Status : Published | Published On : Jun, 2024 | Report Code : VRHC-1053 | Industry : Healthcare | Available Format : | Page : 200 |
Industry Overview
The Global Patient Monitoring Device Market was valued at USD 27.1 billion in 2023 and is anticipated to reach USD 48.85 billion in 2030, witnessing a CAGR of 5.1% during the forecast period 2025-2030. Patient monitoring devices help in monitoring body parts like the heart, brain, and lungs continuously to detect problems and design a care treatment plan. With widespread use in hospitals and healthcare centers, the beneficial features of these devices provide warning signals for irregularities or noteworthy declines in the health condition of a patient. This helps the doctors and different healthcare providers to make the desired changes in the treatment process accordingly.
The growth of the global patient monitoring device market is primarily attributed to the wider accessibility of wireless monitoring devices used to measure, record, distribute, and display a wide range of biometric data, including temperature, blood pressure, and blood oxygen saturation level. It is also the result of the growth in chronic diseases, especially among the aging population since they are more vulnerable to such diseases.
Primarily, strict government regulations for getting approvals for these devices hinder the growth of the patient monitoring device market. However, ongoing research and technical development to ensure increased capabilities of these devices offer new growth opportunities.
Market Segmentation
Insight by Product
The global patient monitoring device market is divided by product into cardiac monitoring devices, neuromonitoring devices, respiratory monitoring devices, hemodynamic monitoring devices, multi-parameter monitoring devices, temperature monitoring devices, fetal and neonatal monitoring devices, and weight monitoring devices. The cardiac monitoring devices segment, divided further into loop recorders, mobile cardiac telemetry monitors, event monitors, and ECG devices is expected to witness larger growth in the mobile cardiac telemetry monitor and ECG devices segments due to a rise in cardiovascular diseases, higher speed, and efficiency due to tech advancements. The respiratory devices segment is subdivided into pulse oximeters, capnographs, peak flow meters, and spirometers. The capnography segment will grow due to the need during anesthesia, and the pulse oximeter segment will grow due to innovative product development. The neuromonitoring device market is further divided into cerebral oximeters, EEG, electromyograph, intracranial pressure monitors, and magnetoencephalography machines, where the EEG segment will grow more due to higher occurrence of neurological disorders and growing R&D. The cerebral oximeters segment will also grow for providing real-time data through non-invasive process. The multi-parameter monitoring device segment is subdivided into low-acuity monitors, mid-acuity monitors, and high-acuity monitors, where the low-acuity monitors segment will grow more due to low cost and benefits. The fetal monitoring device segment will grow more due to growing awareness of fetal care in emerging countries.
Insight by End User
The global patient monitoring device market is divided by end users into ambulatory surgical centers, home settings, hospitals, and clinics. Out of these segments, the hospitals and clinic sector will grow more due to better infrastructure and a growing number of chronic diseases. Also, in hospitals and clinics, the demand for patient monitoring devices is growing due to the innovation drive in healthcare. The demand for monitoring technologies in this sector is also growing due to the seamless integration of these devices into clinical workflows that help in providing better patient care, analyzing real-time data, and offering timely interventions. Furthermore, the rising adoption of digital transformation by hospitals and clinics, the continual expansion and adoption of sophisticated monitoring solutions to cater to diverse medical needs, and the ability to provide better outcomes due to higher efficiency across healthcare settings promote the growth of this segment.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 27.1 Billion |
Revenue Forecast in 2030 |
U.S.D. 48.85 Billion |
Growth Rate |
5.1% |
Segments Covered in the Report |
By Product and By End-User |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
There has been an increasing preference for remote patient monitoring in the past few years and its adoption. In addition, there is also a growing prevalence of chronic conditions, especially among the elderly population. Also, rapid technological developments in patient monitoring devices have promoted better services provided by complex healthcare environments.
Growth Drivers
The global patient monitoring device market growth is attributed to growing incidents of lifestyle-related diseases among people. It is also the result of the growing demand for remote patient monitoring, higher implementation, rising preference for non-hospital settings, and widespread availability of different products. Moreover, the growth of the market is further attributed to the growing demand for these devices in non-hospital and remote settings. The growing awareness among people and their increasing expenditure in healthcare.
Opportunities
Growth opportunities for the global patient monitoring device market are presented by the adoption of advanced technologies such as artificial intelligence and machine learning for improved performance in predictive analytics and early detection and by offering customized treatment recommendations.
Geographic Overview
North America leads the market due to the large number of chronic patients, the occurrence of lifestyle-related diseases, and the growing aging population. Also, technological progress in patient monitoring devices and better healthcare infrastructure, as well as growing expenditure in healthcare, contribute to the growth in this region.
The Asia-Pacific market will grow at a faster rate due to higher healthcare expenditure, growing health awareness among the public, and a rise in the number of chronic and lifestyle-related diseases.
Competitive Insight
Medtronic plc is an American-Irish medical device company. The company's operational and executive headquarters are in Minneapolis, Minnesota. Companies' market-leading technology has been tested and verified to help predict potential adverse events, so clinicians can respond earlier.
Edwards Lifesciences is an American medical technology company headquartered in Irvine, California, that specializes in artificial heart valves and hemodynamic monitoring. It developed the SAPIEN transcatheter aortic heart valve made of cow tissue within a balloon-expandable, cobalt-chromium frame, deployed via the catheter.
Key players in the patient monitoring device market are catering the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. Medtronic PLC, Edward Lifesciences, Natus Medical, Masimo, Koninklijke Philips N.V., Nihon Kohden, Hill-Rom Holdings, Drägerwerk AG, Omron, and GE Healthcare are the key players offering patient monitoring devices.
Recent Developments by the Key Players
Medable (clinical trial technology provider) collaborated with Masimo (wearable device firm) to integrate its pulse oximeter technology into clinical trials. With this partnership, Masimo’s MightySat Rx pulse oximeter wearable device can be used in clinical trials by any sponsor, with the device now available for approximately 3000 patients in 25 countries across two oncology indications that are lung and breast cancer.
Royal Philips (a global leader in health technology) and Nicklaus Children’s Health System (a nationally recognized leader in pediatric care) collaborated for 10 years that shall focusing on enhancing the patient and staff experience, enhancing outcomes, and driving innovation in pediatric care. Nicklaus Children’s serves over 500,000 patients a year, that shall adopt Philips technologies such as the Ingenia Ambition X MR and EPIQ CVx ultrasound, with AI-enabled radiology workflow solutions to reduce exam times and the need for rescans, while increasing diagnostic confidence, resulting in faster diagnosis and treatment for patients.
The Patient Monitoring Device Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Patient Monitoring Device Market