Patient monitoring devices market research report by 2020 to 2026
A research study conducted by Global Market Insights, Inc., suggests that patient monitoring devices market is likely to exceed the $32.6 billion mark by 2026, in terms of revenue.
Paradigm shift towards telehealth
services, primarily after the outbreak of COVID-19 will drive global patient
monitoring devices market trends. Increasing number of hospital admissions due
to escalating corona positive patients will create prospects for new
development. Over the past few years, prevalence of chronic diseases and
infections has risen which has also led to individuals demand for personal
patient monitoring devices, globally.
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Proliferation of advanced
technology in these devices will further boost product adoption. There have
been technological advancements in patient monitoring devices with the
integration of artificial intelligence backed computer vision. For instance, Mindray,
a Chinese medical device company launched ePM Series patient monitor in
February 2019. The device aided caregivers to accurately recognize
deteriorating patient health.
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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Growing
preference for telehealth services will directly impact the demand for wearable
monitoring devices, supporting industry expansion over the coming years. In
2019, revenues from the wireless segment reached USD 7 billion and is expected
to garner considerable gains over the coming years. Wireless monitoring devices
are gaining major popularity as they transmit vital signs to medical personnel
remotely, thereby reducing frequent hospital visits.
The
products offer quick and reliable data in real-time, leading to increased preference
for wireless monitoring devices. Also, these devices aid healthcare providers
to closely monitor critical patients or other high dependency patients such as
post-operative and rehabilitation and patients.
Patient
monitoring devices industry across respiratory monitoring devices segment held
6% of the overall market share in 2019. One of the majorly used respiratory
monitoring devices across hospitals is pulse oximeters as it can be utilized
for a new-born easily and provides alerts regarding drop in oxygen level.
Moreover, ease of use and cost-effectiveness of the product will further boost
product adoption among healthcare professionals and across medical facilities.
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In 2019, North America held 40%
of the patient monitoring devices industry 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.
Rising awareness pertaining to benefits
of wearable monitoring devices and their availability is supporting regional
patient monitoring devices market. Moreover, presence of large number of
manufacturers focused to developing advanced tools and machines will further
bolster business growth.
For instance, California-based
health focus technology startup, Movano Inc., was planning to roll out the
first needle-free wearable to monitor blood sugar level. Reportedly, the device
uses an onboard radio frequency-powered sensor for acquiring exact measurements
along with AI system and machine-learning for analyzing data.
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.
About Global Market
Insights:
Global Market Insights,
Inc., headquartered in Delaware, U.S., is a global market research and consulting
service provider; offering syndicated and custom research reports along with
growth consulting services. Our business intelligence and industry research
reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These
exhaustive reports are designed via a proprietary research methodology and are
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Global Market Insights, Inc.
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