Patient Monitoring Devices Industry | Forecast 2030
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.
Access the Global Patient Monitoring Devices Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Remote Patient Monitoring System Market Insights
The global remote patient monitoring system market size was estimated at USD 5.2 billion in 2023 and is expected to register a compound annual growth rate (CAGR) of 18.6% from 2024 to 2030. The outbreak of COVID-19 caused a significant impact on the remote patient monitoring system. The remote monitoring systems serve with improved chronic disease management including early warning signs and progress tracker thus boosting its demand in the coming years at a global level. The COVID-19 pandemic led to a shortage of space in hospitals. Apart from this, patients, especially those suffering from chronic diseases, were advised to avoid physical visits to hospitals owing to the threat of getting infected. This led to the development of remote patient monitoring market.
A large number of investments are made by firms by collaborating, acquiring, and partnering with new emerging startups. The personalized telemedicine app provides a communication platform for remote and real-time monitoring of patients that acts as a bridge between caregiver and patient. This step-change, borne out of necessity, changed the entire look of the remote patient monitoring market post-COVID-19. This change has sped up recovery rates as consumers are more willing to join the app. It has also increased the provider's willingness to use the app, and it offers greater access and reimbursements.
Vital Signs Monitoring Devices Market Insights
The global vital signs monitoring devices market size was valued at USD 9.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2030. Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings, primarily hospitals, and rising prevalence of chronic disorders are key drivers responsible for the lucrative growth of the industry. Vital signs monitoring devices have evolved over a short duration of time from individual devices measuring blood pressure (BP), pulse, and temperature to a combined all-in-one device. In addition, there has been an increasing number of innovations in this product category, which is fueling the growth of products in this category.
The demand for vital sign monitoring devices like blood pressure monitors, pulse oximeters, and temperature monitoring devices escalated drastically due to the onset of COVID-19 in 2020 as there were crucial parameters to be looked for in identifying the presence of the virus. As per Sharp Health News, around 103 million people in the U.S. suffer from hypertension, and as COVID-19 has been reported as dangerous for people with heart disease and related conditions, especially high BP, the demand for BP monitoring devices increased. The others product segment in the U.S. market will have significant growth over the forecast period.
Order your copy of the Free Sample of “Patient Monitoring Devices Industry Data Book - Remote Patient Monitoring, Vital Sign Monitoring Devices, Blood Pressure Monitoring Devices and Multiparameter Patient Monitoring System Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Blood Pressure Monitoring Devices Market Insights
The global blood pressure monitoring devices market size was estimated at USD 4.5 billion in 2022 and is projected to expand further at a compound annual growth rate (CAGR) of 9.4% from 2023 to 2030. Increasing incidences of hypertension due to changing lifestyles are the key factor attributed to the growth of the market over the forecast period. According to estimates published by the World Health Organization (WHO) in 2019, around 1.28 billion people around the globe have hypertension, which is a major cause of premature death worldwide. The demand for BP monitors is very high on account of the growing geriatric population base and increasing risk of lifestyle-associated disorders among a wide population base due to the rising incidences of obesity & sedentary lifestyle.
Self-measured home blood pressure monitoring was vital even before COVID-19, and it is even more important now to maintain blood pressure under control. The American Heart Association and the American Society of Hypertension, as well as the European Society of Hypertension and the National Institute for Health and Care Excellence (NICE), strongly advise that blood pressure be monitored twice daily for seven consecutive days, preferably in the morning and evening, with two measurements taken 1–2 minutes apart on each occasion. This is fueling the demand for BP monitors. Initiatives taken by the government, such as public blood pressure monitoring programs to create awareness among people and maintain the database created by remotely operational BP monitors are expected to propel further growth during the forecast period.
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Multiparameter Patient Monitoring System Market Insights
The global multiparameter patient monitoring system market size was valued at USD 11.56 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. The market growth is primarily driven by the increasing demand for early diagnosis and treatment of chronic illnesses, the growing need for real-time patient monitors in critical care units, utilizing data points for enhanced clinical decisions, and providing hospital-like care in home care settings. The growth trajectory faced a few obstacles during the covid-19 pandemic. According to the CDC, in March 2020, regulators & health authorities ordered all private clinics and ambulatory care centers to stop screening patients, except for emergency procedures, resulting in high revenue loss across the health sector. Despite such obstacles, the COVID-19 epidemic has had a positive effect on the multiparameter monitoring devices industry.
During the pandemic, the monitoring of oxygen saturation and respiration rate remained key to determining the impact on lung tissue. Some studies had advised that post-COVID-19 infection, some patients may suffer from heart disorders across all regions, and remote multiparameter patient monitoring was advised as the most favorable option to evaluate and treat patients.
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.
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