Patient Monitoring Devices Industry To Grow Due To Rapid Advancements In At-Home Treatments For Chronic DiseasesPosted by Jyoti on September 12th, 2023 ![]() Patient monitoring devices industry data book covers remote patient monitoring, vital sign monitoring devices, blood pressure monitoring devices and multiparameter patient monitoring system market.
Remote Patient Monitoring System Market Insights
North America dominated the global industry in 2022 and accounted for the largest share of more than 41.3% of the overall revenue. The region is likely to expand further at a steady CAGR maintaining its leading position throughout the forecast period. The growing geriatric population, rising occurrences of interminable disorders, and developing interest in remote and wireless devices combined with streamlined coverage policies are the main considerations credited to its share. The region also has high awareness and access to healthcare services with strong reimbursement coverage for essential medical devices, thereby leading to high demand. Order your copy of the Free Sample of “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” Data Book, published by Grand View Research Blood Pressure Monitoring Devices Market insights The global blood pressure monitoring devices market size was valued at USD 3.8 billion in 2022 and is expected to expand at a 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. North America held the largest revenue share of more than 39.60% in 2022 as it has a highly regulated & developed healthcare infrastructure. Increasing investments in the development of accurate and effective BP monitors is the key factor expected to contribute to the market growth of BP monitoring devices in the coming years. Moreover, new product launches along with technological advancements are further expected to fuel the industry's growth. For instance, in February 2020, Hillrom announced the commercial launch of a new device, the Welch Allyn Spot Vital Signs 4400, which is an easy-to-use next-generation vital signs device used to improve hypertension detection in ambulatory & emergency department settings. Asia-Pacific, on the other hand, is expected to expand at the fastest CAGR over the forecast period. Multiparameter Patient Monitoring System Market Insights The global multiparameter patient monitoring systems market size was valued at USD 11.5 billion in 2022 and is expected to expand at a 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.
Patient Monitoring Devices Industry Data Book Competitive Landscape The industry growth is directly associated with the rising investments by manufacturers in the development of cost-effective, innovative products, and the rising prevalence of chronic diseases. The industry is marked by the presence of various industry players. The market is highly fragmented and competitive in nature.
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