RISING DEMAND FOR WEARABLE PATIENT MONITORING DEVICES IS EXPECTED TO BOOST THE GROWTH OF THE GLOBAL PATIENT MONITORING DEVICES MARKET DURING THE FORECAST PERIOD

Patient Monitoring Devices Market - Global Industry Analysis and Forecast 2021 to 2027

Global Patient Monitoring Devices Market: Key Highlights

  • The patient monitoring devices market is majorly segmented into type, application, and end-user
  • Based on type, the market is sub-segmented into hemodynamic monitoring devices, neuromonitoring devices, remote patient monitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, weight monitoring devices, temperature monitoring devices, and others. Hemodynamic monitoring devices are expected to grow faster in the forecast period. as there is growing in the prevalence of cardiac disorders and diabetes as well as a growing need for the home-based and non-invasive monitoring systems
  • Based on region, the market is segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa
  • Americas accounted for the major market share with the growing technological advancements in healthcare, the rising geriatric population, and the growing incidences of chronic diseases
  • Top players that account for the major share include Abbott Laboratories, Drägerwerk AG & Co. KGaA, Edwards Lifesciences Corporation, GENERAL ELECTRIC COMPANY, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Masimo, Medtronic, Natus Medical Incorporated, Nihon Kohden Corporation and among others. 

Patient Monitoring Devices Market

Global Patient Monitoring Devices Market: Key Market Dynamics

  • There has been a rising demand for wearable patient monitoring devices is play a significant role in the patient monitoring devices market. As it helps the people to better monitoring their health status both at the fitness level as well as at the medical level
  • The increasing technological growth in patient monitoring devices is also led to enhance the demand of the patient monitoring devices market growth
  • Further, the rising demand for home and remote monitoring is a significant opportunity for market growth
  • However, the heavy cost of technology is hindering the growth of the market.

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Global Patient Monitoring Devices Market: Regional Overview

  • Americas:
    • Americas region is further divided into North America and Latin America. Globally, the Americas accounted for the major market share
    • Most of the prominent companies in the world market are headquartered in the region as well as have a strong presence in this market, such as Masimo Corporation, GE Healthcare, and Edward Lifesciences
    • According to the Centers for Disease Control and Prevention (CDC), coronary heart disease is the most common type of heart disease, killing more than 360,000 people, in 2017. Hence, people have become more concerned about their health, especially regarding heart diseases, which will lead to adopting preventive care. Which is expected to boost the demand for heart rate monitors in this region.
    • It is projected that approximately every year, more than 800,000 Americans have a heart attack, where 200,000 have already had a heart attack
    • According to the Centers for Disease Control and Prevention, chronic diseases are likely to affect an estimated 164 million people in the U.S., which is nearly half (49%) of the population by 2025.
  • Asia-Pacific
  • Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
  • The rising growth in the healthcare infrastructure with the assistance of government initiatives is also led to facilitating the usage of advanced digital patient monitoring devices
  • According to the International Diabetes Federation, in 2020 about 7,005,600 cases were registered in India for Diabetes that constitutes about 8.9% of the total population. Hence, this is projected to boost the growth of the market in the forecast period.

Global Patient Monitoring Devices Market: Key Players

Some of the key players operating in the Abbott Laboratories, Drägerwerk AG & Co. KGaA, Edwards Lifesciences Corporation, GENERAL ELECTRIC COMPANY, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Masimo, Medtronic, Natus Medical Incorporated, Nihon Kohden Corporation and among others.

Global Patient Monitoring Devices Market: Key Developments

  • On July 2020, Medtronic plc had gained the FDA Clearance, and CE (Conformité Européenne) Mark for LINQ II Insertable Cardiac Monitor (ICM).
  • In November 2019, Philips launches next-generation vital signs monitor for early patient intervention in general care settings. The Philips EarlyVue VS30 vital had signs monitor receives 510(k) clearance in the U.S.
  • In October 2018, Siemens healthiness collaborated with Healthy.io that has helped patients to enhance compliance with chronic kidney disease monitoring.

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