Patient Monitoring Equipment Market to grow by USD 20.39 billion from 2022 to 2027|Several advancements in patient monitoring equipment are key market trend- Technavio
NEW YORK, Nov. 20, 2023
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The patient monitoring equipment market size is forecasted to increase by USD 20.39 billion from 2022 to 2027, at a CAGR of 8.48%, according to a recent market study by Technavio. Several advancements in patient monitoring equipment are a key trend in the global patient monitoring equipment market. The advancement in technology, such as the development of wireless and wearable devices, has revolutionized the healthcare industry. The main advantage of these devices is that they are able to monitor vital signs, activity levels, and other physiological parameters continuously without restricting the patient's mobility. Additionally, these devices can transmit data wirelessly to healthcare professionals and also facilitate real-time monitoring and abnormalities. Furthermore, the integration of artificial Intelligence (AI) and machine learning (ML) technologies with patient monitoring equipment which has led to enhancing its accuracy, automating data analysis, and enabling predictive analytics. Hence, such factors are expected to drive market growth during the forecast period For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Patient Monitoring Equipment Market - Regional Analysis
North America is estimated to account for 44% of the market growth. Some of the key factors significantly contributing to the growth of the patient monitoring equipment market in North America are its technological innovations and the increasing geriatric population. The advanced healthcare infrastructure and the early adoption of cutting-edge medical technologies are also significantly contributing to the market growth in the region. As a result, there is a high expectation among patients regarding state-of-the-art medical equipment in the region. Furthermore, there is a strong demand for wireless connectivity, remote monitoring capabilities, and data analytics in the region which is expected to drive the market growth during the forecast period.
Patient Monitoring Equipment Market - Segmentation Assessment
The market is segmented by end-user (hospitals, clinics, and ambulatory care services), type (bedside patient monitoring equipment and remote patient monitoring equipment), and geography (North America, Europe, Asia, and the Rest of World (ROW)).
- The hospitals segment will account for a significant share of market growth during the forecast period. One of the main end-users of patient monitoring systems is the hospitals. Factors such as the need for improved patient safety, advancements in technology, the increasing prevalence of chronic diseases, the rising aging population, the need for cost-effectiveness in healthcare, and the demand for remote monitoring solutions are significantly contributing to the market growth. Hence, such factors are expected to drive market growth during the forecast period.
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Patient Monitoring Equipment Market - Market Dynamics
Key factor driving market growth
The need for remote monitoring of patients drives the global patient monitoring equipment market during the forecast period. The main feature of the remote patient monitoring (RPM) system is that it enables healthcare providers to track patients outside of traditional healthcare settings. There is an increasing preference for remote patient monitoring among patients who prefer to receive care at home or in remote areas with limited access to healthcare facilities. The increasing need for hospital readmissions, enhanced patient convenience, and early detection of potential health issues are positively impacting the market growth. Hence, such factors are expected to impact the market growth during the forecast period.
Major challenges hindering the market growth
Stringent regulations on medical equipment are a significant challenge hindering the global patient monitoring equipment market. The regulatory environment for medical equipment has many stringent rules and guidelines, which include manufacturers of patient monitoring equipment. For example, the US Food and Drug Administration (FDA) and other regulatory agencies in the US enforce strict compliance monitoring obligations on manufacturers of medical equipment, including patient monitoring equipment. Some of the key regulatory agencies in the US which monitor the advertising associated with medical equipment include the Federal Trade Commission, the Office of the Inspector General of the Department of Health and Human Services, the US Department of Justice, and the Attorney Generals of various states. Hence, such stringent regulations are expected to hinder the global patient monitoring equipment market growth during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Patient Monitoring Equipment Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the patient monitoring equipment market between 2023 and 2027
- Precise estimation of the size of the patient monitoring equipment market size and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the patient monitoring equipment market across North America, Europe, Asia, and the Rest of the World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of patient monitoring equipment market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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