Patient Monitoring Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – Community News
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Patient Monitoring Market – Growth, Trends, COVID-19 Impact and Forecast (2021

The patient monitoring systems market registered a market size of $26,198 million in 2020 and is expected to reach $34,310 million by 2026, growing at a CAGR of 8.87% during the forecast period.

New York, Nov. 18, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its report “Patient Monitoring Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)” – https://www .reportlinker.com/p06184941/?utm_source=GNW
The growth of the patient monitoring market has been attributed to the increasing burden of chronic diseases resulting from lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring and the ease of use of wearable devices.

Globally, the COVID-19 pandemic put enormous pressure on the health care system and hospitals that were understaffed and overworked. Patient monitoring devices such as ventilators helped monitor critically ill COVID-19 patients, allowing measurement of physiological reserves and indicating effectiveness of therapeutic interventions during the pandemic, positively impacting the market.

In addition, the companies are increasing their production of critical/essential products for medical devices. For example, in March 2020, Royal Philips ramped up production of certain critical care products and solutions that help detect and treat patients with COVID-19. The product line includes monitors for patient vital signs, medical consumables for non-invasive and invasive ventilation and portable ventilators for the treatment of respiratory diseases. Thus, due to the above factors, the market is likely to have a positive impact of the pandemic on the market.

According to the World Health Organization 2020, the major chronic conditions such as cancer, chronic obstructive pulmonary disease, cardiovascular disease (CVD) and diabetes are estimated to be responsible for 73% of all deaths and 60% of the global burden of disease in 2020 .

Also, according to Globocan 2020, new cancers diagnosed accounted for 19,292,789 worldwide in 2020, with 9,958,133 deaths from cancers worldwide. Of all cancers, breast cancer was responsible for 2,261,419 new cases of cancer, followed by new cases of lung (2,206,771), prostate (1,414,259) and colon (1,148,515). data, thereby promoting self-monitoring. It thus reduces readmissions and avoidable hospitalizations, reduces unnecessary trips to the doctor’s office and reduces travel-related costs. In the short and long term, with proper implementation, patient monitoring technologies can increase access to quality healthcare and save time and money.

However, the resistance of healthcare professionals to the adoption of patient monitoring systems and the high cost of technology are likely to hinder market growth.

Key Market Trends

The cardiology application segment is expected to grow fastest during the forecast period

In cardiology, patient monitoring equipment is used to diagnose and monitor various conditions or abnormalities of the heart and the overall cardiovascular system. The main factor driving the growth of the market is the rising incidence and prevalence of cardiovascular diseases as it increases the adoption of these devices in cardiac monitoring. According to the 2019 American Heart Association Research Report, approximately 92.1 million American adults were living with some form of cardiovascular disease or the after-effects of stroke.

Amid a pandemic, the virus poses a particular risk to people with underlying medical conditions, including cardiovascular disease and hypertension. In 2020, a study was conducted in JAMA Cardiology by the World Health Foundation among 100 COVID-19 patients, while 60 showed some signs of cardiovascular disease. In 2020, doctors from the University of Edinburgh examined echocardiograms of more than 1,200 COVID-19 patients in 69 countries and found heart problems in 55%, with 1 in 7 showing signs of serious abnormalities. This led hospitals to implement a patient monitoring system to track a patient’s health, positively impacting vertical growth.

Moreover, the cardiac monitoring market players are actively promoting the product technologies and increasing the adoption of these devices, which is likely to drive the growth of this segment. In 2018, Qardio Inc. received. for example, approval from the Australian Therapeutic Goods Administration (TGA) for QardioCore, its revolutionary EKG monitor. Similarly, in August 2019, AliveCor launched the KardiaMobile 6L in the UK, the world’s first FDA-cleared and CE-marked, six-lead personal heart monitor. This unique smartphone-based technology provides a multi-dimensional image of the heart in 30 seconds, including insight into arrhythmias, such as atrial fibrillation (AF), which are leading indicators of cardiovascular disease. Therefore, the overall cardiac application scenario in the studied market is expected to show significant growth over the forecast period.

North America region has the largest market share in the patient monitoring market

The North American patient monitoring market dominated the global market and is estimated to show a similar trend over the forecast period. The growing geriatric population, the increasing number of chronic illnesses, the growing demand for wireless and wearable systems, and the presence of advanced compensation structures aimed at reducing out-of-pocket expenses are the main factors contributing to the large market share.

In recent times, North American countries have faced the massive threat of the coronavirus, which is why patient monitoring has become crucial to stop the ill effects of the virus. According to an article published by the Center for Disease Control and Prevention in February 2020, 19% of patients who contracted COVID-19 had conditions severe enough to require hospitalization. It is therefore not surprising that the COVID-19 pandemic has increased the demand for patient monitoring devices.

In October 2020, the U.S. Food and Drug Administration issued a new policy to help expand the availability and capabilities of non-invasive remote monitoring devices to facilitate patient monitoring while reducing patient-caregiver contact and exposure to COVID-19. 19 for the duration of the COVID-19 public health emergency.

Key players carry out strategic initiatives to gain greater market share. In December 2018, Humana announced a partnership with Philips Health to launch a remote member monitoring pilot for select Medicare Advantage members with severe congestive heart failure (CHF), which will positively impact the market for years to come.

Due to the launch of innovative products and the rising prevalence of chronic diseases in the United States, the market is expected to experience high growth over the forecast period.

Competitive landscape

The patient monitoring market consists of several major players. The companies implement certain strategic initiatives, such as mergers, new product launches, acquisitions and partnerships, which help strengthen their market position.

Additional benefits:

The Market Forecast Sheet (ME) in Excel format
3 months analyst support
Read the full report: https://www.reportlinker.com/p06184941/?utm_source=GNW

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