Patient Monitors Market Report
Patient Monitors Market, By Product (Software & Services, Devices), By Application (Cancer, Cardiovascular Diseases, Bronchitis, Diabetes, Infections, Others), By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global patient monitors market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Patient Monitors Market, By Product (Software & Services, Devices), By Application (Cancer, Cardiovascular Diseases, Bronchitis, Diabetes, Infections, Others), By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), and Region ...
Impact of COVID-19 on Patient Monitors Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Patient Monitors Market is estimated to grow from USD 18.8 billion in 2020 to USD 26.0 billion by 2026 at a healthy CAGR of 5.7% during the forecast period.
Patient monitors are monitoring devices that continuously monitor the patient’s vital parameters, like blood pressure and heart rates, by employing a medical monitor and collecting medical (and other) data from individuals. Patient monitoring systems are widely accustomed record, measure, distribute and display combinations of biometric values like blood oxygen saturation levels (SPO2), heart rate, blood pressure, and temperature.
Key players operating in the patient monitors market are-
A significant surge in the number of hospitals using telehealth to provide healthcare services remotely is a key driving factor. Patient monitors help to reduce healthcare costs and reduce the burden on medical resources. Moreover, the growing prevalence of chronic diseases among consumers such as cancer, bronchitis, and diabetes, cardiovascular diseases, along with expanding geriatric populace is expected to bolster the market growth during the review period.
Based on end-user, the market has been divided into hospital-based patients, ambulatory patients, and home healthcare. The hospital-based patients' segment accounted for a substantial market share in 2020. The segment growth can be attributed to the prevalence of a large number of patients in the hospitals. The home healthcare segment is projected to register the fastest CAGR due to the increasing number of people interacting with the doctors at home coupled with convenience, availability of skilled staff, and cost-efficiency.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period due to the increasing prevalence of chronic diseases, expanding geriatric populace, and high demand for low-cost healthcare treatment. The market in the Asia-Pacific region is projected to register a healthy growth rate on account of the rising in the number of people suffering from chronic diseases and the increasing adoption of digitally advanced solutions.
The covid-19 outbreak impacted the growth of the patient monitors market positively as the visits to hospitals for medical consultation decreased due to fear of getting infected. The usage of patient monitors made it easier for the patients to be able to consult the healthcare providers online.
Here is the list of the group of customers that the patient monitors market hopes to have the greatest opportunity to convert-
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The patient monitors market is expected to witness an impressive growth of 5.7% CAGR in the foreseeable future.
Abbott Laboratories (US), Baxter International Inc. (US), Boston Scientific Corporation (US), Bec-ton, Dickinson and Company (US); General Electric Company (GE Healthcare) (US), Johnson & Johnson (US), Masimo Corporation (US), Medtronic Care Management Services LLC (US), and Omron Corporation (Japan) are among the key players in patient monitors market.
The patient monitors market size is expected to reach USD 26.0 billion in the coming years.
The hospital-based patients' segment accounted for a substantial share in the patient monitors market in 2020.
North America is expected to remain dominant in the patient monitors market in the coming years.
Patient Monitors distributors, Patient Monitors suppliers, Patient Monitors manufacturers, Logistics organizations, Government bodies are the target audience in the patient monitors market.