Patient Monitoring Devices Market - Consumer Preferences And Buying Behavior

Patient Monitoring Devices Industry Overview

The global patient monitoring devices market size was valued at USD 51.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The expansion of the industry can be attributed to the rise in demand for monitoring devices used to measure, distribute, record, and display a variety of biometric data, including blood pressure, temperature, and blood oxygen saturation level.

Facilities focusing on shifting patient treatment modes from hospital care to homecare settings can help make treatments less expensive. Rapid advancements in treatments have led to an increase in the use of patient monitoring devices for at-home treatment of chronic diseases. The pandemic has accelerated this shift toward patient monitoring devices and provided companies with a unique chance to prove that their devices can make care more convenient, cheaper, and effective.

Gather more insights about the market drivers, restrains and growth of the Patient Monitoring Devices Market

Recent Developments

• In April 2023, GE HealthCare’s CARESCAPE Canvas Patient Monitoring Platform received FDA clearance. CARESCAPE Canvas and CARESCAPE ONE will contribute to the generation of a scalable platform that can easily adapt monitoring capabilities based on the acuteness of each individual patient’s disease.

• In June 2022, Abbott received FDA approval for the FreeStyle Libre 2 (iCGM) for adults and kids with diabetes in the United States. This device measures blood glucose levels every minute and offers a real-time alarm option that helps diabetic individuals monitor their blood glucose levels.

• In May 2022, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. launched mWear, a new wearable patient monitoring device. The device offers two monitoring options—wearable mode and continuous mode so that careers can receive patient status updates in accordance with customized settings.