PATIENT MONITORING DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Patient Monitoring Devices Market- Driver

Increase in the prevalence of chronic diseases

An increase in the prevalence of chronic diseases such as cardiac diseases is expected to increase the demand of its monitoring which in turn is expected to drive the global patient monitoring devices market growth during the forecast period. For instance, according to the data published by the World Health Organization, in June 2022, cardiovascular diseases are responsible for one-third of total deaths in India and it is estimated that 220 million people in India were living with hypertension in 2021.

Increasing product approval by regulatory authority

Increasing product approval by various regulatory authority such as U.S. FDA is expected to drive the market growth for the forecast period. For instance, in December 2021, Koninklijke Philips N.V., a global medical technology company, announced that its Philips Patient Monitors MX750 and MX850 have received 510(k) clearance from the U.S. Food and Drug Administration.

Global Patient Monitoring Devices Market: Restraint

Increasing product recall by U.S. FDA

The major factors that can hamper the growth of the global patient monitoring devices market over the forecast period include product recall by regulatory authority such as U.S. FDA. For instance, in February 2023, U.S. FDA announced that they have recalled IntelliVue MX40 Patient Monitor, due increased power consumption and a lack of visual and/or audible notifications while in a Low Battery State, manufactured by Koninklijke Philips N.V., a global medical technology company, intended for multi purpose patient monitoring. Thus, manufacturer should focus on manufacturing devices which are more power efficient

Growth Drivers:

• Increase in the prevalence chronic diseases
• Increase in the product approval by regulatory authority

• Product recall