5 major factors driving the global patient monitoring devices market growth curve over 2021-27
The infamous coronavirus pandemic outbreak during 2020 has not only brought major businesses to a standstill but also produced massive transformations in the operation and functioning of different industries. One of these sectors is healthcare with the ground-breaking demand for remote diagnostics paving in.
With the scare of the SARS-Cov-2 infection spread increasing prolifically across various economies, people opted to stay indoors even in cases of medical emergencies to reduce the chances of hospital acquired COVID infection. This led to higher inclination towards remote healthcare and treatment at home healthcare settings, setting up the scale high for patient monitoring devices market.
A report by Global Market Insights, Inc., speculated the overall patient monitoring devices industry to expand at a significant rate and account for a valuation of more than $39.6 billion over the span of 2021-27. Reason? Factors like technological advancements and product developments are likely to spearhead the growth path.
Technological developments in medical devices
Introduction to advanced technologies like cloud computing, IoT, big data, and others across the healthcare sector is projected to pave the way for significant development of patient monitoring devices in the medical space. Vivid researches are going on around the world to design and launch advanced health monitoring devices that are integrated with high quality biomarkers and sensors that can effectively measure vitals like glucose level in tears and sweat.
Constant product innovations and advancements
Prominent faces operating in the global patient monitoring devices are engaged in diverse strategic gimmicks like acquisitions, product launches, and partnerships to cater to a wider consumer base.
For instance, Withings in partnership with Redox had in 2021, announced developing a remote patient monitoring solution- Withings MED PRO CARE which is deemed compatible with nearly all EHRs used by hospitals, physicians, and hospitals. Moreover, through this partnership, the medical professionals can now order and ship the novel device directly to their patients.
High inclination towards wireless patient monitoring devices
Wireless patient monitoring devices are gaining ground worldwide as these are much more sophisticated and reliable option than the large conventional monitoring setups. Besides, these systems allow proper monitoring of patients accurately outside the hospital settings, thus emerging out as a convenient option for patients.
Needless to mention, wireless health monitors are generally used for various applications including mobile cardiac outpatient telemetry and measuring blood glucose levels, thus driving the segmental growth.
Rising preference for ‘at home’ treatment
The demand for at home treatment notably took pace during the COVID-19 realm. This can be ascribed to the home care settings’ ability to offer less expensive, more convenient, and as effective as hospital-based services to the patients. It was observed that the segment accounted for a 30% business share in the overall patient monitoring devices market in 2020 and is slated to expand further, also because of the growing preference of aged population towards home care over hospitalization.
Attesting the aforesaid, an estimate by Home Care Association of America and Global Coalition of Aging suggests that 95% of Americans above 65 years of age prefer home care settings.
Elevating incidences of CVDs in Asia Pacific
Imperative to note that cardiovascular diseases are known to be one of the major causes of death in the Asia Pacific region, leading to almost 10.8 million fatalities, as of 2019. This rising prevalence has indeed generated the demand for home-based patient monitoring devices to promote early detection and management of these diseases. It has been reported that APAC patient monitoring devices market is poised to grow at a prodigious pace in the ensuing years.
All in all, increasing cases of CVDs, growing geriatric populace, surging COVID-19 cases, and other medical conditions are expected to prompt the development in patient monitoring devices market over the upcoming years. Source : https://www.gminsights.com/industry-analysis/patient-monitoring-devices-market