In the year 2018 Global Patient Monitoring Market was valued at USD 26.08 Billion. By the year 2023, it is predicted to reach USD 37.44 Billion with pace of 7.5% CAGR.
Patient monitoring device is medical system which is used to collect medical and other forms of health data where the information will be transmitted to doctor or physician for clinical inspection. Patient monitoring device helps to monitor oxygen saturation, blood pressure, temperature, pain, pulse, urine output, and respiration rate. This patient monitoring is done with the help of LCD screen, CRT, or LED screen for displaying the related data.
Factors affecting market growth:
- Rise in the geriatric population. (+)
- Growth in the prevalence of patients suffering from chronic diseases. (+)
- Increase in adoption of Patient monitoring devices in hospitals, diagnostic centers, clinics and other healthcare services. (+)
- Introduction of new products like wireless technology devices or portable devices. (+)
- Mergers and Acquisition between pharmaceutical and other industries. (+)
- Collaborations between companies, hospitals, and other research institutions. (+)
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The Global Patient Monitoring Market is geographically segmented into
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
North America holds the largest market in global patient monitoring system due to presence of high-quality healthcare system, rising aging population, increasing of chronic diseases, advancement of technology and introduction of new products in patient monitoring devices.
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to rise in the geriatric population, improvement in the healthcare facilities, and increase in the purchasing power in the countries like India, China and Japan which is predicted to increase the market share for patient monitoring system.
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Major companies for Global Patient Monitoring Market are Honeywell International, Inc., Philips Healthcare, Smiths Medical, Medtronic PLC, Abbott Laboratories, Omron Corporation, Lifewatch AG, Roche Diagnostics, Boston Scientific Corporation, and Nihon Kohden Corporation.