Patient Monitoring Devices Market Size to Hit $44.86 Bn, Globally, by 2027 at 4.4% CAGR Allied Market Research
- Rise in prevalence of lifestyle diseases, increase in the geriatric population, and surge in the adoption rate of remote patient monitoring devices fuel the growth of the global patient monitoring devices market.
PORTLAND, Ore., Nov. 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Patient Monitoring Devices Market by Product (Hemodynamic, Neuromonitoring, Cardiac, Fetal & Neonatal, Respiratory, Multiparameter, Remote Patient, Weight, Temperature, and Urine Output Monitoring Devices), and End User (Hospitals & Clinics, Home Settings, and Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2018 – 2025."According to the report, the global patient monitoring devices industry was estimated at $25.76 billion in 2019, and is expected to hit $44.86 billion by 2027, registering a CAGR of 4.4% from 2019 to 2027.
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Drivers, restraints, and opportunities-
Rise in prevalence of lifestyle diseases, increase in the geriatric population, and surge in the adoption rate of remote patient monitoring devices fuel the growth of the global patient monitoring devices market. On the other hand, several government regulations & reimbursement issues, high costs associated with the devices, and limited awareness of the technology impede the growth to some extent. However, high-end technological advancements are expected to create lucrative opportunities in the industry.
- Severe shortages of critical medical supplies and a rapid rise in number of COVID-19 cases have significantly impacted the global market. There have been postponements of surgeries due to the pandemic and accordingly, the market has experienced a sharp decline in the manufacturing of patient monitoring devices.
- However, increase in demand for remote monitoring devices for patients has portrayed a positive graph for market. Also, several government bodies are easing up on the current rules & protocols and the market is expected to retrieve its position soon.
"Remote monitoring devices segment is expected to witness significant growth owing to COVID-19 pandemic and adoption of social distancing & lock down across the globe."