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

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.