The global patient monitoring devices market is projected to observe massive growth over the coming years due to the growing prevalence of chronic diseases among the global population. In addition, various technological advancements in patient monitoring devices to improve the level of convenience for doctors and patients are propelling the overall market size.
A report suggests that global patient monitoring devices market size will exceed USD 32.6 billion in terms of annual valuation by 2026. Preference for telehealth services has also increased due to costs savings and easy exchange of data among healthcare professionals and patients remotely. Apart from reducing the number of hospital visits, are cost-effectiveness and time saving, telehealth services reduce the risk of HAIs, which are on rise currently due to COVID-19 pandemic.
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With respect to product, the respiratory monitoring devices market is estimated to foresee an immense rate of adoption through the projected timeframe due to the growing use of pulse oximeters. In 2019, the segment accounted for an industry share of more than 6%. Pulse oximeters are specifically useful when it comes to new-born babies as it effectively notifies the hospital staff about any drops in the baby’s oxygen levels. Additionally, pulse oximeters are also more affordable and easy to use for medical facilities and healthcare professionals, which is further augmenting their demand.
In terms of type, the patient monitoring devices market is categorized into wireless, and conventional devices. In 2019, the wireless segment held a valuation of more than $7 billion. Wireless monitoring devices provide crucial data to concerned medical personnel remotely, thereby eliminating the need for additional hospital visits.
In 2019, North America held 40% of the patient monitoring devices market share due to the growing prevalence of cardiac disorders and associated requirement for cardiac monitoring devices. As per CDC (Centers for Device Control and Prevention), more than 18.2 million adults aged 20 and more were affected by coronary artery disease in 2019.
Key companies in the patient monitoring devices market are also turning to acquisitions to significantly grow their respective product portfolios and effectively expand their reach. Taking July 2020 for instance, medical device giant Medtronic acquired Cardiocom for $200 million in an all-cash transaction to foray into the field of remote health monitoring. Cardiocom’s technology offers healthcare providers the ability to monitor crucial patient data remotely.
Key providers of patient monitoring devices worldwide include Siemens, Philips, OSI Systems, GE Healthcare, Nihon Kohden, Medtronic, Medtronic, Fukuda, Hill-Rom Holdings, Epsimed, Mindray, Skanray Technologies, Medion Healthcare, Opto India and Sensata Technologies among others.
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Partial Chapter of the Table of Content
Chapter 5. Patient Monitoring Devices Market, By Type
5.1. Key segment trends
5.2.1. Market size, by region, 2015-2026 (USD Million)
5.3.1. Market size, by region, 2015-2026 (USD Million)
Chapter 6. Patient Monitoring Devices Market, By End-use
6.1. Key segment trends
6.2.1. Market size, by region, 2015-2026 (USD Million)
6.3. Ambulatory Surgical Centers (ASCs)
6.3.1. Market size, by region, 2015-2026 (USD Million)
6.4. Homecare settings
6.4.1. Market size, by region, 2015-2026 (USD Million)
6.5.1. Market size, by region, 2015-2026 (USD Million)
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