USD 46.5 billion
Patient Monitoring Devices Market Size, Share, Growth Analysis, By Product (Blood Glucose Monitoring Devices, Cardiac Monitoring Devices), By End User (Hospitals & Clinics, Ambulatory Surgical Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2950 |
Region:
Global |
Published Date: November, 2024
Pages:
175
|Tables:
93
|Figures:
72
Patient Monitoring Devices Market Insights
Global Patient Monitoring Devices Market size was valued at USD 46.5 billion in 2022 and is poised to grow from USD 50.45 billion in 2023 to USD 96.9 billion by 2031, growing at a CAGR of 8.50% during the forecast period (2024-2031).
In the past few years, the patient monitoring devices market has witnessed a surge due to the increase in demand for monitoring devices. These devices are utilized for measuring, distributing, recording, and displaying various types of biometric data. It includes blood pressure, temperature, and blood oxygen saturation level. Medical facilities are emphasizing on shifting the treatments of patients from hospital care to homecare settings as treatments will become way more affordable. Massive developments in medical treatments have resulted in an increase in the use of patient monitoring devices for at-home treatment of chronic diseases. Furthermore, the pandemic has further increased this shift toward patient monitoring devices. It has also offered businesses an opportunity to show that their devices have the potential to become convenient, cost-efficient, and effective.
Patient monitoring devices manufacturing organizations are innovating new tools with the help of advanced technology. These devices can precisely measure various body parameters. This factor is expected to drive the growth of the market. This is raising demand for therapeutic and monitoring devices worldwide, boosting the growth of the patient monitoring devices market.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Home Care Settings
Fastest Growth
Blood Glucose Monitoring Devices
Growth Rate
8.50%
Global Patient Monitoring Devices Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Patient Monitoring Devices Market Segmental Analysis
Global Patient Monitoring Devices Market is segmented by Product, End User, and region. Based on Product, the market is segmented into Blood Glucose Monitoring Devices, Cardiac Monitoring Devices, Multiparameter Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Hemodynamic/Pressure Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices, and Other Patient Monitoring Devices. Based on End User, the market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings, and Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Devices
Based on these devices, the blood glucose monitoring systems are dominating the patient monitoring device market. This is mainly due to the increasing prevalence of diabetes and an aging population globally. These systems are embedded with continuous glucose monitors (CGM) and conventional blood glucose meters (BGMs) provide patients vital information about glucose levels. Furthermore, technologically advanced devices like non-invasive glucose testing relate to smartphones that help people to monitor their glucose level, boosting market growth. The demand for personalized and remote monitoring has also increased rapidly, further increasing the progression of the market. Factors like regulatory approvals, increasing awareness, and government initiatives promoting diabetes management have significantly fueled the growth of the company. Moreover, these devices make sure that patients get real-time monitoring in both home care settings and hospitals. This improves patients' outcomes and minimizes various complications.
Based on device, the cardiac monitoring devices segment is witnessing the fastest growth in the market. This is primarily due to the growing incidences of cardiovascular diseases, lifestyle disorders, and a higher aging population. Advanced devices like electrocardiographs (ECGs), Holter monitors, and implantable loop recorders are extremely important for constantly tracking the condition of the heart. Today, there are many technologically advanced wireless and remote cardiac monitors. These devices allow patients and medical professionals to share data in real-time with each other. The devices also have the ability to provide instant diagnosis and intervention. Furthermore, many medical facilities are investing in modern technologies to monitor diseases related to heart and diabetes, which is also fueling the growth of the market. Favorable reimbursement policies from government facilities have further propelled market growth. The incorporation of AI and ML into these devices has also increased diagnostic accuracy, minimized the problem of hospital visits and enhanced patient outcomes.
Analysis by End User
Based on end users, the hospital segment is dominating the market. The huge growth of the segment is mainly due to the increasing demand for innovative monitoring technologies that are being used in inpatient and outpatient care. Moreover, hospitals depend on many devices like multi-parameter monitors, ECG monitors, and respiratory monitors. These devices can monitor vital signs, and control severe conditions. The increasing prevalence of chronic diseases and the rising number of surgical procedures are encouraging hospitals to embrace innovative monitoring systems. Furthermore, hospitals benefit from massive scale procurement abilities. These help them to obtain innovative technologies. The emphasis on patient safety, infection control, and constant monitoring in intensive care units (ICU) are also contributing to the growth of the segment.
The home care segment is witnessing the fastest growth in the patient monitoring devices market. This rapid growth is because now patients are trying to manage chronic conditions from the convenience of their homes. Devices like wearable monitors, portable ECGs, and glucose patients are utilized for monitoring their health at the comfort of their home. The emergence of telemedicine and remote patient monitoring (RPM) services have also boosted the growth of the segment. Home care settings provide a cost-efficient substitute for frequent hospital visits, particularly for elderly patients and people who have mobility problems. This is being supported by the developments in wireless technology, which is making tracking easier and dependable in non-clinical settings.
To get detailed analysis on other segments, Request For Free Sample Report
Patient Monitoring Devices Market Regional Insights
Based on region, North America is dominating the patient monitoring devices market with the largest market share. There are several factors that are contributing to the growth of the market in this region. The increasing prevalence of chronic diseases is one of the primary factors that is fueling the growth. The region is also technologically advanced and is constantly adopting wireless and portable systems for minimizing out-of-pocket expenses. Furthermore, key market players like GE Healthcare, Edward Lifesciences, and Natus Medial are also investing in R&D for advanced patient monitoring device facilities that will drive the market growth. The increasing research and development activities in the region is also contributing towards advancing patient monitoring devices fueling the growth of the market. The rising infectious diseases and the presence of key players are driving the growth of patient monitoring devices.
Asia Pacific is witnessing the fastest growth in patient monitoring devices. This is mostly owing to the adoption of adverse lifestyles like improper diet, physical inactivity, and higher consumption of sugar. This is leading to the prevalence of chronic diseases like obesity and diabetics in this region. Moreover, chronic diseases require regular monitoring for preventing them from becoming fatal for the patients, driving the growth of the market in the region. There is also high demand for patient monitoring devices in the Asia Pacific region due to increasing incidences of heart diseases. Moreover, increasing patient awareness about the blood glucose monitoring devices along with cardiac monitors are resulting to higher adoption of these devices in the region.
Global Patient Monitoring Devices Market Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Patient Monitoring Devices Market Dynamics
Drivers
- Increasing Government Investments on Healthcare
The increase in the funding by the government is set to drive the market growth rate. Moreover, growth and expansion of healthcare industry driven by both public and private players, especially in the developing economies, will create lucrative market growth opportunities. Moreover, growing initiatives by the government to provide the best of monitoring against cancer, respiratory diseases, diabetes, cardiovascular diseases and others in the remote areas will further carve the way for the growth.
- Increasing Prevalence of Diseases
There is an increasing demand for efficient medication delivery techniques due to the rising worldwide burden of chronic diseases like diabetes, autoimmune disorders, and cardiovascular diseases. The utilization of advanced patient monitoring devices in the treatment of chronic illnesses is increasing rapidly. This is fueled by advantages like rising patient compliance, awareness of patient monitoring, and proactive intervention.
Restraints
- High Competition from Alternative Drug Delivery System
Oral drugs, intravenous injections, and transdermal patches are some examples of alternative drug delivery systems that compete with subcutaneous drug delivery devices. Many variables, including the treatment needs, patient preferences, and medication qualities, influence the choice of administration technique.
- Growing Concern about Safety and Efficiency
It is crucial to guarantee the safety and effectiveness of patient monitoring devices. These devices can gather sensitive health information like vital signs, medical history, treatment data. This ensures robust data security measures are maintained. Breaches in data security result in unauthorized access, data leaks, identity theft, and compromise confidentiality.
Request Free Customization of this report to help us to meet your business objectives.
Patient Monitoring Devices Market Competitive Landscape
The market is moderately fragmented with the presence of several local companies. These market players are trying to gain higher market share by adopting strategies, like investments, partnerships, and acquisitions & mergers. Organizations are investing more money in the development of improved patient monitoring products. Moreover, they are also emphasizing maintaining competitive pricing. This needs constant research and development initiatives to stay ahead in this ever-changing business setting.
Top Player’s Company Profile
- Dexcom, Inc. (US)
- GE Healthcare (US)
- Philips Healthcare (Netherlands)
- Nihon Kohden Corporation (Japan)
- Boston Scientific Corporation (US)
- Archimed SAS (France)
- Compumedics Limited (Australia)
- Nonin Medical, Inc. (US)
- Biotronik (Germany)
- Schiller AG (Switzerland)
- Senseonics (US)
- Cardiomo (India)
- Vitls (US)
- Neteera (Israel)
- Qardio (US)
- Vivify Health (US)
- Irhythm Technologies, Inc. (US)
- Nihon Kohden Corporation (Japan)
- Cardinal Health (US)
- Merit Medical Systems (US)
Recent Developments
- In March 2023, Monidor Oy entered into a collaboration agreement with Senko Medical. The objective is to infuse remote therapy monitoring is represented and sold in Japan by Senshin Medical Col, Ltd.
- In Feburaury 2023, MOnidor O0Y and Apo Ex went into a partnership. The goal is to introduce remote infusion monitoring services to the Swedish market.
- In July 2022, Sleepis introduced contactless respiration and heart rate measurement devices for remote patient monitoring.
Patient Monitoring Devices Key Market Trends
- Incorporation of AI-Based Algorithms and Data Analytics: The incorporation of AI-based algorithms and data analytics is providing massive opportunities for improving the abilities of digital patient monitoring devices. Machine learning algorithms have immense potential as they can successfully perform analysis of large datasets, pattern identification, and health prediction. Rising awareness of these digital health technologies and preventive care are accelerating the growth of the market. This complex algorithm allows predictive analytics allowing early detection of health problems and improve medical delivery.
- Increasing Use of Sensor Technologies: The incorporation of advanced sensor technologies like biosensors and nanotechnology offers an immense opportunity to improve the preciseness and scope of digital health monitoring devices. Advancement in sensor potentials allows more comprehensive and real-time monitoring of varied health parameters. This is resulting in the advancement of extremely accurate and flexible devices for personalized medical care.
Patient Monitoring Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global patient monitoring devices market is extremely dynamic with many organizations trying for larger market shares. Companies are efficiently utilizing advanced technologies for developing unique products that can achieve popularity in the market. Prominent players are using various strategies to increase market positions. They are engaging in strategies like mergers, acquisitions, collaborations and joint ventures. Furthermore, small businesses and start-ups are focusing on niche products in order to meet the requirements of specific consumer bases.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 46.5 billion |
| Market size value in 2031 | USD 96.9 billion |
| Growth Rate | 8.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Patient Monitoring Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Patient Monitoring Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Patient Monitoring Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Patient Monitoring Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Patient Monitoring Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Patient Monitoring Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
