes. The number of asthma patients, chronic obstructive pulmonary disease patients (COPD), and the high prevalence of tobacco smoking is increasing rapidly.
  • According to the WHO, around 235 million people suffer from asthma. As a result, peak flow meters-which are used to gauge respiration rate-are increasingly used.
Patient Monitoring Devices market Share (2022)US$ 32.89 Billion
Patient Monitoring Devices market Projected Size (2029)US$ 50.56 billion
Patient Monitoring Devices market Growth (CAGR 2023-2029)7%.

Browse the fullPatient Monitoring Devices Market is segmented by Product type (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Multi-parameter Monitors, Respiratory Monitoring Devices, and Other Types of Devices), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Devices), End User (Home Care Settings, Hospital and Clinics, Ambulatory Surgical Centers) and Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2023 to 2029Report and TOC at https://exactitudeconsultancy.com/reports/10486/patient-monitoring-devices-market/ 

Segment Overview

The Patient Monitoring Devices market is segmented By Product Type, By End User, and by Application.

By Product Type By ApplicationBy End User
  • Hemodynamic Monitoring Devices
  • Neuromonitoring Devices
  • Cardiac Monitoring Devices
  • Multi-parameter Monitors
  • Respiratory Monitoring Devices
  • Cardiology
  • Neurology
  • Respiratory
  • Fetal and Neonatal
  • Weight Management
  • Fitness Monitoring
  • Other Devices
  • Home Care Settings
  • Hospital and Clinics
  • Ambulatory Surgical Centers

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Regional Insights

The North America patient monitoring market dominated the global market, and it is estimated to show a similar trend during the forecast period.

North America: With the United States being the biggest market in the area, North America is a sizable market for patient monitoring devices. The main factors propelling the market's expansion in this area are the rising prevalence of chronic diseases, the aging population, and technological developments in healthcare.

Quantitative Analysis

  • Market size, estimates, and forecasts from 2023 - 2029
  • Market size and revenue estimates for product up to 2029
  • Market revenue estimates for application up to 2029
  • Market revenue estimates for type up to 2029
  • Regional market size and forecast up to 2029
  • Company financial

What are the Key Data Covered in this Patient Monitoring Devices Market Report?

  • CAGR of the market during the forecast period 2023-2029
  • Detailed information on factors that will drive Patient Monitoring Devices Market growth during the next Six years
  • Precise estimation of the Patient Monitoring Devices Market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • The growth of the Patient Monitoring Devices industry across North America, Europe, APAC, South America, the Middle East, and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Patient Monitoring Devices Market vendors

To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/10486/patient-monitoring-devices-market/#request-a-sample     

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