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 growth can be attributed to the rising demand for monitoring devices used to measure, distribute, record, and display a combination of biometric values such as blood oxygen saturation level, temperature, and blood pressure. Since the COVID-19 pandemic, quarantining, and social distancing practices are implemented around the world. Due to this many people are avoiding frequent hospital visits.
A growing number of chronic disorders such as diabetes, stroke, and kidney disease increase the demand for patient monitoring devices. For instance, according to the World Health Organization (WHO), about 422.0 million people globally have diabetes. Major market players are investing in various strategies such as partnership, collaboration, innovation, launches, and mergers to grow the market. For instance, in August 2016, Roche launched the Accu-Check. It is a blood glucose monitoring system designed to make daily glucose monitoring easy.
Key Player Mentioned:
- Bosch
- Biotronik
- Intel
- Welch Allyn
- Health anywhere Inc.
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Product Segment Analysis:
- Blood Glucose Monitoring Systems
- Cardiac Monitoring Devices
- Multi-parameter Monitoring Devices
- Respiratory Monitoring Devices
- Temperature Monitoring Devices
- Hemodynamic/Pressure Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Neuromonitoring Devices
- Weight Monitoring Devices
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
The number of asthma patients, Chronic Obstructive Pulmonary Disease (COPD) patients, and the high prevalence of tobacco smoking are increasing rapidly. According to the WHO, around 235 million people suffer from asthma. This leads to an increase in the use of a peak flow meter that is used to measure the rate of respiration. It is easy to handle, carry, and remotely accessible that increases its demand for usage and thus, drives the market.
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Additionally, the growing preference for wearable and remote patient monitoring devices is also driving the market growth. Wearable devices play an important role in the diagnosis of various chronic diseases by combining clinical symptomology with essential vital signs. Thus, the use of wearable devices to combat COVID-19 has significantly increased.
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