Global Patient Monitoring Devices Market is expected to grow at a CAGR of 6.4% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Patient Monitoring Devices Market by Product (Multiparameter Monitoring Devices, Respiratory Monitoring Devices, Fetal & Neonatal Monitoring Devices, Cardiac Monitoring Devices, Neuromonitoring Devices, Hemodynamic Monitoring Devices, Urine Output Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices, Remote Patient Monitoring Devices), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global patient monitoring devices market is expected to grow from USD 25.63 billion in 2019 to USD 42.10 billion by 2027, at a CAGR of 6.4% during the forecast period 2020-2027. Asia-Pacific has the largest share of Patient Monitoring Devices Market and is expected to grow at a higher rate due to increased purchasing power, rise in the geriatric population, improved healthcare infrastructure and prevalence of lifestyle diseases.
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Key players in the global patient monitoring devices market are Biotronik, GE Healthcare Ltd., Nihon Kohden Corporation, Omron Healthcare Co. Ltd., Koninklijke Philips N.V., Siemens Healthcare, Care Innovations, St. Jude Medical Inc., Medtronic Inc., Masimo Corporation, Abbott Laboratories, Honeywell International Inc., Smiths Medical, F. Hoffmann-La Roche Ltd., Lifewatch AG LLC. And Johnson & Johnson. Technological innovations and advancements are also driving the growth of the market. Hence, key players are focusing more on investing in research and development. Key players are focusing on mergers, collaborations, strategic partnerships and acquisitions. Companies are also launching an innovative product in order to expand the product portfolio.
The product segment includes multi-parameter monitoring devices, respiratory monitoring devices, fetal & neonatal monitoring devices, cardiac monitoring devices, neuromonitoring devices, hemodynamic monitoring devices, urine output monitoring devices, temperature monitoring devices, weight monitoring devices and remote patient monitoring devices. In multi-parameter monitoring devices market, low-acuity monitors are projected to hold the largest share. It is used to monitor vital signs and can be placed in ambulatory care, as well as homes for longer duration. Cost-effective and multi-parameters are contributing in the growth of the market. Increased use of home and remote patient monitoring is also driving the market. Hemodynamic monitoring devices are further segmented into disposables and systems. Repeat purchases of single-use products are driving the growth of the market. Fetal and neonatal monitoring devices are used to avoid complications during and after birth. It has reduced low-weight births and preterm births. The demand for fetal and neonatal monitoring devices is expected to increase due to exponential population growth and high number of preterm fatalities. Moreover, growing awareness about mercury pollution, rise in the number of global initiatives, risk of exposure to mercury and technological advancements are contributing in the growth of temperature monitoring devices. Also, electronic, digital and infrared thermometers are driving the growth of the market. Weight monitoring devices are further segmented into digital and analogue weighing scales. It is driving the weight monitoring segment due to an increased in the obese population, which is leading to the chronic health disorders.
Patient monitoring device has various growth opportunities due to a rise in the adoption of tools, increased in the number of patient population. Surgical procedures are enhanced in emerging countries due to a surge in medical tourism, the presence of regulatory environment, target patient population. Developing countries are contributing to the growth of the patient monitoring devices market due to convenience and features of monitoring devices along with the increasing prevalence of breathing, neuro and heart diseases.
About the report:
The global patient monitoring devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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