According to a new market research report published by sheer analytics and insights, “The Global Patient Monitoring Accessories Market was valued at $7.9 Billion in 2020. Growing at a high CAGR of more than 9.57% between 2021 and 2031, it is estimated to reach $23.2 Billion by 2031, as per the latest market research report titled Global Patient Monitoring Accessories Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
Patient monitoring accessories are supplemental medical devices used or with patient monitoring devices to perform the efficient and timely treatment. These accessories include blood pressure cuffs, SpO2 sensors, neuromuscular transmission sensors, CO2 absorbers/ Absorb filters, temperature sensors, brain monitoring system sensors, and ECG lead wires. All of them help in collecting and analyzing the vital signs of the patient.
Due to Covid 19, market had seen a great boost in demand at domestic level. Digital thermometers, SPO2 devices and BP machines had seen a great demand and shown a growth of more than 15% from an average growth of 7% per year. Post pandemic, geriatric population as well as many people who are dependents had gained a good knowledge of self-care at basic level and this trend is expected to continue through the forecast period. Integration of patient monitoring devices with smartphones and then collecting information over cloud with the consent of patient is one of the most promising trends going into the market. Apart from this integration of Artificial Intelligence People are spending more money on healthcare equipment, which propels the market growth in this current situation. Apart from that, the rising cost of the medical treatment across the world is anticipated to offer a substantial opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Patient Monitoring Accessories Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa. North America was the major market with a share of 39.2% in 2020. While Asia-Pacific is expected to lead the market by 2028. The growth in Asia-Pacific is due to increasing trend towards self-care and increasing healthcare infrastructure.
The report covers a detailed outlook about the company, which includes company or industry profiles and market share of key players operating in the global as well as regional market.
Key players in the report include Dr Trust, Medtronic plc, GE Healthcare Limited, Nihon Kohden Corporation, Masimo, Welch Allyn Inc., LifeScan Inc, Honeywell, Lifecare Solutions, Philips, Omron, Roche, Abbott Laboratories, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, and Edwards Lifesciences Corporation among others.
The Global Patient Monitoring Accessories Market Has Been Segmented into:
Global Patient Monitoring Accessories Market: By Product
Global Patient Monitoring Accessories Market: By End-Use
Global Patient Monitoring Accessories Market: By Region
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