Patient Monitoring Devices Market | Huge Demand, Future Scope & Forecast to 2028 | Key Players: Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik | Grand View Research, Inc.

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According to a new report published by Grand View Research, since the COVID-19 pandemic, quarantining, and social distancing practices are implemented around the world. Due to this many people are avoiding frequent hospital visits. As such times many people require routine monitoring of their oxygen level and temperature at home to keep track of their health. Thereby, demanding monitoring devices at home.

The global patient monitoring devices market size is expected to reach USD 73.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to 2028. The growth is attributed to technological advancement in patient monitoring devices as well as the increasing number of hospital admissions globally.

The COVID-19 has increased the demand for monitoring devices at home and reduced frequent visits to hospitals. The situation has also changed consumer behavior, purchasing, and demand pattern. The COVID-19 pandemic has brought into sharp focus the need to harness and leverage digital infrastructure for remote patient monitoring. Besides, the combination of remote patient monitoring and telehealth is likely to improve the delivery of at-home healthcare.

Supporting initiatives by the private and public sectors to help COVID-19 patients globally is also driving the market. For instance, the World Health Organization in February 2021, has distributed 30,000 oxygen concentrations globally. Also, Invacare Corporation witnessed 72.2% sales of respiratory products in the fourth quarter of 2020.

Besides, there has been an increase in the prevalence of chronic diseases such as cancer, diabetes, and hypertension across the globe. According to the Centers for Disease Control and Prevention (CDC), over 100.0 million people have hypertension in the U.S. this further increased risk of heart disease. A growing number of such disorders globally is increasing the demand for patient monitoring devices.

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Patient Monitoring Devices Market Report Highlights

The cardiac monitoring devices segment accounted for the largest revenue share of 19.5% in 2020 owing to the high demand for wearable cardiac monitoring devices. The system records patient’s physiological data via wearable sensors, for instance, measuring the oxygen level and pulse rate
The blood glucose monitoring devices segment is expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients who require monitoring devices to keep track of their health
The hospitals segment accounted for the largest revenue share of 51.3% in 2020 due to the high demand for various monitoring devices to monitor patients at hospitals
North America dominated the market and accounted for the largest revenue share 42.7% in 2020 owing to the presence of dominant market players, well-established reimbursement policies, high healthcare expenditure, and high adoption rate of advanced medical technologies

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Patient Monitoring Devices Market Segmentation

Grand View Research has segmented the global patient monitoring devices market on the basis of product, end-use, and region:

Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2016 – 2028)

Blood Glucose Monitoring Systems
Self-monitoring Blood Glucose Systems
Continuous Glucose Monitoring Systems
Cardiac Monitoring Devices
ECG Devices
Implantable Loop Recorders
Event Monitors
Mobile Cardiac Telemetry Monitors
Smart/Wearable ECG Monitors
Multi-parameter Monitoring Devices
Low-acuity Monitoring Devices
Mid-acuity Monitoring Devices
High-acuity Monitoring Devices
Respiratory Monitoring Devices
Pulse Oximeters
Spirometers
Capnographs
Peak Flow Meters
Temperature Monitoring Devices
Handheld Temperature Monitoring Devices
Table-top Temperature Monitoring Devices
Wearable Continuous Monitoring Devices
Invasive Temperature Monitoring Devices
Smart Temperature Monitoring Devices
Hemodynamic/Pressure Monitoring Devices
Hemodynamic Monitors
Blood Pressure Monitors
Disposables
Fetal & Neonatal Monitoring Devices
Fetal Monitoring Devices
Neonatal Monitoring Devices
Neuromonitoring Devices
Electroencephalograph Machines
Electromyography Machines
Cerebral Oximeters
Intracranial Pressure Monitors
Magnetoencephalograph Machines
Transcranial Doppler Machines
Weight Monitoring Devices
Digital
Analog
Other Patient Monitoring Devices

Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2016 – 2028)

Hospitals
Ambulatory Surgery Centers
Home Care Settings
Others

Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2016 – 2028)

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
China
Japan
India
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Saudi Arabia
South Africa
UAE

List of Key Players of Patient Monitoring Devices Market

Honeywell
American Telecare
Roche
Philips Healthcare
Bosch
Biotronik
Intel
Welch Allyn
Health anywhere Inc.
Johnson & Johnson
Covidien Plc.

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About Grand View Research

 

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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