Patient Monitoring Market – Growth, Trends, COVID-19 Impact, and

The patient monitoring systems market registered a market size of USD 26,198 million in 2020, and it is expected to reach 34,310 million by 2026, registering a CAGR of 8. 87% during the forecast period.

New York, Nov. 18, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the 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 is attributed to the rising burden of chronic diseases due to lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring, and the ease of use of portability devices.

Globally, the COVID-19 pandemic put enormous pressure on the healthcare system and hospitals that were understaffed and overworked. Patient monitoring devices, such as ventilators, helped in the monitoring of critically ill COVID-19 patients, which allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions during the pandemic, showing a positive impact on the market.

Furthermore, the companies are increasing their manufacturing of critical/essential medical device products. For instance, in March 2020, Royal Philips ramped up the production of certain critical care products and solutions that help in detecting and providing treatment for patients with COVID-19. The product line includes the patient vital signs monitors, medical consumables for non-invasive and invasive ventilation, and portable ventilators to treat respiratory conditions. Thus, owing to the aforementioned factors, the market is likely to have a positive impact of the pandemic on it.

As per the World Health Organization 2020, the major chronic disorders such as cancer, chronic obstructive pulmonary disease, cardiovascular diseases (CVD), and diabetes were estimated to account for 73% of all deaths and 60% of the global burden of diseases in 2020.

Also, according to Globocan 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 worldwide, with 9,958,133 deaths due to cancers globally. Among all cancers, breast cancer accounted for 2,261, 419 new cancer cases, followed by lung (2,206,771), Prostate (1,414,259) and colon (1,148,515) new cases in 2020. Patient monitoring technologies come into play and identify small changes in the patient’s physiological data, promoting self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations, decreases the number of unnecessary trips to the doctor’s office, and reduces travel-related expenses. On a short- and long-term basis, by the proper implementation, patient monitoring technologies can expand access to quality healthcare and save time and money.

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

Key Market Trends…