Patient Monitoring Devices Market to grow US$ 37,476.7 Mn by end of 2028, Says Coherent Market Insights

SEATTLE, Oct. 21, 2021 /PRNewswire/ -- Patient monitoring devices, also called medical monitors, are medical instruments that allow health care professionals to remotely monitor the vital signs of a patient, including pulse rate, blood pressure, skin temperature, and respiration, using small, wireless transmitter-receivers that are carried or worn by the patient. These transmitter-receivers are typically attached to a belt or other personal item that enables the caregiver to readily check a patient's vital signs. This enables the caregiver to quickly identify any irregularities in the patient's bodily functions, such as a falling temperature or persistent sweating. Some monitoring systems come with extra sensors that can detect when a patient moves, making it possible to instantly inform the medical professional that something isn't working according to normal. 

The global patient monitoring devices market is estimated to account for 37,476.7 Mn in terms of value by the end of 2028.

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Market Drivers

1.  Increasing prevalence of chronic diseases is expected to drive growth of the global patient monitoring devices market during the forecast period.

Chronic diseases such as cancer, hypertension, cardiovascular diseases (CVD), and diabetes are on the rise. According to the World Health Organization (WHO), in 2018, around 9.6 million died due to cancer with over 300,000 new cases of cancer being diagnosed each year among children aged 0-19 years across the globe. According to the same source, around 17.9 million people die each year from cardiovascular disease worldwide. Patient monitoring devices such as wearable heart monitors, glucose monitors, skin patches, and Bluetooth-enabled scales aid clinicians keep track of patients' health constantly.

2.  Technological advancements in patient monitoring devices are expected to propel the global patient monitoring devices market growth over the forecast period

Patient monitoring systems have improved significantly over the years with the availability of IoT-enabled devices, shoes, belts, non-invasive devices, and wearable to monitor different organs of the human body. These devices are easy to wear and can provide real-time data and analysis of the human body, enabling clinicians to provide prompt healthcare service.

Market Opportunity

1.  Increasing demand for non-invasive or minimally invasive devices can present lucrative growth opportunities

Patients are more inclined towards non-invasive or minimally invasive devices as these devices provide painless recording of different parameters such as blood pressure, pulse oximeter, electrocardiogram, oxygen analyzer, and more. For instance, in July 2020, Mitocon Biomed launched a new pulse oximeter Oxysat with 18 months replacement warranty.

2.  Rising demand for patient monitoring devices in non-hospital settings can provide prominent business opportunities

There are various patient monitoring devices that can be used in non-hospital settings such as glucose monitor, pulse oximeter, and infrared temperature gun. As a result of this, the adoption of these devices has increased in home, commercial, and industrial settings as well.

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Market Trends

1.  Cardiac monitoring systems are witnessing high demand

According to the WHO, cardiovascular disease (CVD) is the major cause of death across the globe. As a result of this, the demand for cardiac monitoring systems has increased across hospitals and clinics. With rising cases of CVD combined with the launch of new products and proactive government initiatives, cardiac monitoring systems are expected to witness high demand over the forecast period. For instance, in January 2020, Medtronic received the U.S. Food and Drug Administration (FDA) clearance for Micra AV, the smallest pacemaker with atrioventricular synchrony.

2.  North America region is witnessing robust growth

Among regions, North America is expected to witness significant growth in the global patient monitoring devices market. This is owing to increasing incidence of chronic diseases such as cancer and CVD coupled with the presence of robust healthcare facilities in the region.

Competitive Section

Major companies involved in the global patient monitoring devices market are Abbott Laboratories, Baxter International Inc., Boston Scientific Corporation, Siemens Healthcare GmbH, Becton, Dickinson and Company, Johnson & Johnson, and Medtronic plc.

Major companies are focused on product launches, in order to gain a competitive edge in the market. For instance, in February 2021, RhythMedix launched RhythmStar, a wearable cardiac monitor with 4G cellular connectivity.

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