Patient Monitoring Devices Market size was valued at USD 54.06 billion in 2023 and is set to cross USD 143.52 billion by the end of 2036, expanding at more than 7.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of patient monitoring devices is estimated at USD 57.43 billion.
The market is anticipated to show significant growth on account of the increasing ageing population and the growing requirement for monitoring health conditions of the patients suffering from various chronic diseases such as cardiovascular diseases, diabetes mellitus, and others. The market's growth can also be attributed to factors such as the increasing awareness and concerns regarding monitoring health parameters and vital signs globally.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.8% |
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Base Year Market Size (2023) |
USD 54.06 billion |
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Forecast Year Market Size (2036) |
USD 143.52 billion |
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Regional Scope |
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The patient monitoring devices market is segmented on the basis of products into blood glucose monitoring devices, cardiac monitoring devices, respiratory monitoring devices, fetal & neonatal monitoring devices, neuro-monitoring devices, multi-parameter monitoring devices and others, out of which, the cardiac monitoring devices segment is expected to grab the largest market share on account of the increasing number of incidences of cardiovascular diseases globally. Furthermore, based on end-users, the hospital & clinics segment is projected to hold the largest share in the global patient catre monitoring devices market during the forecast period on the back of the increasing patient influx owing to the rise in number of diseases worldwide.
Our in-depth analysis of the global market includes the following segments
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By Product |
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By End-Users |
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Geographically, the global patient care monitoring devices market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific industry is predicted to hold largest revenue share by 2036, on account of growing burden of chronic diseases in the region. Additionally, the rising geriatric population in Asian countries is expected to lead to a rise in requirements for patient care monitoring devices.
North America Market Analysis
Furthermore, the patient care monitoring devices market in North America is evaluated to grab a notable share over the forecast period, which can primarily be attributed to the region's robust healthcare infrastructure. Alternatively, the market in Europe is also anticipated to conquer a significant share in the market on account of its increasing investment for product development in the medical industry.
July 2020: Medtronic Plc, announced that they have received U.S. Food and Drug Administration (FDA) approval and CE (Conformité Européenne) Mark clearance for its new cardiac patient monitoring device.
Author Credits: Radhika Pawar
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