Patient Monitoring Accessories Market Growth & Trends
The global patient monitoring accessories market size is expected to reach USD 10.8 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% from 2020 to 2027. Patient monitoring accessories are supplemental products that are used in conjunction with patient monitoring devices to help healthcare professionals accomplish efficient clinical excellence and ensure a high level of quality patient care. The major aim of patient monitoring is to check vital signs, detect early fatal deterioration, and transfer the data wirelessly. Factors like the rising prevalence of chronic illnesses, rising demand for round the clock checking, and the advent of technologically advanced monitoring products are fueling the market growth.
Patient monitoring accessories mainly include SpO2 sensors, NIBP cuffs, temperature sensors, CO2 absorber filters, and ECG leadwires that assist in collecting and analyzing a patient’s state of health. According to the WHO, currently, major chronic conditions such as cancer, diabetes, respiratory disorders, and cardiovascular diseases account for about 60.0% of the total number of deaths and 43.0% of the global burden of diseases. In addition, cardiovascular diseases are the leading cause of death and disability globally, taking 17.9 million lives each year, of which more than three quarters are in low-income and middle-income countries.
The economic burden of CVD is going to worsen in the coming years, as according to an article published by ScienceDaily, cardiovascular disease costs will exceed USD 1.0 trillion by 2035 for the U.S. Based on the same article, the number of Americans with cardiovascular disease will rise to 131.2 million (45%). Prevalence of such fatal diseases needs regulated and round the clock treatment. The accessories assist healthcare professionals in collecting a broad range of real-time health data that is precise and which makes timely intervention possible.
Patient Monitoring Accessories Market Report Highlights
- The SpO2 sensor segment dominated the market in 2019. This is because this sensor aids in non-invasive checking of the amount of dissolved oxygen in the blood, which has become a standard in the healthcare industry worldwide
- The brain monitoring system sensors segment is anticipated to register the highest growth over the forecast period owing to the rising number of patients requiring sedation for various conditions
- North America dominated the global patient monitoring devices market in 2019. This can be attributed to increasing chronic diseases that need routine checking, coupled with the presence of sophisticated healthcare infrastructure
- In Asia Pacific, the market is expected to reciprocate the highest CAGR over the forecast period owing to the growing geriatric population and rapid technological advancements