Patient Monitoring Devices Market is expected to surge at an Impressive CAGR of 6.4% through 2027

 

Patient Monitoring Devices Market

The introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are the key factors supporting the growth of the market. The integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care. Physiological data is gathered and displayed via Patient Monitoring Devices. The Holter monitor, event recorder, mobile cardiac telemetry, and insertable cardiac monitor are examples of common cardiac monitoring devices.

Because of the pandemic, hospitals became largely focused on the COVID-19 pandemic in March 2020 and throughout the second quarter of 2020, which made it harder to market and deploy Patient Monitoring devices (such as neuromonitoring devices and weight monitoring devices). The need for remote monitoring and patient engagement solutions has significantly increased as a result of the epidemic. Patient Monitoring systems have seen a significant increase in demand as a result of COVID-19, and producers are now concentrating more on increasing production to keep up with the rising demand for respiratory monitoring devices, multi-parameter monitoring devices, blood glucose monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices. Furthermore, the market for neuromonitoring devices is expected to recover the losses by the fourth quarter of 2020.

According to Coherent Market Insights, The global Patient Monitoring Devices Market was valued at US$ 21,505.5 Mn in 2019 and is forecast to reach a value of US$ 35,209.0 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027.

Because of the pandemic, hospitals became largely focused on the COVID-19 pandemic in March 2020 and throughout the second quarter of 2020, which made it harder to market and deploy Patient Monitoring devices (such neuromonitoring devices and weight monitoring devices). The need for remote monitoring and patient engagement solutions has significantly increased as a result of the epidemic. Patient Monitoring systems have seen a significant increase in demand as a result of COVID-19, and producers are now concentrating more on increasing production to keep up with the rising demand for respiratory monitoring devices, multi-parameter monitoring devices, blood glucose monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices.

Price controls, competitive pricing, bidding and contract processes, coverage and payment policies, comparative efficacy of medicines, technology assessments, and managed-care arrangements are just a few of the actions being done internationally to reduce healthcare costs. Healthcare providers have allied themselves with group purchasing organisations and integrated health networks to bargain for the bulk purchase of medical Devices in response to mounting demand to cut healthcare costs. In 2018, the Indian government raised import taxes on medical Devices from 5% to 7.5% of the total cost of the goods and levied an extra excise charge of 4% on items that were previously exempt. These taxes are anticipated to raise operating expenses and have a detrimental impact on the cash flow of medical device businesses in the world's main healthcare markets.