SEATTLE, June 15, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global condition monitoring device market is estimated to be valued at US$ 1,089.4 Million in 2022 and expected to exhibit a CAGR of 7.5% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Condition Monitoring Device Market:
Key market players are collaborating to develop new patient monitoring devices for enabling remote patient monitoring, which is expected to propel the market growth over the forecast period. For instance, in July 2020, Philips, a health technology company, entered into a collaboration with BioIntelliSense a continuous health monitoring device manufacturer, for integrating BioIntelliSense's BioSticker medical device into Philips' remote patient monitoring (RPM) device that helps in monitoring chronic or complex conditions at home.
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Key Market Takeaways:
The global condition monitoring device market is expected to exhibit a CAGR of 7.5% during the forecast period, owing to the growing prevalence of chronic conditions such as diabetes. For instance, according to the National Diabetes Statistics Report published in 2020, 34.2 million people in the U.S. had diabetes and around 26.9 million people were diagnosed with diabetes in 2018.
Among product type, the pulse oximeters segment is expected to witness the highest growth in the global condition monitoring device market over the forecast period. Technological advancement in oximeters is likely to promote the market growth over the forecast period. For instance, in August 2021, an engineering student from Mar Baselios College of Engineering and Technology, India developed OxiFine, a smart pulse oximeter that is easy to integrate with any smartphone application and cost-effective. The device can monitor pulse rate in beats per minute (BPM) and SpO2 level in percentage using the companion mobile application.
In terms of application, the cold chain logistics segment is expected to witness the highest growth in the global condition monitoring device market over the forecast period. The segment growth can be attributed to the increasing development of biologics. For instance, in July 2020, Biocon Ltd, an innovation-led global biopharmaceuticals company, received funding of US$ 30 million from Tata Capital a private equity fund for the development of biologics.
Key players operating in the global condition monitoring device market include General Electric Company, Koninklijke Philips N.V., Nihon Kohden Corporation, Hoffmann-La Roche Ltd, Braun Melsungen AG, Abbott, Masimo, Smiths Medical, 1byone, Inc., B Medical Systems, IndoSurgicals Pvt. Ltd., Biomedhelix (Pty) Ltd., and Thermofisher Scientific Inc.
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Detailed Segmentation:
Global Condition Monitoring Device Market, By Product Type
- Blood Pressure Monitors
- Glucometers
- Pulse Oximeters
- ECG Monitors
- Cold Chain System
- Others
Global Condition Monitoring Device Market, By Application
- Patient Monitoring
- Cold Chain Logistics
Global Condition Monitoring Device Market, By End User
- Hospitals
- Homecare Settings
- Others
Global Condition Monitoring Device Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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