The global patient monitoring solutions market is expected to witness a CAGR of 7.8% during the forecast period. The patient monitoring solutions market is growing during the forecast period owing to the increasing burden of chronic diseases, changes in the lifestyle, increasing geriatric population, rising preference for home and remote monitoring, and convenience in using portability devices.

Owing to collaboration between companies, hospitals, and academic institutes will provide the launch of new and innovative products, resulting in contribution towards and propels the market growth. However, the market is faced with certain challenges i.e., high technology cost, the risk involved in operating monitoring devices, lack of security of patient’s data, and information regarding health safety concerns. Nevertheless, rising demand for monitoring devices in non-hospital settings and rising investment in healthcare IT are promising opportunities in the global patient monitoring solutions market.

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The COVID-19 outbreak has put a burden on the healthcare system and hospitals as they were understaffed and overworked. The patient monitoring devices are witnessing significant growth during the COVID crisis. Furthermore, patient monitoring devices like ventilators are used in monitoring the critically ill COVID-19 patients, resulting in the growth of the patient monitoring solutions market.

Boston Scientific Corporation agreed to acquire Preventice Solutions, Inc., a privately held company offering remote and wearable cardiac monitors for adults and pediatric patients. The acquisition will establish a strong footprint of Boston Scientific Corporation in the implantable cardiac monitor market.

Based on end-user, the global patient monitoring solutions market is segregated into hospitals & clinics, home settings, ambulatory surgical centers (ASCs), and others. The hospital segment is anticipated to hold the largest share during the forecast period 2021-2027 owing to the increasing focus on diagnosis, treatment, and providing care to the patients accurately and continuously. Moreover, with rising procedural volumes, increasing surgical facilities, hospitals are the safest treatment place owing to the availability and innovation in the latest technologies, resulting in the growth of the global patient monitoring solutions market.

North America dominates the market owing to the rising geriatric population, rising demand for wireless and portable systems, launch of innovative products, presence of sophisticated reimbursement structures, and huge threat of coronavirus will positively impact the patient monitoring solutions market in the region.

Some of the major players in the global patient monitoring solutions market include Medtronic, GENERAL ELECTRIC, Koninklijke Philips N.V., Abbott, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, Edwards Lifesciences Corporation, OMRON Corporation, and Getinge AB.

Source: VynZ Research