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Patient monitoring devices are used to monitor the functional signs of a patient and related problems. It is important to monitor temperature, blood pressure, oxygen permeation, level of consciousness, discomfort, pulse, respiration rate, and urine output with the help of such devices. These devices correctly assemble and display physiology data of the patients suffering from various types of diseases such as cardiovascular diseases and diabetes on a consistently, which helps the doctors to take an immediate and exact course of action. Moreover, with the advancements in wireless technology, these devices can be used to monitor the physical elements of the patients distantly. Rising occurrences of prolonged diseases due to growth in the geriatric population, lifestyle changes, and preference for remote monitoring devices are anticipated to drive the patient monitoring device's market size over the next few years.
Diseases such as cancer, diabetes, cardiac diseases, and increased expendable incomes are anticipated to provide momentum for monitoring devices and develop the scope of this health service sector. According to the World Health Organization (WHO), cardiovascular disease (CVD) is the major cause of death globally. Moreover, around 422 million people are estimated to have diabetes worldwide as per WHO. Moreover, lack of physical exercise, changes in lifestyle, and increased consumption of junk food are anticipated to increase the occurrence of serious health conditions in all the regions. The development of digital technology based solutions is leading trend witnessed in the market.
However, the high cost associated with this technology is expected to hamper the global patient monitoring devices market growth.
Key Market Driver -
Increase in prevalence of chronic diseases, lifestyle related disorders, and technological advancements are projected to boost the market growth
Key Market Restraint -
High cost associated with these devices is likely to hinder the growth of market
The patient monitoring devices market can be segmented by the type of devices, end-user and region. Based on the type, the market can be segmented into cardiac monitoring devices (ECG devices, implantable loop recorders, cardiac output monitors, event monitors, smart wearable ECG monitors, and others), neuromonitoring devices (EEG machines, EMG machines, ICP monitors, MEG machines, TCD machines, cerebral oximeters, and others), respiratory monitoring devices (pulse oximeters, capnography, spirometers, peak flow meters, and others), multi-parameter monitoring devices (low-acuity monitors, mid-acuity monitors, high-acuity monitors, and others), fetal and neonatal monitoring devices (fetal monitoring devices, neonatal monitoring devices, and others), hemodynamic monitoring devices (disposables, devices, and others), temperature monitoring devices (digital, temperature strips, infrared, analog, and others), weight monitoring devices (digital, analog, and others). Based on the end-users, the market can be divided into hospitals, ascs/clinics, home, and others.
Geographically, patient monitoring devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global patient monitoring devices report includes Abbott, Medtronic, GENERAL ELECTRIC COMPANY, Omron Healthcare, Inc., F. Hoffmann-La Roche Ltd, Biotronik, Inc., Masimo, NIHON KOHDEN CORPORATION, Johnson & Johnson Services, Inc., Koninklijke Philips N.V. and other prominent players.
North America is expected to account for the major market share and is also anticipated to retain its ascendancy throughout the forecast period. The region is projected to be a lucrative market for monitoring device manufacturers due to an increase in the prevalence of chronic diseases, increased consumption of an unhealthy diet, enormous healthcare expenditure, and advantageous health cover policies. Europe is anticipated to hold the second-largest share in the market. Factors such as compulsory contributory health insurance schemes, compulsory medical savings accounts, and increased healthcare expenditure are likely to influence the growth of the market in the European region. However, Asia Pacific possesses the high market potential for growth of the market due to the rise in the geriatric population, escalating incidences of heart diseases, growing prevalence of diabetes, and an increase in the purchasing power of the countries of this region. Moreover, fast-growing startup space in this region stimulated by the influx of capital is anticipated to encourage added research and development efforts toward building advanced healthcare technologies that are likely to boost the growth of the market.
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