Global Patient Monitoring Device Market Anticipated to Surpass $56,376.2 Million, Rising at 6.0% CAGR from 2021 to 2028 - Exclusive Report [266 Pages] by Research Dive

Rising demand for patient monitoring devices during COVID-19 pandemic is fueling the global patient monitoring device market growth. COVID-19 pandemic has positively impacted the market. The Asia-Pacific market is projected to observe speedy growth.

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Aug 27, 2021, 08:30 ET

NEW YORK, Aug. 27, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Global Patient Monitoring Device Market by Product Type (Blood Glucose Monitoring, Hemodynamic Monitoring, Neuromonitoring, Cardiac Monitoring, Fetal & Neonatal Monitoring, Respiratory Monitoring, Multi-parameter Monitoring, Remote Patient Monitoring, Weight Monitoring, and Temperature Monitoring Devices), End-users (Hospitals & Clinics, Home Settings, and Ambulatory Surgical Centers), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".

The Global Patient Monitoring Device Market is expected to garner $56,376.2 million by 2028, rising at a CAGR of 6.0% from 2021 to 2028. The report offers all-inclusive insights into the present condition and future scope of the industry by deeply analyzing market drivers, restraints, opportunities, major segments, and regions.

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Key Segment Findings of the Market:

The market is segmented on the basis of product, end-users, and region.

Among product segment, the blood glucose monitoring devices sub-segment is anticipated to dominate the market by surpassing $17294.6 million in the estimated period. This growth is chiefly because of the rising demand for these devices to check the sugar level in the blood samples of the diabetes patients.
Among end-users segment, the hospital & clinic sub-segment is estimated to lead the market by garnering $33,242.8 million in the projected period. This growth is mainly because of the rising hospital admission rates due to occurrence of several severe ailments like cardiac arrest, cancer, and surgeries owing to the unhealthy eating habits and sedentary lifestyle of people worldwide.
Among region, the Asia-Pacific region market is estimated to observe speedy growth and gather a revenue of $12,853.80 million, growing at a CAGR of 7.40% during the forecast period. This growth is mostly because of the continuously advancing healthcare infrastructure and services in this region.

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Market Dynamics

The key factors fueling the growth of the global patient monitoring device market are the increasing cases of chronic diseases including cardiac diseases and diabetes and rising rate of hospitalizations across the globe. Moreover, rising technological advancements in patient monitoring devices by various market players is estimated to open doors to innovative opportunities for the market growth in the projected period. However, huge costs involved in the procurement of patient monitoring devices is expected to impede the market growth during the forecast period.

Impact of the COVID-19 Pandemic on the Patient Monitoring Device Market:

The COVID-19 pandemic made an optimistic impact on the growth of the global patient monitoring device market in 2020. The rising spread of the COVID-19 virus is fueling the adoption of patient monitoring devices. Moreover, the governments of various regions are taking initiatives to offer patient monitoring devices at various healthcare centers and provide advanced services to the patients. All these factors are boosting the market growth in the crisis period.

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Top Players of the Patient Monitoring Device Industry

The major players of the global patient monitoring device industry are –

1. Masimo Corporation

2. Hill-Rom Holdings, Inc.

3. GE Healthcare

4. Abbott Laboratories

5. Koninklijke Philips N.V.

6. A&D Medicals

7. Edwards Lifesciences Corporation

8. Schiller Global

9. Omron Healthcare

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Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more are implemented by these players to attain a strong position in the global market.

For example, in February 2021, Royal Philips, a global health technology firm, launched the Philips Medical Tablet, a portable monitoring kit developed to aid clinicians remotely monitor huge pool of patients in emergency healthcare circumstances, such as the COVID-19 pandemic.

Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.

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