Patient Monitoring Devices Market Size to Reach USD 92.40 Billion in 2030 | Emergen Research

VANCOUVER, BC, Jan. 17, 2023 /PRNewswire/ -- The patient monitoring devices market size reached USD 47 Billion in 2021 and is expected to register a CAGR of 7.8% during the forecast period, according to latest analysis by Emergen Research. A major factor driving market's revenue growth is the rising adoption of wearable and remote patient monitoring devices. Wearable technology aids in the identification of many chronic diseases by merging clinical symptoms with vital indications. As a result, the use of wearable technologies to combat COVID-19 has increased significantly.

One of the main factors driving revenue growth is significant developments in biomedical devices and the replacement of traditional methods owing to the development of effective health monitoring facilities. The demand for patient monitoring technology is expected to rise as the prevalence of chronic illnesses including diabetes, stroke, and renal disease grows. Additionally, a rise in the number of patients afflicted by various lifestyle diseases like atherosclerosis and cancer increases the market revenue growth.

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Drivers:

The market revenue growth is being driven by the rise in chronic disease rates, cutting-edge technology, and the demand for mobile and portable solutions designed to reduce out-of-pocket costs. The market will grow during the forecast period as a result of significant market players including GE Healthcare, Masimo Corporation,  Edward Lifesciences among others investing in research and development for more sophisticated patient monitoring device facilities. Moreover, one of the major drivers of revenue growth is the rising prevalence of acute and chronic respiratory disorders. According to the National Center for Biotechnology Information, sinusitis may have resulted in up to 73 million days of limited activity in 2021, totaling more than 2.4 billion. The rise in demand for sinus dilatation devices is owing to the rising prevalence of respiratory illnesses among the worldwide people. The increase in chronic diseases like diabetes, stroke, and kidney disease is driving the demand for patient monitoring equipment. For instance, the World Health Organization (WHO) estimates that there are 422 million diabetics globally. The industry is growing as a result of an increasing need for monitoring tools that record, transmit, analyze, and display a range of biometric data, including blood pressure, temperature, and blood oxygen saturation level.

Restraints:

A significant factor restraining market revenue growth is system failure risk. The adoption rate of patient monitoring devices is significantly reduced when their systems fail. The expensive cost of technology and resistance from healthcare sector specialists to the use of patient monitoring devices, however, are expected to restrain market expansion.

Growth Projections:

The patient monitoring devices market is expected to register a CAGR of 7.8% over the forecast period and revenue is projected to increase from USD 47.00 Billion in 2021 to USD 92.40 Billion in 2030. is expected to support revenue growth of the market. The major factors for market expansion are the incidence of chronic diseases, favorable reimbursement circumstances, and rising awareness of patient monitoring devices.

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Current Trends and Innovations:

The market's expansion is driven by an array of initiatives such as product launches and market expansion. For example, to increase access to Statis Monitor, a linked care bedside multi-parameter monitoring system, the Indian division of Medtronic collaborated with Stasis Health in September 2021. Given the increasing research and development efforts by global market players to produce cutting-edge patient monitoring devices, the market revenue is expected to grow. Additionally, market would expand owing to the presence of significant global market players investing in patient monitoring devices to address the growth in diabetes all over the world. For instance, according to the German Diabetes Center (DDZ), over the next 20 years, the percentage of people with diabetes in Germany will more than double, to at least 7.2% of the country's population.

Strategic Initiatives:

Major companies included in the market report are Intersect Smiths Medical Bosch GmbH; Biotronik; Intel Corporation; Welch Allyn; Health anywhere Inc.; Koninklijke Philips N.V.; GE Healthcare; Medtronic; Masimo Corporation; Smiths Medical.

• On December 30, 2022, In October 2021, the Real-Time Health Monitoring System (RTHMS) was released, which was developed by Honeywell. It combines hardware and data analytics software to enhance real-time and remote patient monitoring as well as digitize and automate time-consuming and crucial activities for medical staff.

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Scope of Research

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Emergen Research has segmented patient monitoring devices market on the basis of product, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019-2030)
• Blood Glucose Monitoring Systems
• Cardiac Monitoring Devices
• Respiratory Monitoring Devices
• Others
• End-use Outlook (Revenue, USD Billion; 2019-2030)
• Hospitals
• Ambulatory Surgical Centers (ASCs)
• Others
• Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
  a.  U.S.
  b.  Canada
  c.  Mexico
• Europe
  a.  Germany
  b.  France
  c.  U.K.
  d.  Italy
  e.  Spain
  f.  Benelux
  g.  Rest of Europe
• Asia Pacific
  a.  China
  b.  India
  c.  Japan
  d.  South Korea
  e.  Rest of APAC
• Latin America
  a.  Brazil
  b.  Rest of LATAM
• Middle East & Africa
  a.  Saudi Arabia
  b.  UAE
  c.  South Africa
  d.  Turkey
  e.  Rest of MEA

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