Condition Monitoring Device MarketSize and Trends

The global condition monitoring device market is estimated to be valued at US$ 1,089.4 million in 2022 and expected to exhibit a CAGR of 7.5% during the forecast period (2022-2030).

Figure 1. Global Condition Monitoring Device Market in Terms of Value (US$ million), By Region, 2022

The increasing adoption of business development strategies such as collaboration, agreement, and acquisition by key market players is anticipated to drive the global condition monitoring device market growth during the forecast period.

Increasing efforts of key market players and research institutes for the development of new condition monitoring devices are likely to propel the market growth over the forecast period.

Research institutes and companies in various regions are developing new condition monitoring devices. For instance, in May 2020, Electronics Corporation of India Limited (ECIL) under the Department of Atomic Energy (DAE) in association with All India Institute of Medical Sciences (AIIMS), a research institute based in India, developed Monal 2020, a remote health monitoring solution. The device enables round-the-clock monitoring in home isolation conditions. It consists of an indigenously developed wearable instrument for measuring vital health parameters such as blood oxygen level, body temperature, heart rate, and respiration rate.

Global Condition Monitoring Device Market – Impact of Coronavirus (COVID-19) Pandemic

The World Health Organization (WHO) declared the COVID-19 a pandemic on March 11, 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 392 million cases and 5.7 million deaths due to coronavirus disease (COVID-19) were reported up till February 6, 2022 across the globe.

Amidst the COVID-19 pandemic, condition monitoring devices are gaining popularity as people are increasingly adopting health monitoring devices for the regular monitoring of heath parameters such as blood glucose levels, oxygen concentration, heart rate, and others. COVID-19 patients have various symptoms such as shortness of breath, fever, decrease in oxygen saturation level, headache, dry cough, sore throat, body pain, and abnormal pulse rate. Hence, there is a growing adoption of devices such as oximeters, electrocardiograms (ECG) monitors, and blood pressure monitoring devices.

Global Condition Monitoring Device Market: Restraint

Inaccuracy associated with condition monitoring devices such as oximeters is likely to hamper the market growth.