Patient Monitoring Devices Market Scope
Market Research Future (MRFR) analysed the global market for patient monitoring devices market 2021 for the review tenure. As per MRFR data, the patient monitoring device market is likely to expand at 5.7% CAGR in the assessment tenure (from 2014 to 2022). By 2022, the patient monitoring devices market value is likely to touch considerable amount
Patient Monitoring Devices Market Drivers and Restraints
The rise of the global patient monitoring devices market can be attributed to the growing adoption of smart wearable devices that use sensors to provide results of high accuracy and reliability. The constant evolution of sensor technology and the increase in the adoption of smart wearables among the young generation are causes that can add to the patient monitoring devices market rise. Alongside, the growing health consciousness and personal care concerns is creating the adoption of such devices to track biometrics, such as; heart rate and calories burn, which, in turn, is driving the demand for wearable devices, such as fitness trackers and others. This can improve the market momentum. The introduction of the internet of things (IoT) technology and assistance of artificial intelligence for the upgradation of patient monitoring devices and increase their scope of application in areas other than healthcare and fitness, such as; consumer electronics, can favor the market.
Segment Analysis of Patient Monitoring Devices Market
The segment assessment of the global patient monitoring devices market is based on end-users and product type.
The product type-based segments of the patient monitoring device market are Portable bedside monitors, Central monitoring stations, Hemodynamic Monitoring Devices, Electrocardiogram (ECG) Devices, Weight management monitors, Fetal and neonatal monitors, Temperature monitoring devices, and Respiratory Monitors among others. The hemodynamic monitoring device segment is expected to garner decent revenue for the market of patient monitoring devices. The hemodynamic monitoring devices segment is likely to expand at decent pace in the review tenure.
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The end user-based segments of the global patient monitoring device market are Ambulatory care centers, Hospitals and clinics, and Home care among others. The outbreak of COVID 19 has resulted in the rapid adoption of home care solutions. The surge in the incorporation of patient monitoring devices in home care setup can benefit the market. Thus, the market is expected to thrive on the rapid growth of the home care segment.
Regional Analysis of Patient Monitoring Devices Market
North America patient monitoring device market is expected to surge as the patient pool is expanding. The US is anticipated to hold the largest market share of North America patient monitoring devices. In Europe, the UK is likely to spearhead the patient monitoring device market and earn substantial profit for the market. The patient monitoring device market in the Asia Pacific region is expected to rise at a rapid pace in the near future.
The growing awareness about the high efficacy of patient monitoring systems to measure, distribute, record, and display combinations of different biometric values, such as; blood oxygen saturation levels (SPO2), heart rate, temperature, and blood pressure is expected to benefit the market in North America. Top-notch companies, such as; Amazon, Google, and Apple, are tapping into the RPM market that is likely to result in drastic changes in the healthcare domain. This can also add to North America market growth. In Europe, the rise in applications of such devices as the need for monitoring patients regularly is increasing to avoid serious issues can favor the market rise in the years to come. In addition, the upsurge in the adoption of medical monitors by people in a home care setup to track issues and improvement in health conditions, remotely can prompt the market rise in the analysis tenure. In APAC, a notable surge in the adoption of remote patient monitoring (RPM) is observed, which is likely to earn high revenue in the years to come.
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Key Players for Patient Monitoring Devices Market
Honeywell International, Inc., Spacelabs Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., GE Healthcare, BIOTRONIK SE & Co. KG, Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, CAS Medical Systems, Inc., and Philips Healthcare are some top-notch companies that are profiled by MRFR, functioning in the patient monitoring devices market. The competitive assessment of the patient monitoring devices market reveals insights on the internal dynamics of each player, which aid new investors or existing stockholders to explore untapped resources and identify potential prospects. Start-ups refer to this report to expand their business and earn global recognition
