Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global patient monitoring devices market was valued at US$ 50.50 billion in 2022 and is expected to register a revenue CAGR of 7.45% to reach US$ 96.41 billion by 2031
Patient Monitoring Devices Market Fundamentals
Patient monitoring devices measure, distribute, record, and display combinations of biometric values, such as temperature, blood pressure, and heart rate. Typical components of a patient monitoring device include a sensor for recording vital patient data (such as heart rate) and interconnect (such as PCBs, connectors, and wire) for transmitting the data to the capital equipment. High-capacity, multi-function monitors are mostly used in clinics and hospitals to provide top-notch patient care. Portable patient monitors are made to be lightweight and energy efficient. As a result, paramedics can use them in homecare settings or in remote areas to aid in field diagnosis while providing monitoring and data transmission to healthcare providers in other places.
Patient Monitoring Devices Market Dynamics
The global patient monitoring devices market is driven by various factors contributing to its growth and development. The increased prevalence of chronic diseases such as cardiovascular, respiratory, diabetes, and hypertension drive the demand for patient monitoring devices. The World Health Organization (WHO) claims that the leading cause of death worldwide is cardiovascular disease (CVD). In addition, the WHO estimates that 422 million people globally have diabetes. These devices are crucial in continuously monitoring and managing patients with chronic conditions, facilitating early detection of complications, and improving patient outcomes. Continuous advancements in technology have led to the development of innovative patient monitoring devices. These devices are becoming more portable, user-friendly, and capable of providing real-time data and remote monitoring capabilities. Technological advancements, including wireless connectivity, wearable sensors, and mobile health applications, are driving market growth. The global aging population is a significant driver for the patient monitoring devices market. As the elderly population increases, the demand for monitoring devices rises due to the higher prevalence of chronic diseases and the need for continuous health monitoring. Patient monitoring devices assist in remote monitoring, fall detection, vital sign monitoring, and overall care management of the elderly population. Governments worldwide are implementing initiatives to promote the adoption of digital health technologies, including patient monitoring devices. These initiatives aim to improve healthcare access, enhance patient outcomes, and reduce healthcare costs. Supportive policies, regulations, and funding for healthcare technology contribute to the growth of the patient monitoring devices market.
The high cost of this technology, however, is anticipated to restrain the expansion of the global market for patient monitoring devices.
Patient Monitoring Devices Market Ecosystem
The global patient monitoring devices market is analyzed from the following perspectives: type, end user, and region.
Patient Monitoring Devices Market by Type
Based on the type, the global patient monitoring devices market is segmented into blood glucose monitoring, cardiac monitoring devices, multi-parameter monitoring devices, neuro monitoring devices, hemodynamic/pressure monitoring devices, and others (fetal & neonatal monitoring devices, temperature monitoring devices, weight monitoring devices, and others).
The multi-parameter patient monitoring devices segment accounts for 24% of the revenue share in the global patient monitoring devices market. The advantages of multi-parameter monitors, such as battery-powered, inexpensive, and highly integrated silicon systems that integrate several parameters into a low-cost, low-power integrated solution, are primarily driving the development of the technology. For instance, silicon solutions, single chips with integrated ECG, respiration, pulse oximetry, bluetooth low-energy radio, and one or more CPU units are currently available. These two devices were combined to create a full multiparameter, inexpensive, compact, and power-efficient solution. In addition to clinics and hospitals, multi-parameter monitoring is also becoming more important in personal settings. Home care and senior care are becoming increasingly important for lower care costs. Multi-parameter monitoring technologies make it easier to assess patients' health before they are taken to the hospital. They can also monitor how effectively patients are adhering to carers' instructions.
Patient Monitoring Devices Market by End User
Based on the end user, the global patient monitoring devices market is segmented into hospitals, home care settings, and others.
The hospital segment accounts for the highest revenue share of 52% in the global patient monitoring devices market. Due to the growing significance of precise and fast disease diagnosis in hospitals and the increasing number of treatments carried out there, the segment's sizeable revenue share can be attributable to these factors. An increase in the number of people being admitted to hospitals due to accidents, chronic illnesses, and other circumstances is driving the segment's growth. Multiparameter patient monitors are often used in general wards and intensive care units to continuously monitor patients' health utilizing several human vital indicators, such as oxygen saturation, respiration rate, blood pressure, and heart rate.
The home care segment is anticipated to witness rapid growth in the global patient monitoring devices market over the forecast period. Due to the trend towards portability and the delivery of care at home or at the bedside, the development of next-generation therapeutic, display, diagnostic, and monitoring device designs that are more adaptive, precise, and tiny is accelerated.
Patient Monitoring Devices Market by Region
Geographically, the global patient monitoring devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to lead the global market, accounting for the largest market share of more than 42% in the global patient monitoring devices market. North America has a well-developed healthcare infrastructure with technologically advanced medical facilities, hospitals, and clinics. The region has a high adoption rate of digital health technologies, including patient monitoring devices. The availability of advanced healthcare infrastructure and expertise supports the market's growth. North America is a hub for technological advancements in healthcare. The region has a strong presence of medical device manufacturers, research institutions, and technology companies, driving innovation in patient monitoring devices. Developing wearable sensors, wireless connectivity, remote monitoring capabilities, and data analytics are important market growth drivers. Chronic diseases like obesity, diabetes, respiratory problems, and cardiovascular diseases are extremely prevalent in North America. The increased prevalence of various disorders is driven by the need for patient monitoring devices to manage and monitor patients' health at home or in healthcare settings. The focus on disease control and proactive monitoring promotes market growth.
The patient monitoring devices market in the Asia Pacific region is a rapidly growing segment within the global healthcare industry. The Asia Pacific region represents a significant and expanding market for patient monitoring devices. The market is driven by factors such as the growing population, rising healthcare expenditure, increasing prevalence of chronic diseases, and technological advancements. The market is expected to grow substantially due to the region's large population and expanding healthcare infrastructure. The Asia Pacific region is home to a large and diverse population, including both urban and rural areas. The region faces a significant burden of chronic diseases, such as cardiovascular diseases, respiratory disorders, diabetes, and hypertension, due to factors like changing lifestyles, an aging population, and urbanization. The need for continuous monitoring and management of these conditions fuels the demand for patient monitoring devices. The Asia Pacific region has seen a significant increase in mobile health (mHealth) and telemedicine adoption. Patient monitoring devices are integrated with mobile applications, enabling remote patient monitoring, real-time data sharing, and teleconsultation. The increasing use of mHealth and telemedicine platforms drive the demand for patient monitoring devices.
Patient Monitoring Devices Market Competitive Landscape
The prominent players operating in the global patient monitoring devices market are: -
Patient Monitoring Devices Market Strategic Developments
Patient monitoring devices are medical devices designed to monitor and track patients' physiological parameters, vital signs, and overall health status. These devices are used in various healthcare settings, including hospitals, clinics, ambulatory care centers, and home healthcare.
The revenue CAGR for the patient monitoring devices market is 7.45% during the forecast period.
GENERAL ELECTRIC COMPANY, Abbott Laboratories, Medtronic Plc, Koninklijke Philips N.V., AND SCHILLER AG are a few of the major players in the global patient monitoring devices market.
Asia Pacific is the key growth region in the global patient monitoring devices market.
Patient monitoring devices can be expensive, especially advanced and specialized devices. The high cost of these devices can limit their accessibility, particularly in resource-constrained healthcare settings or regions with limited healthcare budgets.
*Insights on financial performance are subject to the availability of information in the public domain