Patient Monitoring Devices Market to Reach Almost USD 38 Billion by 2028 Due to Increased Chronic Diseases

By HospiMedica International staff writers
Posted on 25 Oct 2021

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The global patient monitoring devices market is projected to reach close to USD 38 billion by 2028, driven primarily by increasing prevalence of chronic diseases and technological advancements.

These are the latest findings of Coherent Market Insights (Seattle, Wash., USA), a market research firm.

Patient monitoring devices, also called medical monitors, are medical instruments that allow health care professionals to remotely monitor the vital signs of a patient, including pulse rate, blood pressure, skin temperature, and respiration, using small, wireless transmitter-receivers that are carried or worn by the patient. These transmitter-receivers are typically attached to a belt or other personal item that enables the caregiver to readily check a patient's vital signs. This enables the caregiver to quickly identify any irregularities in the patient's bodily functions, such as a falling temperature or persistent sweating. Some monitoring systems come with extra sensors that can detect when a patient moves, making it possible to instantly inform the medical professional that something isn't working according to normal.

The increasing prevalence of chronic diseases is expected to drive the growth of the global patient monitoring devices market during the forecast period. Chronic diseases such as cancer, hypertension, cardiovascular diseases (CVD), and diabetes are on the rise. According to the World Health Organization (WHO), in 2018, around 9.6 mn died due to cancer with over 300,000 new cases of cancer being diagnosed each year among children aged 0-19 years across the globe. According to the same source, around 17.9 mn people die each year from cardiovascular disease worldwide. Patient monitoring devices such as wearable heart monitors, glucose monitors, skin patches, and Bluetooth-enabled scales aid clinicians keep track of patients' health constantly.

Additionally, technological advancements are expected to propel the global patient monitoring devices market growth over the forecast period. Patient monitoring systems have improved significantly over the years with the availability of IoT-enabled devices, shoes, belts, non-invasive devices, and wearable to monitor different organs of the human body. These devices are easy to wear and can provide real-time data and analysis of the human body, enabling clinicians to provide prompt healthcare service.

Moreover, the increasing demand for non-invasive or minimally invasive devices will present lucrative growth opportunities for market growth. Patients are more inclined towards non-invasive or minimally invasive devices as these devices provide painless recording of different parameters such as blood pressure, pulse oximeter, electrocardiogram, oxygen analyzer, and more. Also, the rising demand for patient monitoring devices in non-hospital settings will provide significant business opportunities for the global patient monitoring devices market. There are various patient monitoring devices that can be used in non-hospital settings such as glucose monitor, pulse oximeter, and infrared temperature gun. As a result, the adoption of these devices has increased in the home, commercial, and industrial settings as well.

Cardiac monitoring systems are witnessing high demand. According to the WHO, cardiovascular disease (CVD) is the major cause of death across the globe. As a result of this, the demand for cardiac monitoring systems has increased across hospitals and clinics. With rising cases of CVD combined with the launch of new products and proactive government initiatives, cardiac monitoring systems are expected to witness high demand over the forecast period. Geographically, the North American patient monitoring devices market is expected to witness significant growth owing to increasing incidence of chronic diseases such as cancer and CVD, coupled with the presence of robust healthcare facilities in the region.

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Coherent Market Insights