The scope of the report includes 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. The base year considered for the study is 2017, and the forecast period for the study is between 2018 and 2023.
The patient monitoring devices market is projected to reach USD 25.31 billion by 2023 from USD 18.11 billion in 2017, at a CAGR of 5.7%.
Market Dynamics
- Availability of wireless monitoring devices
- Rising incidence of lifestyle and chronic diseases
Opportunities
- Growing demand for patient monitoring devices in non-hospital settings
- Emerging markets
Challenges
- Risks associated with invasive monitoring devices
Low-acuity monitors are expected to account for the largest share of the multi-parameter monitoring devices market in 2018.
Low-acuity devices are used for monitoring the basic vital signs of a patient. These devices may also be set up at patients’ homes and ambulatory care settings for long-term monitoring. The growth of this market is mainly driven by their advantages over single-parameter monitors and their low prices as compared to mid- and high-acuity monitors.
Globally, the increased use of remote and home patient monitoring is a key factor driving the growth of the multi-parameter monitoring devices market. To reduce hospitalization costs, many healthcare institutions are encouraging home/remote patient monitoring. As a result, the market for remote patient monitoring is estimated to double by the end of this decade, making this a highly lucrative market.
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