Patient Monitoring Devices Market Size, Share, Growth Analysis, By Product (Blood Glucose Monitoring Devices, Cardiac Monitoring Devices), By End User (Hospitals & Clinics, Ambulatory Surgical Centers), By Region - Industry Forecast 2024-2031

Drivers

• Increasing Government Investments on Healthcare

The increase in the funding by the government is set to drive the market growth rate. Moreover, growth and expansion of healthcare industry driven by both public and private players, especially in the developing economies, will create lucrative market growth opportunities. Moreover, growing initiatives by the government to provide the best of monitoring against cancer, respiratory diseases, diabetes, cardiovascular diseases and others in the remote areas will further carve the way for the growth.

• Increasing Prevalence of Diseases

There is an increasing demand for efficient medication delivery techniques due to the rising worldwide burden of chronic diseases like diabetes, autoimmune disorders, and cardiovascular diseases. The utilization of advanced patient monitoring devices in the treatment of chronic illnesses is increasing rapidly. This is fueled by advantages like rising patient compliance, awareness of patient monitoring, and proactive intervention.

Restraints

• High Competition from Alternative Drug Delivery System

Oral drugs, intravenous injections, and transdermal patches are some examples of alternative drug delivery systems that compete with subcutaneous drug delivery devices. Many variables, including the treatment needs, patient preferences, and medication qualities, influence the choice of administration technique.

• Growing Concern about Safety and Efficiency

It is crucial to guarantee the safety and effectiveness of patient monitoring devices. These devices can gather sensitive health information like vital signs, medical history, treatment data. This ensures robust data security measures are maintained. Breaches in data security result in unauthorized access, data leaks, identity theft, and compromise confidentiality.