The global patient monitoring market is slated to grow from its current $19.14 billion valuation to $25.31 billion by 2023, according to a new report by MarketsandMarkets. Factors such as the widespread availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period, researchers say.

The growing demand for patient monitoring devices in non-hospital settings is also expected to provide a range of growth opportunities for players in the market. On the other hand, the risks associated with invasive monitoring devices are expected to challenge market growth to a certain extent in the coming years, according to MarketsandMarkets officials.

Further, the electrocardiography (ECG) segment is expected to account for the largest share of the cardiac monitoring devices market in 2018. Researchers attribute this phenomenon to the increasing incidence of cardiovascular diseases, the wide application of ECG devices in cardiovascular disease management, the development of technologically advanced devices, and rising government initiatives.

Moreover, the pulse oximeters segment is expected to account for the largest share of the respiratory monitoring devices market in 2018. MarketsandMarkets officials say the development of innovative products, such as fingertip pulse oximeters, pulse oximeter sensors, and Bluetooth-enabled pulse oximeters—and their growing uptake—are the key factors driving the growth of the pulse oximeters market.

On a regional basis, however, the Asian patient monitoring device market is expected to register the highest growth from 2018 to 2023. Factors such as Asia’s increasing per capita healthcare expenditure, the region’s growing public health awareness, the rising prevalence of lifestyle diseases, and improving treatment rates in emerging markets across India and China are expected to drive market growth.