The “Patient Monitoring Devices Market by Product (EEG, MEG, TCD, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitoring, MCOT, ECG, ICP, ILRs, Blood Glucose Monitoring, Blood Pressure Monitor), End-User (Hospitals, ASCs) – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period.
Growth of the market is mainly attributed to the technological advancements; increasing incidences of infectious diseases, and growing public and private investments, funding, and grants are driving the global patient monitoring devices market. However, complex regulatory frameworks that delay the approval of new patient monitoring devices is expected to challenge market growth to a certain extent.
In terms of products, blood glucose monitoring systems segment to register significant growth during the forecast period.
Based on the product, the patient monitoring devices market is segmented into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal and neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other patient monitoring devices. Significant growth of the segment is attributed to the ongoing product approval of continuous glucose monitoring systems, advantages offered by continuous glucose monitoring systems over self-monitoring blood glucose systems, and technological advancements in the market. Continuous glucose monitoring systems offer a wide range of advantages over self-monitoring blood glucose systems, such as reduced cost, shortened detection time, and non-invasive detection. These advantages offered by the continuous glucose monitoring systems have led to the growth of this segment.
Hospitals segment is expected to account for the largest share of the patient monitoring devices market, by the end user
On the basis of end-users, the patient monitoring devices market has been segmented into hospitals, ambulatory surgery centers, home care settings and other end users. The growth of this segment is attributed to the significant number of availability of state-of-the-art facilities for diagnosis, treatment, and disease management, as well as trained personnel, has ensured a steady demand for hospital-based care and the growing number of hospitals across major markets. The inflow of patients is considerably higher in hospitals as compared to other healthcare settings, which is another key driver for market growth. More screening and diagnostic procedures are conducted in hospitals than in other medical facilities, contributing to the large share of this end-user segment.
Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the heavy burden of infectious diseases, rising healthcare expenditure, and increasing geriatric population. Apart from this, the rising number of hospitals and ambulatory surgical centers in the APAC region is expected to propel the market for patient monitoring devices. BusinessWire