Global Patient Monitoring Market to Grow at a CAGR of 7.7% During 2024-2032, Aided by Rising Demand for Remote Monitoring Devices

The healthcare sector is growing robustly and continuously owing to government investments in technology and human resource. The latest trends in home monitoring devices for weight management and fitness monitoring is driving the market for patient monitoring. With the coronavirus pandemic, people are forced to stay indoors, due to which a sedentary lifestyle is being followed. Many health monitoring devices like weighing machines and fitness bands that measure the number of steps, calories burnt, provides updates on sleeping pattern and other features is propelling the market growth of patient monitoring devices. Further, the pandemic has also invigorated the requirement for respiratory monitoring devices like pulse oximeters and blood pressure monitors, further rising the market demand for patient monitoring devices, which, in turn, is bolstering the overall market growth.

Abbott Laboratories (NYSE: ABT), one of the leading companies in the patient monitoring market, recently announced a partnership with Tandem Diabetes Care (NASDAQ: TNDM) in June 2020 to develop and commercialise an integrated diabetes solution that combines Abbott’s continuous glucose monitoring with Tandem’s innovative insulin delivery systems, which would aid in managing diabetes. The FreeStyle Libre 2 system by Abbott is a remote sensor monitoring device that is recognised as the world’s first system to be cleared by the FDA and offers real-time updates measuring glucose levels, with excellent accuracy rates. The t:slim insulin pump by Tandem, compatible with interoperable continuous glucose monitoring (iCGM) devices, includes advanced features like a large colour touchscreen, rechargeable battery and Bluetooth wireless technology and USB connectivity, which makes it ideal for remote usage. The integration of world-leading diabetes monitoring devices is anticipated to provide a cohesive environment for diabetic people and can fit easily into the everyday lives of people. Hence, such advancements are invigorating the market growth of patient monitoring.

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Market Analysis by Device Type, Application, End User, and Region:

• The patient monitoring industry is divided on the basis of device types into haemodynamic monitoring devices, neuro-monitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, and remote patient monitoring devices, among others.

• On the basis of applications, the market is categorised into cardiology, neurology, respiratory, fatal and neonatal, and weight management and fitness monitoring, among others.

• Based on end user, the market segmentations are home healthcare, and hospitals and clinics among others.

• The major regional markets for patient monitoring are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

• A rise in the geriatric populations and the prevalence of chronic diseases like cancer and diabetes is bolstering the market growth of patient monitoring.

• The market is being driven by government investments in research and development (R&D) programmes to improve healthcare systems across the world.

• Patient monitoring devices coupled with technology like artificial intelligence (AI) and the Internet of Things (IoT) is providing impetus to the market growth.

• A surge in remote patient monitoring devices, which eliminates the need for frequent visits to hospitals amid the coronavirus pandemic, is invigorating market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global patient monitoring industry for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) markets for device types, applications, end users, and major regions of patient monitoring.

• The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global patient monitoring market are Abbott Laboratories, Boston Scientific Corporation, Becton, Dickinson and Company, General Electric Company (GE Healthcare), and Siemens Healthcare GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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