Germany Patient Care Monitoring Equipment Market Size

Germany Patient Care Monitoring Equipment Market Analysis

The German patient care monitoring equipment market is expected to register a CAGR of nearly 7.8% during the forecast period.

The COVID-19 pandemic significantly impacted market growth. The demand for wearable devices and patient monitoring devices has increased during the pandemic period as they have allowed contactless communication and tracking of medical conditions by clinicians. The spread and early diagnosis of COVID-19 could be determined through the remote monitoring of vital signs such as skin and body temperature, respiratory rate, pulse rate, heart rate, and blood oxygen level, which were related to COVID-19. This was expected to have a positive impact on the growth of the market under consideration.For instance, according to an article published by The Lancet Digital Health Journal in April 2022, it had been found that pulse oximetry, is a practical method for determining whether patients need hospital treatment or may be safely handled at home by remotely monitoring their SpO2 levels. Hence, COVID-19 impacted market growth during the pandemic. Moreover, with the rising hospital admissions, the growing burden of chronic diseases, and the increasing adoption of telemedicine, the market for patient monitoring equipment is expected to have stable growth over the post-pandemic era.

Factors such as the rising burden of chronic diseases and technological advancements in products are boosting market growth.

The rising prevalence of chronic diseases in the population, such as cardiovascular, cancer, diabetes, and neurodegenerative diseases, was expected to boost demand for patient care monitoring equipment, propelling market growth.For instance, as per the data published by WHO, as of December 2022, 3,672,615 confirmed cases of COVID-19 were reported in Germany. Thus, the high number of COVID-19 cases among the population was expected to increase the need to monitor oxygen levels, which was expected to increase the demand for pulse oximetry to control the condition of hypoxemia, which in turn is anticipated to fuel the market's growth.

Furthermore, according to the GLOBOCAN 2020 report, approximately 628,519 new cancer cases were reported in Germany in 2020, including 69,697 new cases of breast cancer, 67,959 new cases of prostate cancer, 64,804 new cases of lung cancer, 57,528 new cases of colorectum cancer, 35,147 new cases of bladder cancer, and 333,384 other cancers.Also, as per an article published in BMC Health Services and Research in April 2022, the number of new cancer cases is estimated to increase by 20% by 2030 in Germany. Therefore, the rising incidence of cancer is predicted to increase the adoption of patient care monitoring equipment, which in turn is anticipated to augment market growth over the forecast period.

The rising geriatric population is also contributing to the growth of this market. For instance, as per the data published by the OECD, 18 million people living in Germany were aged 65 or older in 2021, and this number is projected to reach 21 million by 2030. Thus, the aging population, which is more prone to developing chronic diseases that require proper monitoring and diagnosis, is expected to increase the adoption of monitoring devices to regularly monitor their condition and status, thereby propelling the growth of the studied market.

Furthermore, the rising company activities in developing advanced patient care monitoring equipment are expected to increase their demand among consumers, thereby boosting the market's growth. For instance, in December 2021, Xiaomi launched the Redmi Watch 2 Lite smartwatch in the European market, in Germany, for EUR 79 (USD 84.06). It supports several features, including tracking blood oxygen levels, steps taken, and heart rate.

Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. But the high price of technology is likely to slow the growth of the market for patient care monitoring equipment over the next few years.