Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Patient Monitoring Devices Market, Global Industry Analysis, Market Size, Opportunities and Forecast, 2021 – 2028”
The global patient monitoring devices market is expected to reach the market value of around US$ 43.2 Bn by 2028 and is anticipated to grow at a CAGR of around 4.9% in terms of revenue during the forecast period 2021 – 2028.
Patient monitoring equipment, including temperature, blood pressure, and heart rate scale, deliver, log, and display variations of biometrical values. Digital innovations that control patient care systems have affected running costs considerably in recent years.
The improved healthcare facilities, supportive policy programs, reasonable insurance strategies, and the increasing geriatric communities have driven North America to this market. GetWellNetwork acquired Health Loop in November 2018 and combines around 7.2 million interactions with patients per year and real-time risk assessment. HealthLoop allows doctors proactively to respond before complications and costs escalate. In addition, more than 80,000 visits to digitized doctors are encouraged per month. The purchase will have more than 700 service facilities GetWellNetwork’s coverage.
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Increase in lifestyle diseases including diabetes, obesity, and atherosclerosis, and rise in the use of remote patient monitoring equipment are the key driving forces for the growth of the patient monitoring devices industry. However, growing geriatric population is expected to drive growth in the demand for patient monitoring equipment because the elderly are more vulnerable to chronic and lifestyle conditions which require the use of such patient monitoring instruments to evaluate their health. However, government regulation and reimbursement costs associated with this equipment are likely to hamper demand development in world patient monitoring devices. These devices are used for remote monitoring of patient’s physiological parameters, such as blood glucose level, blood pressure, heart rate, and for adequate therapy to patients with progress in wireless technology. Therefore, new avenues for patient monitoring devices are expected to open up business prospects in these products and the emergence of an untapped sector in the emerging world.
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Risks associated with invasive monitoring devices
The use of intrusive control devices is associated with many dangers, such as pain in the installation of surveillance instruments, such as catheters of the pulmonary artery (PAC). Any of the main threats are air embolism, sepsis, development of bleeding/haemorrhage, heart arrhythmias, decreased circulation of the rib muscle, hemorrhages, nervous injury, thrombosis, air embolism, and lung necrosis. The mortality rates during surgical surgery are raised by these causes. However, the use of intrusive surveillance devices for aged and vulnerable patients is not recommended. Invasive monitoring is recommended only for a set of specific indications because of the associated risks, provided that the benefits of obtaining the corresponding information during the procedure are overshadowed in these risks. Invasive scanning often makes catheter insertions very costly and involves trained specialists in patients. Although intrusive surveillance offers reliable, detailed, and constant data on the condition of patients, the risks listed above hinder their use.
The global patient monitoring devices market includes prominent players such as GE Healthcare, Roche Diagnostics, KG, Siemens Healthcare, Abbott Laboratories, BIOTRONIK SE & Co. CAS, Medical Systems, Inc., Honeywell International, Inc., Philips Healthcare, Spacelabs Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., and others.
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- In November 2019, Royal Philips launched the vital sign display EarlyVue VS30. It calculates risk-based warnings and gathers vital signs which allow clinicians to recognize subtle patient signs of deterioration. The launch of this innovative drug would improve the product mix of the company and ensure a competitive advantage.
- In October 2018, Siemens healthiness partnered with Healthy.io to help doctors improve their daily management of kidney diseases. This strategic alliance offered the company opportunities for market penetration.
- In September 2018, The business invests in the creation of voice-powered technology service for the aged Aiva Health. Google and Amazon. Aida provides intuitive devices for linking patients to treatment facilities such as Amazon Echo and Google Home.
- Patient monitoring devices manufacturers
- Independent Research Laboratories
- Patient monitoring devices Suppliers
- Medical Research Laboratories
- Research and Development (R&D) Companies
- Market Research and Consulting Service Providers
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