Patient Monitoring Devices Market: Global Industry Analysis and Outlook, 2028

The global patient monitoring devices market size was valued at USD 37.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028.

The global Patient Monitoring Devices Market size is expected to reach USD 73.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to 2028. The growth is attributed to technological advancement in patient monitoring devices as well as the increasing number of hospital admissions globally.

The COVID-19 has increased the demand for monitoring devices at home and reduced frequent visits to hospitals. The situation has also changed consumer behavior, purchasing, and demand pattern. The COVID-19 pandemic has brought into sharp focus the need to harness and leverage digital infrastructure for remote patient monitoring. Besides, the combination of remote patient monitoring and telehealth is likely to improve the delivery of at-home healthcare.

Supporting initiatives by the private and public sectors to help COVID-19 patients globally is also driving the market. For instance, the World Health Organization in February 2021, has distributed 30,000 oxygen concentrations globally. Also, Invacare Corporation witnessed 72.2% sales of respiratory products in the fourth quarter of 2020.

Besides, there has been an increase in the prevalence of chronic diseases such as cancer, diabetes, and hypertension across the globe. According to the Centers for Disease Control and Prevention (CDC), over 100.0 million people have hypertension in the U.S. this further increased risk of heart disease. A growing number of such disorders globally is increasing the demand for patient monitoring devices.

Related Press Release@ Patient Monitoring Devices Market Report

Patient Monitoring Devices Market Report Highlights

• The cardiac monitoring devices segment accounted for the largest revenue share of 19.5% in 2020 owing to the high demand for wearable cardiac monitoring devices. The system records patient’s physiological data via wearable sensors, for instance, measuring the oxygen level and pulse rate
• The blood glucose monitoring devices segment is expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients who require monitoring devices to keep track of their health
• The hospitals segment accounted for the largest revenue share of 51.3% in 2020 due to the high demand for various monitoring devices to monitor patients at hospitals
• North America dominated the market and accounted for the largest revenue share 42.7% in 2020 owing to the presence of dominant market players, well-established reimbursement policies, high healthcare expenditure, and high adoption rate of advanced medical technologies