Patient monitoring devices for continuous monitoring, detection, and treatment of heart, brain, lungs, and blood activities and measurement of temperature and weight of the body. Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the global Patient Monitoring Devices market is estimated to reach USD 25.31 billion by 2023. In 2018, North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market.
What Drives the Market?
The growth of the global market for Patient Monitoring Devices is primarily influenced by the following factors:
- Availability of Wireless Monitoring Devices
- Rising Incidence of Lifestyle and Chronic Diseases
On the other hand, the risks associated with invasive monitoring devices are expected to challenge market growth to a certain extent in the coming years.
Geographical growth scenario of Patient Monitoring Devices Market
Geographically, the patient monitoring devices market is segmented into North America, Europe, Asia, and RoW. In 2018, North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market. Factors such as the increasing per capita healthcare expenditure, growing public health awareness, rising prevalence of lifestyle diseases, and improving treatment rates in emerging markets across India and China are expected to drive growth in the market in this region.
Leading market players and strategies adopted
Major key players in the patient monitoring devices market include Medtronic (Ireland), Natus Medical (US), Nihon Kohden (Japan), GE Healthcare (US), and Philips Healthcare (Netherlands).