Patient Monitoring Devices Market Size, Share & Trends

Overview of the Patient Monitoring Devices Market

The global patient monitoring devices market growth forecasted to transform from USD 48.5 billion in 2024 to USD 71.1 billion by 2029, driven by a CAGR of 8.0%. This growth is driven by factors such as the increasing prevalence of chronic disorders, an aging population, advancements in healthcare technology, and the rising adoption of wireless monitoring devices. Major companies in this market include Medtronic, GE Healthcare, Philips Healthcare, Nihon Kohden, Abbott Laboratories, and Mindray Medical. Key product segments are blood glucose monitoring systems, cardiac monitoring devices, multi-parameter monitoring, respiratory monitoring, hemodynamic monitoring, weight monitoring, fetal & neonatal monitoring, neuromonitoring, and temperature monitoring devices. Ambulatory surgical centers are expected to be the fastest-growing end-user segment, while the Asia-Pacific region is anticipated to exhibit the highest CAGR. Despite the high costs and technical expertise required for advanced systems, opportunities for growth lie in AI integration for real-time data analysis and personalized treatment plans.

An increase in chronic disorders and the aging population, increasing research & funding initiatives from organizations, and worldwide advancement in surgical procedures are a few drivers that collectively contribute to the growth of the Patient monitoring market, and as healthcare technological advancement continues to evolve, the demand for patient monitoring procedure is expected to rise in the forecasting years. However, challenges for high cost, stringent regulatory policies can limit the market growth.

Attractive Opportunities in the Patient Monitoring Devices Market

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Patient Monitoring Devices Market Dynamics

Driver: Increase adoption of wireless monitoring devices

The healthcare landscape is witnessing a significant shift towards wireless monitoring devices within the broader patient monitoring market. Conventional patient monitoring methods often restrict patient mobility and comfort by tethering them to bedside equipment. Wireless devices address this limitation by facilitating greater freedom of movement, fostering a more patient-centric approach to care delivery. Wireless monitoring facilitates the continuous and real-time capture of vital signs, blood sugar levels, and other health metrics. This uninterrupted data stream offers a more holistic understanding of a patient's health compared to traditional, intermittent measurement.

Restraint: High cost of patient monitoring

Sophisticated patient monitoring systems, like hemodynamic monitors or certain wireless monitoring devices, can be expensive to purchase and install, creating a financial barrier for hospitals and healthcare facilities, particularly smaller institutions. Maintaining and upgrading patient monitoring equipment can add to the ongoing operational costs for healthcare providers. Hospital budget cuts were similar throughout Europe, and are anticipated in the upcoming years. Budget cuts have made cost-containment measures necessary in many areas of healthcare facilities.

Opportunity: Artificial Intelligence (AI) Integration - growth opportunities

Leveraging artificial intelligence (AI) empowers the analysis of vast datasets generated by patient monitoring systems. This enables real-time generation of actionable insights, facilitates predictive risk stratification, and supports the development of personalized treatment plans for improved patient outcomes. Traditionally, analyzing large datasets from patient monitoring was a time-consuming process. AI algorithms can now analyze this data in real time, identifying critical trends and potential issues as they occur.

Challenge: Technical expertise

Advanced patient monitoring systems, while generating valuable real-time vitals, waveform analysis, and trends, present a data interpretation challenge. Upskilling healthcare personnel, particularly nurses and technicians, is crucial for optimal utilization. However, time-consuming training and potential skill shortages create logistical hurdles for wider adoption in the healthcare industry.

Patient Monitoring Industry Ecosystem

Major companies in this market include well-established and financially stable suppliers of Patient monitoring. Prominent companies in this market include Medtronic plc (Ireland), GE Healthcare (US), Philips Healthcare (Netherland), Nihon Kohden Corporation (Japan), Abbott Laboratories (US), Mindray Medical International Ltd (China), Boston Scientific Corporation (US), among several others.

Blood Glucose Monitoring Systems (BGMS) segment to register largest market share of the patient monitoring Devices industry in the year 2023.

Based on the product, the patient monitoring devices market is segmented into Blood glucose monitoring systems, Cardiac Monitoring Devices, Multi-Parameter Monitoring, Respiratory Monitoring Devices, Hemodynamic/ Pressure Monitoring Devices, Weight Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Temperature Monitoring Devices and others. BGMS segment to register largest market share in the forecast period of 2024-2029. The Blood glucose monitoring systems are further divided into self-monitoring, continuous glucose monitoring, wearable glucose monitoring. Key drivers are Advancements like continuous glucose monitoring (CGM) have revolutionized blood sugar monitoring by offering a less invasive and more convenient approach compared to traditional finger-stick methods. Furthermore, the growing number of players in the BGMS market is driving innovation and potentially lowering device costs.

Ambulatory Surgical Centers (ASCs) segment of the patient monitoring devices industry is the highest market rate end-user segment in the forecasted year 2024-2029.

The ASCs end user segment of the patient monitoring devices market registers highest market rate in the forecasted year 2024-2029. Key factors driven by Easy-to-use and portable monitoring solutions are crucial to avoid delays and optimize workflow, cost-effectiveness, workflow efficiency, and meeting the specific needs of minimally invasive procedures. Additionally, user-friendly, and delivers value without compromising patient safety. Furthermore, requiring less complex monitoring compared to major surgeries in hospitals.

Asia-Pacific is expected to be the patient monitoring devices industry highest CAGR during the forecast period.

The patient monitoring devices market is divided into key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2023, the Asia Pacific region is anticipated to exhibit the highest CAGR during the forecasting year. However, North America held the largest market share in the global Patient monitoring market. This growth is primarily attributed to the a aging population, increasing availability of advanced patient monitoring equipment like wearable devices, wireless monitors, and remote monitoring systems caters to the growing demand for these technologies in APAC countries. The APAC region is emerging as a medical tourism hub, attracting patients seeking high-quality healthcare services, including advancements in surgical techniques and the adoption of advanced Patient monitoring. Additionally, the market in the Asia Pacific region is poised for significant growth due to a combination of demographic, economic, and technological factors.

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As of 2022, prominent players in the market are Medtronic plc (Ireland), GE Healthcare (US), Philips Healthcare (US), Nihon Kohden Corporation (Japan), Mindray Medical International Ltd. (China), and Abbott Laboratories (US) among several others.

Scope of the Patient Monitoring Devices Industry

This report has segmented the patient monitoring devices market to forecast revenue and analyze trends in each of the following submarkets:

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

BY END USER (USD MILLION; 2021—2029) *

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

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

Recent Market Developments of Patient Monitoring Devices Industry:

• In 2023, GE HealthCare’s CARESCAPE Canvas Patient Monitoring Platform Received FDA Clearance.
• In 2024, GE HealthCare received FDA clearance for an expanded indication for Novii+ maternal and fetal monitoring solution for pregnant patients ≥34 weeks.
• In 2023, Abbott Receives FDA Clearance For Assert-IG Insertable Cardiac Monitor to Help Doctors Monitor People's Heart Rhythms Long-Term.

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