Patient Monitoring Devices Market to Surpass $43.1 Billion, by 2031 at 6.8% CAGR: Coherent Market Insights
CMI
6 min read
CMI
Patient monitoring devices are essential tools in healthcare, designed to continuously measure and record vital biometric parameters such as heart rate, blood oxygen saturation (SPO2), blood pressure, and body temperature. These devices play a crucial role in regular patient monitoring, aiding in the early detection and prevention of potential health complications.
Burlingame, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Patient Monitoring Devices Market, By Device Type (Respiratory and Anesthesia Monitors, Neuro Monitoring Devices, Hemodynamic Monitor, Fetal and Neonatal Monitors, Cardiac Monitors, Multi- Parameter Monitors, and Others (Temperature and Weight Monitors, etc.)), By End User: Global Opportunity Analysis and Industry Forecast, 2024–2031.". According to the report, the global walking assist devices market was valued at $27.3 billion in 2023 and is estimated to reach $43.1 billion by 2031, exhibiting a CAGR of 6.8% from 2024 to 2031.
Increase in the prevalence of chronic diseases such as diabetes is expected to drive the global patient monitoring devices market for the forecast period. For instance, according to the data published by U.S. Department of Health & Human Services, in June 2022, the estimates suggest that 37.3 million people, or 11.3% of the U.S. population had diabetes in 2021.
Key Trends and Analysis:
Increase in the prevalence of chronic diseases
Increase in the prevalence of chronic diseases such as cardiovascular diseases is expected to drive the global patient monitoring devices market for the forecast period. For instance, according to the data published by Journal of the American College of Cardiology, in December 2022, high systolic blood pressure remains the leading risk factor for cardiovascular deaths, accounting for 10.8 cardiovascular deaths globally, in 2021. Moreover, according to same source, Ischemic heart disease was responsible for 9.4 million death in 2021, globally.
Increase in the collaboration among key market player
Increase in inorganic growth strategies such as collaboration, partnership and other, among key market players in order to launch patient monitoring devices and system is expected to drive the market growth for the forecast period. For instance, in January 2023, Senet, a provider of cloud-based software and services platforms for healthcare organizations, and Telli Health, a medical remote patient monitoring devices manufacturer, jointly announced that they have launched the first remote patient monitoring (RPM) hardware powered by LoRaWAN. This device will connect remote patient with its caregiver or physicians.
Key Market Takeaways:
The global patient monitoring devices market is expected to exhibit a CAGR of 6.8% during the forecast period, owing to the increase in the prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD). For instance, according to an article published in the National Library of Medicine, December 2022, COPD affects 1 in 10 of the adult global population and is one of the commonest causes of death worldwide.
On the basis of regions, North America is estimated to account for the largest market share in the global patient monitoring devices market over the forecast period, due to the increase in the number of chronic diseases in this region. For instance, according to the data published by Centers of Disease Control and Prevention, on May 15, 2023, one person dies every 33 seconds in the U.S. from cardiovascular disease, and about 695,000 people in the U.S. died from heart disease in 2021.
Key players operating in the global patient monitoring devices market include 3M, Boston Scientific Corporation, Covidien, Drägerwerk AG and Co. KGaA, GE Healthcare, Medtronic Plc, Mindray Medical, Omron, Nihon Kohden Corporation, Biotricity Inc., Natus Medical Incorporated., Koninklijke Philips N.V., and DexCom, Inc.
Market Opportunity:
Increasing product approval by regulatory authority
Key market players are focused on receiving approval from regulatory authority such as U.S. FDA for their patient monitoring devices and systems. This is expected to create future growth opportunity for the global patient monitoring devices market. For instance, on March 9, 2023, LivaNova PLC, a U.K.-based medical device manufacturing company, announced that they have received U.S. Food and Drug Administration (FDA) 510(k) clearance for its Essenz Heart-Lung system for patient monitoring during cardiopulmonary bypass (CPB) procedures.
Market Restraint:
High cost of patient monitoring devices
The factor that can limit the growth of the global patient monitoring devices market is high cost associated with patient monitoring monitors such as cardiac monitors. For instance, according to TenTabs, an online store for medical, surgical and laboratory equipment, Goldway Multipara Patient Monitor manufactured by Koninklijke Philips N.V., a Netherland-based medical technology company, cost around US$ 3,000 to US$ 3,660
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
