According to the report, “Patient Monitoring Device/ System/ Equipment Market--Global Forecast to 2023, recently released by Research and Markets, the devices for patient monitoring is estimated to take a leap from $19.14 billion in 2018 to USD $25.31 billion by 2023, at a CAGR of 5.7 percent. The prediction of growth in the market is based on the current easy availability of wireless monitoring devices and the increasing rate of lifestyle and chronic diseases.
ECG devices, implantable loop recorders, event monitors, mobile cardiac telemetry, and smart wearable ECG monitors can be the major categories in cardiac monitoring. From this set, the mobile cardiac telemetry might reach the highest CAGR during the forecast period. The global market for these products is expected to bloom due to the demand and delivery of quick and enhanced diagnosis and tremendous reduction in the healthcare costs. The capnographs segment under respiratory monitoring devices may register healthy growth rate in this duration. Based on the geographical boundaries, the patient monitoring devices market is categorized into North America, Europe, Asia, and RoW. The report suggests that among these markets, Asia is expected to grow at the highest CAGR during the estimated timeframe. Rising per capita income and incidence of lifestyle diseases, heightened health awareness, rising, and revamping treatment rates are contributors in the growth of patient monitoring devices across India and China.
The report is based on the study conducted using top-down and bottom-up approaches to validate the size of the patient monitoring devices and gauge the size of other dependent submarkets. Secondary research was conducted to indentify the major players in the market while both primary and secondary researches were carried out to derive their market revenues. Primary research included extensive interviews with key thought leaders such as CEOs, directors, and marketing executives, while secondary research was done through an extensive study of the annual and financial reports of top market players.
The rise in the demand for patient monitoring devices are not restricted to hospitals environment, instead it escalated demand is being seen in out these facilities.