Press Releases

Global Market for Patient Monitoring Devices to Reach $25.9 Billion by 2023

August 15, 2018

WELLESLEY, Mass., Aug 15, 2018– Due to several large corporations participating in product launches, partnerships, collaborations and agreements, the global market for patient marketing devices is quickly expanding, according to a new report from BCC Research.

In 2017, the global market for patient monitoring devices was worth $19.3 billion. BCC Research estimates that it will be valued at $25.9 billion by 2023, indicating a compound annual growth rate (CAGR) of 5.0%, according to the recently published report Patient Monitoring Devices: Global Markets.

The patient monitoring devices market is very competitive, demanding both cost and product differentiation, along with continuous product development and upgrades in order to assure and sustain profitability.

Research Highlights

  • Remote patient monitoring devices are expected to grow at the highest CAGR of 14.2% from 2018 through 2023.
  • The home-user segment is expanding significantly with a CAGR of 8.8% from 2018 through 2023, compared to hospitals that only accounted for a 2.4% CAGR.
  • North America captured the largest share of the patient monitoring devices market with sales averaging higher than $8.4 billion during 2017.

"The remote patient monitoring market is an emerging market that is in the introduction to growth phase depending on the region," the report's analyst noted. "This segment is expected to have the highest growth rate from 2018 to 2023 with a CAGR of 14.2% as it is becoming standard of care for chronic disease monitoring due to the growing need of clinicians and healthcare service productivity, the pressing need of shortening hospital stays and in-office follow-ups, the growing aging population and the associated diseases. "

Patient monitoring systems are the most important diagnostic systems and play a pivotal role in health management of patients and, in general, are used for home healthcare, general healthcare and specialized disease management. They provide continuous display and interpretation of the patient’s vital functions, used especially in intensive care units (ICUs) of hospitals. Telecommunication technology in these devices is utilized for medical diagnosis, treatment and patient care. 

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

 

Patient Monitoring Devices: Global Markets( HLC038F )
Publish Date: Jul 2018    

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