Patient Monitoring Devices Industry Data Book | Forecast 2030
Table Of Contents
Patient Monitoring Devices Industry Data Book | Forecast 2030
Patient Monitoring Devices Industry Data Book – Remote Patient Monitoring, Vital Sign Monitoring Devices, Blood Pressure Monitoring Devices and Multiparameter Patient Monitoring System Market
The patient monitoring devices industry databook compiled by Grand View Research is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Remote Patient Monitoring System Market Report Highlights
The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally
The home healthcare segment is projected to witness a CAGR of 22.0% over the forecast period owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic
In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India
This region is also backed by Japan, which has one of the highest numbers of 65+ year-old adults at a global level
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By product, BP monitors held the largest market share in 2021 and are expected to grow at a lucrative CAGR from 2022 to 2030
The hospital end-use segment dominated the market in 2021 and is expected to continue its dominance throughout the forecast period owing to the high demand for advanced devices
North America dominated the global market in 2021. The presence of major market players and high adoption rates of advanced technologies are the key factors attributed to the segment growth
The industry is highly competitive. Various manufacturers are focusing on new product launches, technological innovations, collaborations, and regional expansion as major strategic initiatives
Based on the type of product, sphygmomanometer/aneroid BP monitors dominated the overall market in 2021 in terms of revenue share, owing to the increasing prevalence of high blood pressure cases worldwide
The ambulatory blood pressure monitoring devices market is driven by factors such as increasing adoption by clinicians and increasing awareness about it
The digital BP monitors segment is expected to witness lucrative growth in the coming years owing to advantages associated with these devices such as ease of use, immediate results, and low cost. In addition, continuous improvement in these devices is expected to present this market with further growth opportunities
The home healthcare segment is expected to witness lucrative growth owing to various government initiatives to promote home healthcare
In 2021, North America was the key regional market in terms of revenue share. Key factors attributing to its large share include the presence of advanced healthcare infrastructure and the increasing prevalence of lifestyle-associated diseases with a high risk of hypertension
Multiparameter Patient Monitoring System Market Report Highlights
Portable was the largest device type segment in 2022 accounting for 66.2% due to growing home healthcare and easy mobility across different departments within the hospital
By acuity level, the high segment has accounted for the highest market share in 2022 due to the increasing prevalence of chronic diseases, such as CVDs, respiratory disorders, and other critical medical conditions, which need continuous monitoring
By age group, the geriatric segment accounted for the largest segment in 2022 with a share of 53.9% 2021 due to the rapidly growing geriatric population that is susceptible to various chronic disorders, which require continuous patient monitoring
By end-use, the hospital’s segment has accounted for the highest market share in 2022 due to the increasing number of patients being admitted to hospitals due to chronic diseases, injuries, and other emergencies
North American region contributed the largest share to the market in the year 2022 attributing to the availability of technologically advanced equipment and high-quality healthcare system
Competitive Landscape
The industry growth is directly associated with the rising investments by manufacturers in the development of cost-effective, innovative products, and the rising prevalence of chronic diseases. The industry is marked by the presence of various industry players. The market is highly fragmented and competitive in nature. Companies are focusing on strategic initiatives, such as the introduction of novel products through customization according to consumers’ needs, partnerships, collaborations, and mergers & acquisitions, to expand their product portfolio and extend leadership positions in the field of patient monitoring. In February 2021, Hill-Rom announced that it acquired contact-free continuous monitoring technology from EarlySense for USD 30 million. This acquisition can help the company develop next-generation AI-based sensing technologies, specifically for the remote patient care market.
