Global Patient Monitoring Devices Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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The global patient monitoring devices market is expected to grow from $13.8 billion in 2019 to $14.8 billion in 2020 at a compound annual growth rate (CAGR) of 7.4%. The growth can be contributed to the expanded use of certain remote monitoring devices such as temperature monitoring devices for patient monitoring during the COVID-19 pandemic. The FDA has given clearance to some of the noninvasive remote monitoring devices (including body temperature monitors, continuous glucose monitors) that are used to support patient monitoring, considering public health emergency, without prior submission of a premarket notification. The quick approvals and the use of temperature monitoring devices at hospitals, home and different locations where there is mass gathering, is certain to contribute to rapid growth of this market. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $18.7 billion in 2023.
The patient monitoring devices market consists of the sales of patient monitoring devices and related services by entities (organizations, sole traders and partnerships) that manufacture patient monitoring devices used for monitoring vital health parameters. This industry includes establishments that manufacture fetal and neonatal monitoring devices used to monitor heart rates in neonates and pregnant mothers, body weight and temperature monitoring devices, vital parameter monitoring devices used during surgeries, and remote patient monitoring devices.
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The global patient monitoring devices market is further segmented based on type, end-user, type of expenditure, by product and geography.
By Type: Fetal And Neonatal Monitoring Devices, Weight Monitoring And Body Temperature Monitoring Devices And Equipment, Vital Parameter Monitoring Devices And Equipment, Remote Patient Monitoring Devices And Equipment.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
Subsegments Covered: Fetal Monitoring Devices, Neonatal Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices, Cardiac Monitoring Devices, Neuromonitoring Devices, Respiratory Monitoring Devices, Hemodynamic Monitoring Devices, Multiparameter Monitoring Devices, Cardiac Monitors, Respiratory Monitors, Hematological Monitors, Vital Parameter Monitors And Others.
By Geography: The global patient monitoring devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American patient monitoring devices market accounts for the largest share of 34% in the global patient monitoring devices market.
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Trends In The Patient Monitoring Devices Market
Internet of Things (IoT) is increasingly being adopted in the healthcare industry for the manufacturing of remote patient monitoring devices. An IoT based patient health monitoring system effectively uses the internet to track a patient’s health condition with the help of sensor systems that are implanted or embedded into the skin and enabled with wireless communication. They transmit patients’ physiological parameters via cloud-based platforms aiding healthcare professionals to remotely measure the patient’s condition. The increased use of mobile technologies and smart devices by health experts pushed the development of IoT enabled remote patient monitoring devices.
Patient Monitoring Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides patient monitoring devices market overviews, analyzes and forecasts market size and growth for the global patient monitoring devices market, patient monitoring devices market share, patient monitoring devices market players, patient monitoring devices market segments and geographies, patient monitoring devices market’s leading competitors’ revenues, profiles and market shares. The patient monitoring devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.