Patient Monitoring Devices Market is Expected to Reach $71.1 billion | MarketsandMarkets™

Chicago, May 06, 2024 (GLOBE NEWSWIRE) — Patient Monitoring Devices market in terms of revenue was estimated to be worth $48.5 billion in 2024 and is poised to reach $71.1 billion by 2029, growing at a CAGR of 8.0% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.

The patient monitoring market is driven by several factors contributing to its expansion in wireless and predictive analytics in vital sign monitors. These driving factors include the Increasing incidence of chronic disorders and growing demand for advanced patient monitoring products.

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Patient Monitoring Devices Market Scope:

Report Coverage Details
Market Revenue in 2024 $48.5 billion
Estimated Value by 2029 $71.1 billion
Growth Rate Poised to grow at a CAGR of 8.0%
Market Size Available for 2022–2029
Forecast Period 2024–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, End User and Region
Geographies Covered North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Artificial Intelligence (AI) Integration – growth opportunities
Key Market Driver Increase adoption of wireless monitoring devices

“Blood Glucose monitoring systems segment accounted for the largest share of the patient monitoring market.”

Based on the product segment, the patient monitoring devices market is segmented into – Blood glucose monitoring system, Multi-Parameter Monitoring, Cardiac Monitoring Devices, Respiratory Monitoring Devices, Hemodynamic/ Pressure Monitoring Devices, Weight Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Temperature Monitoring Devices and others. Self-monitoring blood glucose are essential in-patient monitoring because they have the ability to self-manage their diabetes, potentially reducing hospital readmission rates and lowering overall healthcare costs for providers. Continuous glucose monitoring (CGM) systems offer continuous blood sugar data without the need for constant finger pricking. This enhances both patient comfort and data collection efficiency. Seamless integration with smartphones allows for real-time data analysis, trend tracking, and data sharing with healthcare providers. This foster improved diabetes management strategies. The convergence of factors including rising diabetes prevalence, increased awareness of preventative care, and technological advancements are driving significant growth in the blood glucose patient monitoring market. By addressing challenges like data security and adapting to evolving healthcare models, this market is poised for continued expansion, ultimately leading to improved diabetes management and patient outcomes.

“By end user hospitals & clinics accounts for the largest share in 2023.”

The patient monitoring devices market is classified into hospitals & clinics, Ambulatory surgical centers (ASCs) and home care settings and other end users. In 2023, Hospitals and clinics account for the largest market share in the market. The large share of this segment can primarily be attributed to ensuring patient safety, optimizing care delivery, and generating valuable clinical data. Hospitals and clinics prioritize vendors with a strong reputation for customer service and a proven track record in the patient monitoring market.

“North America dominates the patient monitoring market in 2023.”

The patient monitoring devices market is segmented across five prominent regions: North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. In 2023, the North American region emerged as the primary driver of the largest market share in the patient monitoring market. The North American population is experiencing a demographic shift, with a growing number of individuals reaching 65 and above. This age group is more susceptible to chronic diseases and often requires closer monitoring for potential complications. This trend fuels the demand for user-friendly and reliable patient monitoring solutions. North America serves as a hub for technological innovation, and the patient monitoring market reflects this trend. Advancements in key areas are driving market growth, including Wearable Biosensors: These devices offer continuous monitoring of vital signs and physiological parameters outside traditional healthcare settings, promoting preventative care and early disease detection. The convergence of these factors creates a dynamic and expanding market for patient monitoring solutions in North America.  The focus on chronic disease management, an aging population, value-based care, and ongoing technological advancements are all propelling market growth.

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Patient Monitoring Devices market major players covered in the report, such as:

  • GE Healthcare (US)
  • Philips Healthcare (Netherlands)
  • Medtronic (Ireland)
  • Abbott Laboratories (US)
  • Nihon Kohden Corporation (Japan)
  • Masimo (US)
  • Omron Healthcare, Inc. (Japan)
  • Edwards Lifesciences (US)
  • Drägerwerk AG & Co. KGaA (Germany)
  • Natus Medical Incorporated (US)
  • Getinge AB (Sweden)
  • Compumedics Limited (Australia)
  • Nonin Medical (US)
  • Mindray Bio-Medical Electronics Co., Ltd (China)
  • Baxter International (US)
  • and Among Others

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This report has segmented the Patient Monitoring market based on Product, and end user.

PATIENT MONITORING MARKET, BY PRODUCT (USD MILLION; 2022—2029) *

  • BLOOD GLUCOSE MONITORING SYSTEMS
    • Self-Monitoring Blood Glucose Systems
    • Continuous Glucose Monitoring Systems
    • Wearable Glucose Monitoring Systems
  • CARDIAC MONITORING DEVICES
    • ECG Devices
    • Implantable Loop Recorder
    • Event Monitors
    • MCT Monitors
    • Smart/ Wearable ECG Monitors
  • MULTI-PARAMETER MONITORING DEVICES
    • Low-Acuity Monitoring & Accessories Devices
    • Mid- Acuity Monitoring Devices
    • High- Acuity Monitoring Devices
  • RESPIRATORY MONITORING DEVICES
    • Pulse Oximeter
    • Spirometer
    • Capnographs
    • Peak Flow Meters
  • HEMODYNAMIC/ PRESSURE MONITORING DEVICES
    • Hemodynamic Monitors
    • Blood Pressure Monitors
    • Disposables
  • WEIGHT MONITORING DEVICES
    • Digital Weight Monitoring Devices
    • Analog Weight Monitoring Devices
    • Other weight monitoring devices
  • FETAL & NEONATAL MONITORING DEVICES
    • Fetal Monitoring Devices
    • Neonatal Monitoring Devices
  • NEUROMONITORING DEVICES
    • EEG Machines
    • EMG Machines
    • Cerebral Oximeters
    • ICP Monitors
    • MEG Machines
    • TCD Machines
  • TEMPERATURE MONITORING DEVICES
    • Handheld Temperature Monitoring Devices
    • Table-Top Temperature Monitoring Devices
    • Wearable Continuous Monitoring Devices
    • Invasive Temperature Monitoring Devices
    • Smart Temperature Monitoring Patches

                     
PATIENT MONITORING MARKET, BY END USER (USD MILLION; 2021—2029) *

  • Hospitals & Clinics
  • Ambulatory Surgical Centers
  • Home Care Settings
  • Others

PATIENT MONITORING MARKET, BY REGION

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
  • MEA

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Key Market Stakeholders:

  • Manufacturers and distributors of patient monitoring devices
  • Healthcare institutions (Hospitals and clinics)
  • Ambulatory surgical centers
  • Healthcare institutions (hospitals and cardiac centers)
  • Research institutions
  • Research and consulting firms
  • Contract research organizations (CROs) and contract manufacturing organizations (CMOs)
  • Academic medical centers and universities
  • Market research and consulting firms
  • Clinical research organizations
  • Ambulatory Surgery Centers
  • Group Purchasing Organizations (GPOs)
  • Medical Research Laboratories
  • Academic Medical Centers and Universities
  • Accountable Care Organizations (ACOs)

Report Objectives:

  • To define, describe, and forecast the patient monitoring market on Product and end user.
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
  • To strategically analyze the micro markets concerning individual growth trends, prospects, and contributions to the total market.
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
  • To profile the key market players and comprehensively analyze their market shares and core competencies.
  • To forecast the revenue of the market segments concerning five main regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), the Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
  • To track and analyze competitive developments such as new product launches and approvals; agreements, partnerships, expansions, acquisitions; and collaborations in the patient monitoring market.

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