Product Code: RP-ID-10352065 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10352065
Market Overview:
Global Patient Monitoring Device Market Analysis & Outlook 2030
The global patient monitoring equipment market in 2021 is estimated at USD 28 billion and is expected to expand at a compound annual growth rate of 5% from 2022 to 2030. The patient monitoring system is used to measure, record, distribute and display biometric values ​​such as heart rate, blood oxygen saturation (SPO2), blood pressure and temperature. They are used to monitor patients on a regular basis, which helps prevent serious problems. In addition, according to IHS (Information Processing Service) data, by 2020, it is estimated that more than 4 million patients will remotely monitor their health. This is a 34% increase over remote patient monitoring (RPM). In addition, technology giants such as Google, Apple, and Amazon are entering the RPM market; leading to huge changes in healthcare. Although most markets are declining, the COVID-19 outbreak has had a positive impact on several healthcare-related markets, one of which is patient monitoring equipment. Today, the patient monitoring equipment market is experiencing tremendous growth. Because these play a vital role in fighting the pandemic and monitoring patients. Patient monitoring equipment, including heart monitors, breathing equipment, and temperature monitoring equipment, are in great demand due to their wide range of applications in treating patients. The main factors contributing to market growth include the increase in the elderly population and the increasing popularity of remote patient monitoring equipment. In addition, the increase in the prevalence of patients suffering from different lifestyle-related diseases (such as diabetes, cancer, and atherosclerosis) has also contributed to the growth of the patient monitoring equipment market.
In addition, cooperation between companies, hospitals and academic institutions is expected to lead to the launch of new products, which will help increase market revenue and drive market growth. However, the costs associated with this technology and lack of patient awareness hindered the growth of the market. In addition, government regulations and reimbursement issues will also hinder the growth of the patient monitoring equipment market.
Global market segmentation of patient monitoring equipment:
The global market for patient monitoring equipment is segmented by product type, end user, and region. According to the product type, it is divided into hemodynamic monitoring, nerve monitoring, heart monitoring, fetal and neonatal monitoring, respiratory monitoring, multi-parameter monitoring, remote patient monitoring, body weight monitoring, body temperature monitoring and other equipment. On the basis of end users, it is divided into hospitals, home environments, and outpatient surgery centers. Regarding the region, we analyzed the markets of North America, Europe, Asia Pacific and LAMEA.
Segment review: From the perspective of product types, the cardiac monitoring equipment segment occupies a dominant position in the patient monitoring equipment market, accounting for about 25% of the global market value in 2020, and its dominant position in the market will continue throughout the forecast period. It is estimated that USD 13 billion will be raised by 2030, with a compound annual growth rate of 5% from 2022 to 2030. This is attributable to the global annual increase in the prevalence of various cardiovascular diseases such as congestive heart failure and stroke. Because remote patient monitoring equipment can remotely monitor key parameters of patients, this market segment is rapidly becoming popular among patients with chronic diseases such as diabetes, hypertension, and chronic respiratory diseases. Therefore, it is expected to be the fastest growing segment, with a compound annual growth rate of 5% from 2022 to 2030.
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