Smart wearable devices are a big factor in patient care, resulting in the implementation of remote monitoring systems, mobile cardiac telemetry devices, a growing geriatric population and others acts as key factors boosting the market growth.
JERSEY CITY, N. J., July 26, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Patient Monitoring Devices Market" By Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Respiratory Monitoring Devices), By End-User (Hospitals, Ambulatory Surgery Centre, Home Care Settings), and By Geography. According to Verified Market Research, the Global Patient Monitoring Devices Market was valued at USD 20.14 Billion in 2020 and is projected to reach USD 30.59 Billion by 2028, growing at a CAGR of 5.34% from 2021 to 2028.
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Browse in-depth TOC on "Patient Monitoring Devices Market"
202 - Pages
126 - Tables
37 - Figures
Global Patient Monitoring Devices Market Overview
Wearable patient monitoring technologies are becoming increasingly popular which is resulting in the increased market growth. Wearable patient monitoring devices, biosensors, and smart implants are used for a variety of purposes including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. Wearable devices of the next generation are equipped with Internet of Things technologies. Wearable biosensors measure vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG), which are then transmitted to a central server via mobile wireless networks.
A growing geriatric population and a growing need to expand access to healthcare is another factor that is driving the market growth. According to the United Kingdom's Department of Health, implementing telehealth, or remote monitoring technology correctly can lower the risk of patient mortality by up to 45% and emergency hospitalizations by 20%. In addition, In 2019, there were 703 million people worldwide who were 65 or older. The number of elderly people is expected to more than treble to 1.5 billion by 2050. Globally, the proportion of the population aged 65 and up climbed from 6% in 1990 to 9% in 2019. The rise of this demographic group will raise demand for healthcare and long-term care services, putting a significant strain on governments and healthcare systems. This will benefit the market for remote patient monitoring.
Key Developments in Patient Monitoring Devices Market
- In July 2020, Medtronic and Tandem Diabetic Care, Inc signed a patent cross-license deal in which both firms agreed to cross-license each other's patent portfolio for five years while focusing on creating new diabetes products and services.
- In January 2020, Masimo Corporation acquired NantHealth's linked care business, strengthening its position in the connected care market. The acquisition is in line with Masimo's goal of assisting hospitals in improving the duration of great care through hospital automation, connectivity, and novel noninvasive monitoring technologies.
The major players in the market are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (the US).
Verified Market Research has segmented the Global Patient Monitoring Devices Market On the basis of Product, End-User, and Geography'.
- Patient Monitoring Devices Market, by Product
- Blood Glucose Monitoring Systems
- Self-monitoring Blood Glucose Systems
- Continuous Glucose Monitoring Systems
- Cardiac Monitoring Devices
- ECG Devices
- Implantable Loop Recorders
- Event Monitors
- Mobile Cardiac Telemetry Monitors
- Smart/Wearable ECG Monitors
- Respiratory Monitoring Devices
- Pulse Oximeters
- Spirometers
- Capnographs
- Peak Flow Meters
- Temperature Monitoring Devices
- Handheld Temperature Monitoring Devices
- Table-top Temperature Monitoring Devices
- Wearable Continuous Monitoring Device
- Hemodynamic/Pressure Monitoring Devices
- Hemodynamic Monitors
- Blood Pressure Monitors
- Disposables
- Neuromonitoring Devices
- Weight Monitoring Devices
- Digital
- Analog
- Other Patient Monitoring Devices
- Patient Monitoring Devices Market, By End User
- Hospitals
- Ambulatory Surgery Centre
- Home Care Settings
- Other End Users
- Patient Monitoring Devices Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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