Patient Monitoring Devices Industry Data Book - Remote Patient Monitoring, Vital Sign Monitoring Devices, Blood Pressure Monitoring Devices and Multiparameter Patient Monitoring System Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030
The global Patient Monitoring Devices Industry was valued at USD 29.1 billion in 2022 and is anticipated to increase at a significant CAGR of 10.0% from 2023 to 2030.
The patient monitoring devices industry databook compiled by Grand View Research is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Blood Pressure Monitoring Devices Market Insights
The global blood pressure monitoring devices market size was estimated at USD 3.8 billion in 2022 and is projected to expand further at a compound annual growth rate (CAGR) of 9.6% from 2023 to 2030. Increasing incidences of hypertension due to changing lifestyles are the key factor attributed to the growth of the market over the forecast period. According to estimates published by the World Health Organization (WHO) in 2019, around 1.28 billion people around the globe have hypertension, which is a major cause of premature death worldwide. The demand for BP monitors is very high on account of the growing geriatric population base and increasing risk of lifestyle-associated disorders among a wide population base due to the rising incidences of obesity & sedentary lifestyle.
Self-measured home blood pressure monitoring was vital even before COVID-19, and it is even more important now to maintain blood pressure under control. The American Heart Association and the American Society of Hypertension, as well as the European Society of Hypertension and the National Institute for Health and Care Excellence (NICE), strongly advise that blood pressure be monitored twice daily for seven consecutive days, preferably in the morning and evening, with two measurements taken 1–2 minutes apart on each occasion. This is fueling the demand for BP monitors. Initiatives taken by the government, such as public blood pressure monitoring programs to create awareness among people and maintain the database created by remotely operational BP monitors are expected to propel further growth during the forecast period.
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Multiparameter Patient Monitoring System Market Insights
The global multiparameter patient monitoring system market size was valued at USD 11.56 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. The market growth is primarily driven by the increasing demand for early diagnosis and treatment of chronic illnesses, the growing need for real-time patient monitors in critical care units, utilizing data points for enhanced clinical decisions, and providing hospital-like care in home care settings. The growth trajectory faced a few obstacles during the covid-19 pandemic. According to the CDC, in March 2020, regulators & health authorities ordered all private clinics and ambulatory care centers to stop screening patients, except for emergency procedures, resulting in high revenue loss across the health sector. Despite such obstacles, the COVID-19 epidemic has had a positive effect on the multiparameter monitoring devices industry.
During the pandemic, the monitoring of oxygen saturation and respiration rate remained key to determining the impact on lung tissue. Some studies had advised that post-COVID-19 infection, some patients may suffer from heart disorders across all regions, and remote multiparameter patient monitoring was advised as the most favorable option to evaluate and treat patients.
Inpatient wards and intensive care units (ICU) both use multiparameter patient monitors to improve the patient's quality of life. Multiparameter monitoring is an essential part of critically ill patients, especially in emergency departments as the functional response to critical sickness is linked strongly to the outcome. The monitoring of critically ill patients using multiparameter monitors allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions. According to the Emergency Center, an estimated 136 million patients visit the emergency room each year in the U.S.
Go through the table of content of Patient Monitoring Devices Industry Data Book to get a better understanding of the Coverage & Scope of the study
Patient Monitoring Devices Industry Data Book Competitive Landscape
The industry is marked by the presence of various industry players. The market is highly fragmented and competitive in nature. Companies are focusing on strategic initiatives, such as the introduction of novel products through customization according to consumers’ needs, partnerships, collaborations, and mergers & acquisitions, to expand their product portfolio and extend leadership positions in the field of patient monitoring.
Key players operating in the Patient Monitoring Devices Industry are:
- Honeywell
- American Telecare
- Roche
- Philips Healthcare
- Bosch
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