New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) — Research Dive has released a new report on the global patient monitoring devices market. According to the report, the global market is expected to exceed $56,376.2 million and grow with a CAGR of 6.0% over the estimated time period, 2021-2028. This comprehensive report provides a comprehensive overview of the current and future status of the Patient Monitoring Devices market stating its key features including growth drivers, growth opportunities, limitations and developments during the forecast period . The report also offers all the required and vital market statistics to help new players get an insight into the state of the global market.
Factors Impacting the Growth of Patient Monitoring Devices Market:
The growth of the global patient monitoring devices market is driven by the rising prevalence of chronic diseases such as heart disorders and diabetes among the geriatric population globally. Additionally, hospitalizations and emergency department admissions are increasing due to serious health conditions such as cancer and heart problems. As a result, the demand for patient monitoring devices is also increasing, which is fueling the growth of the market. Additionally, the growing technological improvements in the manufacturing of patient monitoring devices are expected to reveal profitable opportunities for market growth over the estimated time frame. However, the high costs of patient monitoring devices are expected to hamper the market growth in the coming years.
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Impact of the COVID-19 pandemic on the market:
Sharp rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global Patient Monitoring Devices market. The pandemic has increased the number of patients worldwide at a rapid rate, which has triggered the demand for advanced patient monitoring devices. Additionally, government bodies in various countries have taken initiatives to come up with patient monitoring devices to provide advanced healthcare services to patients, which has propelled the market growth during the pandemic period.
The report segments the global patient monitoring devices market on the basis of product, end-user, and region.
Blood Glucose Monitoring Devices Sub-segment to Hold Dominant Market Share
The Blood Glucose Monitoring Devices sub-segment of the Products segment is expected to reach $17,294.6 million during the estimated period. This growth is mainly due to the growing demand for glucose monitoring devices to monitor sugar levels in blood samples from the rapidly increasing number of diabetes patients worldwide.
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The outpatient services sub-segment will see notable growth
The outpatient services sub-segment of the end-user segment is expected to exceed $9,447.80 million over the estimated period. This growth is mainly due to the growing preference of patients for a shorter length of stay in hospitals as well as lower expenses as treatment in outpatient departments is affordable compared to hospitals.
Asia-Pacific Patient Monitoring Devices Market to Grow Rapidly
The report examines the Global Patient Monitoring Devices Market across many regions including Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is expected to witness high growth harvesting USD 12,853.80 million during the forecast period. The growth of this regional market is mainly due to the increasing occurrence of hemophilia in countries such as India and China and the growing geriatric population which is highly vulnerable to diseases due to low levels of immunity in the body.
Major Players in Patient Monitoring Device Market:
The report lists some of the major players operating in the global Patient Monitoring Devices market including
- Edwards Life Sciences Society
- Omron Health
- Koninklijke Philips NV
- Masimo Company
- Hill-Rom Holdings, Inc.
- GE Healthcare
- A&D Medicals
- Abbott Laboratories
- Global Schiller
These players take various initiatives such as investments in new product launches, strategic alliances and collaborations, etc. to get a head start in the global market.
For example, in May 2022, Novant Health, a leading healthcare provider, partnered with Health Recovery Solutions, a provider of advanced remote monitoring and telehealth solutions for healthcare providers and patients. payers, to launch a remote patient monitoring system to improve healthcare delivery and improve outcomes. .
In addition, the report provides extensive industry insights such as major strategic initiatives and developments, new product launch, business performance, Porter’s Five Forces analysis and SWOT analysis of key players operating in the world market.
North America Patient Monitoring Devices Market to Be Most Dominant (Customization Demand)
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