The global patient monitoring devices market size is expected to reach USD 73.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to 2028. The growth is attributed to technological advancement in patient monitoring devices as well as the increasing number of hospital admissions globally.
The COVID-19 has increased the demand for monitoring devices at home and reduced frequent visits to hospitals. The situation has also changed consumer behavior, purchasing, and demand pattern. The COVID-19 pandemic has brought into sharp focus the need to harness and leverage digital infrastructure for remote patient monitoring. Besides, the combination of remote patient monitoring and telehealth is likely to improve the delivery of at-home healthcare.
Supporting initiatives by the private and public sectors to help COVID-19 patients globally is also driving the market. For instance, the World Health Organization in February 2021, has distributed 30,000 oxygen concentrations globally. Also, Invacare Corporation witnessed 72.2% sales of respiratory products in the fourth quarter of 2020.
Besides, there has been an increase in the prevalence of chronic diseases such as cancer, diabetes, and hypertension across the globe. According to the Centers for Disease Control and Prevention (CDC), over 100.0 million people have hypertension in the U.S. this further increased risk of heart disease. A growing number of such disorders globally is increasing the demand for patient monitoring devices.
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Patient Monitoring Devices Market Report Highlights
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Patient Monitoring Devices Market Segmentation
Grand View Research has segmented the global patient monitoring devices market on the basis of product, end-use, and region:
Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2016 – 2028)
Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2016 – 2028)
Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2016 – 2028)
List of Key Players of Patient Monitoring Devices Market
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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