Patient-monitoring equipment market set to exceed USD 31.5 billion by 2023

The patient-monitoring equipment market is expected to reach USD 31.5 billion by 2023 from USD 20.2 billion in 2019, at a CAGR of 5.7 percent during 2019 to 2023, predicts Markets and Markets. There are several factors, like rising incidence of lifestyle and chronic diseases and easy availability of wireless monitoring devices, that are expected to drive the market growth. The increasing demand for patient-monitoring equipment in non-hospital settings is also expected to add a range of growth opportunities for equipment makers in the market. Furthermore, there are some risks associated with invasive monitoring devices that are expected to challenge market growth to a certain extent in upcoming years. Patient-monitoring equipment is used during minor and major surgeries to monitor a patient’s physiological signs and its related complications. Additionally, with advancements in wireless technology, this monitoring equipment can be used to remotely monitor the physiological parameters of the patients. These devices are one of the important parts of hospitals and other healthcare facilities as these are expected to help physicians determine the severity of a disease. These devices help doctors and other healthcare professionals to detect and monitor the health of their patients suffering from various types of diseases like cardiovascular diseases and diabetes. Globally, the rising incidences of CVDs, such as stroke and heart diseases, hypertension, neurological disorders, and chronic respiratory diseases, are expected to fuel the demand for multi-parameter patient-monitoring equipment over the coming five years. The risk of chronic diseases increases among the geriatric population, and people aged above 65 years will contribute to the market growth of global multi-parameter patient-monitoring equipment market.

Key players operating in the remote patient-monitoring market include Philips; American Telecare; Roche; Honeywell; Philips Healthcare; Bosch; Biotronik; Intel; Health anywhere Inc.; Johnson & Johnson; Welch Allyn; and Covidien Plc.