Patient Monitoring Devices Market worth over $32.6bn by 2026

Patient Monitoring Devices Market size is set to surpass USD 32.6 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Rising cases of COVID-19 infection is anticipated to boost the market growth. The availability of patient monitoring systems offering relevant information for clinical assessment will propel its adoption. Patient monitoring devices application in various specialties including cardiology, respiratory, anesthesiology and in emergency departments will increase the market demand.

 

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Technological advancements in patient monitoring devices will significantly drive the market revenue

Growing adoption of technologically advanced patient monitoring devices to increase accuracy and reliability of vital sign monitors will increase the product demand. Patient monitoring devices market is constantly evolving with artificial intelligence and smart technology. Wearables and embedded biosensors including pulse oximeters, ECG monitors along with other blood pressure and glucose monitors have provided healthcare professionals better access to patient data. Moreover, rise in COVID-19 morbidity and mortality rate globally has set an alarm for the healthcare givers, doubling the demand for patient monitoring devices.
 

Multiparameter patient monitoring devices will have significant impact over the coming years

Patient Monitoring Devices Market

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The multiparameter devices accounted for nearly USD 9.4 billion revenue in 2019owing to the ability of multiparameter devices to monitor multiple signs simultaneously. For caregivers, it is imperative that vital signs such as heart rate, oxygen saturation and, blood pressure be monitored.
 

Browse key industry insights spread across 180 pages with 176 market data tables & 8 figures & charts from the report, “Patient Monitoring Devices Market Size, By Product (Cardiac Monitoring Devices {ECG Devices, Implantable Loop Recorders, Mobile Cardiac Telemetry Monitors, Smart Wearable ECG Patches}, Neuromonitoring Devices {EEG Devices, Cerebral Oximeters, Intracranial Pressure Monitors, EMG Devices}, Respiratory Monitoring Devices {Pulse Oximeters, Spirometers, Capnographs, Peak Flow Meters}, Anesthesia Monitor, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitoring, Multiparameter Devices), By Type (Conventional, Wireless), By End-use (Hospitals, Ambulatory Surgical Centers (ASCs), Homecare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/patient-monitoring-devices-market
 

Hospitals end-use segment will experience a notable growth in the market

Homecare settings segment in the patient monitoring devices market is estimated to be valued at around USD 10 billion by 2026 led by rising geriatric population and increasing adoption of receiving healthcare and monitoring from the comfort of own home. Furthermore, currently available wearable monitoring devices offer timely updates to doctors and facilitate easy transfer of patient data saving frequent hospital visits.
 

Vitality of conventional patient monitoring devices will augment the market revenue

The conventional type segment is projected to witness around 6% growth rate   through 2026. The segmental growth is attributed to the high accuracy and cost-effective nature of these devices. Conventional patient monitoring devices are majorly used in hospitals and ambulatory surgical centers for immediate monitoring of patient’s vital signs.
 

Asia Pacific market will observe lucrative growth during the forecast timeframe

Asia Pacific patient monitoring devices market will register substantial share in 2019 and is expected to expand at around 7% CAGR till 2026. The regional growth is due to the increasing government spending on healthcare infrastructure. Additionally, increasing number of patients suffering from cardiac diseases due to changing dietary habits and less physical activities will foster the demand for patient monitoring devices.
 

Focus of key players on introducing innovative patient monitoring devices will enhance the market share

Few of the prominent companies operating in patient monitoring devices market include Siemens, Philips, GE Healthcare, OSI Systems, Nihon Kohden, Fukuda, Medtronic, Hill-Rom Holdings, Epsimed, Mindray, Skanray Technologies, Sensata Technologies, Opto India, and Medion Healthcare.
 

These industry players have undertaken various business strategies to expand market foothold. This will help them evolve as leading companies in the patient monitoring devices industry. For instance, in November 2019, Philips launched the EarlyVue VS30, a vital sign monitor. It collects vital signs and calculate risk-based alerts that will allow identification of subtle signs of patient deterioration to clinicians. The new product launch helped the company to strengthen its product portfolio, thereby providing competitive edge.
 

 

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