The Patient Monitoring Devices Market Size was valued at USD 45.72 Billion in 2023. The Global Patient Monitoring Devices industry is projected to grow from USD 49.86 Billion in 2024 to USD 92.34 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.09% during the forecast period (2024 - 2032). Patient monitoring is a system that continuously monitors the condition of a patient. The crucial parameters such as the patient heart rate, blood pressure and medical data are constantly monitored. There are monitoring respiratory devices, cardiac, neuro and multi parameters monitor for patients. All these monitors can help to know the exact condition and recovery of the patient.
The growth rate of patient monitoring devices market is rising rapidly these machines are useful in home settings as well as the hospitals. These portable machines are useful to keep the patients under constant care. Especially, patients after surgery are monitored through this device. The recovery period included these monitoring devices to prevent any emergencies.
The pressure on the health sector is higher. The patient population is rising at an exponential pace. It is leading to the massive growth of patient monitoring devices. The adoption rate of this device is higher as it provides quick and digital results. The higher investment for the medical devices and product market is creating more development in the patient monitoring devices market. Patient monitoring devices market analysis, shows that expansion will be high.
Covid 19 pandemic is declining the demand for patient monitoring devices. From 2020, the market is facing a downfall. The access and sale to such devices have diminished. Today, hospitals primarily focus on covid patient care. However, this pandemic is during the need for remote monitoring in patients. The devices market is expanding its production to meet the current demand.
The remote segment of the patient monitoring devices witnesses high growth. Also, the rising need for respiratory devices, cardiac monitoring, glucose monitoring, temperature monitoring segment of the market is witnessing a rise in production. All these devices have exceptional applications surging covid 19 periods. Also, the supply disruptions of the market are expected to gradually get better in 2021. The post covid 19, a scenario of the market is positive with high growth prospect. The adoption rate of patient monitoring devices market will rise.
Honeywell introduced the Real-Time Health Monitoring System (RTHMS) in October 2021 which combines hardware and data analytics software aimed at improving real-time and remote patient monitoring as well as digitizing and automating time-consuming critical tasks for healthcare workers thereby lowering administrative responsibilities by 35%.
For example, The Indian subsidiary of Medtronic joined Stasis Health in September 2021 to widen access to Statis Monitor; a connected care bedside multi-parameter monitoring system across India.
The Neonatal RD SET Pulse Oximetry Sensors manufactured by Masimo Corporation, were approved by the FDA in February 2020 as an illustration. They reduce severe neonatal retinopathy.
FDA gave clearances to Micra AV in January 2020 as the world’s smallest pacemaker with atrioventricular synchronization.
The growing need for wearable patient monitoring devices is a crucial driver. Glucose, blood, pulse oximetry, biosensors, smart implants and temperature monitoring are some of the features of these wearable devices. The internet of things connects this entire feature in the wearable patient monitoring devices. Due to the wide range of applications, the demand for the patient monitoring devices market is constantly growing. Even more vital parameters such as blood sugar, blood pressure and weight are measured with these devices. Through biosensors, all this information is available on mobile wireless networks.
The rapid development in the IoT makes it easy to get monitor patient information. Without going to hospitals, all these parameters are viewable by the patient. Also, in case of emergencies the devices send alert updates to go for medical checkups. Also, the infant’s wearable devices segment me witnessing high demand. It is a crucial driver of patient monitoring devices market. The infant wearable is specially designed for newborns to check all necessary parameters.
Through these devices monitoring infant conditions, the in-home setting is possible. Further, constant updates in the sensors technology is another driving aspect of the patient monitoring devices market. Sensor technologies are a crucial part of the wearable patient monitoring device. The development of sensors leads to accurate and reliable patient results. All these factors will have a positive influence on the demand rate and revenue rates of the patient monitoring devices market.
In recent years, investment in the healthcare sector is sharply growing. The rising health expenditure hospitals are leading to developments in-home setting treatments. The rise of effective home monitor devices is the major reason for this development. Weight scales, thermometers, pulse oximeters, weight scales and fetal monitors are some of the home devices. The patient population in the hospitals is reduced by half through these home monist ring devices.
A rise in the use of home devices is advantageous to the patient monitoring devices market. Further, the high demand cardiac devices segment creates several growth opportunities. These cardiac devices are helpful to monitor abnormalities in heat rate. American health association says that 92.1 million of the US population has some form of cardiac problem.
Without proper monitoring, these conditions can become worse. Through monitor services and smartphones applications, the patient can receive precise updates. It is possible to prevent the risk of the severe cardiac condition through these devices. Visibility into the patient heart condition is higher. Patient monitoring devices market trends will be stable due to growth opportunities.
The risks associated with the patient monitoring devices are a major market restraint. The insertion of a monitoring system can lead to discomfort and pain. Especially, cardiac disease such as artery catharses is a condition that has a painful monitoring device inserting process.
Also, nerve damage, vital limbs, thrombosis, necrosis are some of the other risks factors of the patient monitoring devices market. The invasive monitoring devices lead to a high mortality rate. This restraint of the market can hamper the overall demand. Many individuals choose the less painful alternatives of monitoring devices. It is a restraint of the market that can decline the adoption rate for the market.
The increased price burden of the market is a challenging factor. Competitive processing can bring inconsistency in the market. The pressure to produce cost-efficient health monitoring devices is higher. Also, there are plenty of key players in the market who compete hard to reduce the price.
This can lead to low quality of the market. Also, n some regions the cost of patient monitoring systems is high. The high cost of the treatment is a drawback of the market. The adoption rate of this technology will considerably reduce in upcoming years. All these challenges can affect overall patient monitoring devices market growth.
The growth trend of the patient monitoring device market is surging in the forecast period. The factors contributing to the growth of the patient monitoring devices market are the growing need for patient wearable devices. Constant health updates are available through these devices, the cardiac and chronic patients health conditions are monitored through the device.
The blood glucose monitoring segment of the market is witnessing high growth. It is a segment witnessing new developments. Diabetic patients are key end-users of the market. However, the high cost of these devices can decline the demand trend. However, growth opportunities such as increasing investment keep the growth trend stable.
North America is expected to lead with high patient monitoring devices market share. The increasing research in the region contributes to the high growth of the patient monitoring devices market. The surge of infectious diseases is rising in demand in the regions. Also, the sensors market is witnessing high growth.
The availability top patient monitoring systems manufacturers leads to high developments. The prominent key players of the patient monitoring devices market are making new developments. Technological advancement will create a high growth opportunity in the patient monitoring device market. All these factors will make North America a profitable regional player.
Patient Monitoring Devices Market Competitive landscape
The competition in the patient monitoring devices market is constantly increasing. The market contains few key players who take initiatives for new developments. New product launches, mergers, acquisitions, partnerships and collaborations are crucial strategies in the market. All these factors lead to high innovation in the patient monitoring devices market.
North America is a leading region of the patient monitoring devices market. Rising chronic disease is a crucial factor driving growth. The portable wearable monitoring systems have a high adoption rate in the market. Also, reimbursements policies make all the patient monitoring devices cost-effective. The outbreak of covid 19 is providing more exposure for the patient monitoring systems.
In recent years, the spending on patient monitoring devices from the consumer end is high. The rising prevalence of infectious diseases is another factor for high adoption. The Asia Pacific is another region that has a high demand for patient wearable devices. The prevalence of cardiovascular and other health conditions leads to high adoption. Further, emerging markets such as Europe and the middle east have high scope for patient monitoring systems.
The key players of patient monitoring devices market
Recent developments
In October 2023,
SCHILLER AG Announces the launch of the Cardiovit CS2 ECG system, featuring AI-powered analysis and remote connectivity.
In February 2024,
Natus Medical Incorporated Announces the launch of the Embrace2 ambulatory ECG monitor, featuring improved wireless connectivity and a smaller design.
| Report Attribute/Metric | Details |
| Â Â Market Size 2032 | Â Â USD 92.34 Billion |
| Â Â CAGR | Â Â 7.09% (2024-2032) |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â 2024-2032 |
| Â Â Historical Data | Â Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Product type |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â GE Healthcare, Roche Diagnostics, BIOTRONIK SE & Co. KG, Abbott Laboratories, Siemens Healthcare, Philips Healthcare, CAS Medical Systems, Inc.,Spacelabs Healthcare, Honeywell International, Inc., Shenzhen Mindray Bio-Medical Electronics Co. |
| Â Â Key Market Opportunities | Â Â New product launches and R&D Amongst major key Players |
| Â Â Key Market Drivers | Increasing demand of wearable for infants and continuously evolving sensor technologyRapid expansion of internet of things (IoT)increasing personal care and health consciousness |
Frequently Asked Questions (FAQ) :
Patient Monitoring Devices Market is projected grow at approximately 7.09% CAGR during the assessment period (2024-2032).
The valuation of the Patient Monitoring Devices Market is estimated to increase to USD 92.34 Billion by the end of 2032.
Technological advances and increasing funding support for R&D from public & private sectors are major drivers of the Patient Monitoring Devices Market.
North America holds the largest share in the Patient Monitoring Devices Market, followed by Europe and the Asia Pacific, respectively.
Roche Diagnostics, GE Healthcare, BIOTRONIK SE & Co. KG, Siemens Healthcare, Abbott Laboratories, Philips Healthcare, Spacelabs Healthcare, CAS Medical Systems, Inc., Shenzhen Mindray Bio-Medical Electronics Co., and Honeywell International, Inc., are some of the major players operating in the patient monitoring devices market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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