Patient Monitoring Devices Market Size to Hit USD 86.7 billion in 2030, Growth, Size, Share, Product, Trends, Key Drivers, Opportunity Analysis

According to the study titled, "Patient Monitoring Devices Market by Product (EEG, MEG, TCD, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitoring, MCOT, ECG, ICP, ILRs, Blood Glucose Monitoring, Blood Pressure Monitor), End-User (Hospitals, ASCs), and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)" launched by delvens, The Global Patient Monitoring Devices Market has reached a value of $42.3 billion in 2022. This market is projected to grow from $46.27 billion in 2023 to $86.7 billion in 2030 with a CAGR of 9.4% in the forecast period of 2023-2030.

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This market is estimated based on different key pointers that attribute to the growth which are product types such as Cardiac Monitoring devices, Neuromonitoring devices, Respiratory Monitoring devices, Anesthesia Monitor, Hemodynamic Monitoring Devices, Fetal & Neonatal Monitoring devices, monitoring systems including Single Parameter & Multi-Parameter systems, and end-users such as Hospitals, Ambulatory Surgical Centers (ASCs), Homecare settings.

Leading companies such as Abbott Laboratories, HILL-ROM holdings Inc., Dragerwek AG & Co. KGaA, Edwards Lifesciences Corporation, OMRON Corporation, Masimo Corporation, Compaumedics Limited, and Medtronic plc.

The hospital segment places a huge market share for the growth of the patient monitoring device market compared to others. This is due to the increase in the requirement for essential devices in intense care & casualty units in hospitals, the largest population of patients relying on the hospital for their treatments, the growing investment in purchasing these monitoring devices in hospitals to meet the increasing needs due to high prevalence in the occurrence of chronic, pandemic, and epidemic diseases. Further, these demands drive the growth of the patient monitoring devices market as predicted in the forecast period.

Demand for Patient Monitoring Devices:

The incidence of chronic conditions such as diabetes, heart disease, and respiratory disease, is growing with the increasing population across the world. This develops a need to monitor the vital of patients precisely which increases the demand for patient monitoring devices. Further, it would be helpful for the healthcare professional to stabilize the patient by giving the right treatments and managing the conditions. The remote patient monitoring system has emerged as an important trend in healthcare, driven by the need to improve patient outcomes and reduce healthcare costs. Moreover, the demand for these monitoring devices is expected to continue to grow in the coming years as expected, driven by the aging & increasing population growth, technological advancements, and the increasing prevalence of chronic diseases.

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Patient Monitoring Devices Market Regional Analysis:

Asia-Pacific region holds a significant market for patient monitoring devices compared to other regions. Since this region has improved healthcare systems to enhance patient outcomes & reduced healthcare costs, the adoption of wearable patient monitoring devices, remote patient monitoring, recent technological advancements such as using AI-based wearable devices, mobile health apps, and government initiatives.

For instance, under the Indian government's Production Linked Incentive (PLI) Scheme, which aims to promote local manufacturing and support the National Agenda of 'Atmanirbhar Bharat', Wipro GE Healthcare recently launched a new manufacturing facility in Bengaluru, India. The factory called Medical Device Manufacturing (MDM) factory, will focus on the production of neurology monitoring devices from March 2022. Dozee, a provider of remote patient monitoring solutions that do not require physical contact, partnered with Priaashraya Healthcare Pvt Ltd in 2022 to provide ongoing monitoring for elderly patients. All these advancements, collaboration, and government actions will enhance the overall growth of the patient monitoring device market in the region in the upcoming years.

Table of Contents

Patient Monitoring Devices Market is segmented into product, end-user and region.

On the basis of Product

Blood Glucose Monitoring System
Cardiac Monitoring Devices
Respiratory Monitoring Devices
Temperature Monitoring Devices
Hemodynamic/Pressure Monitoring Devices
Fetal & Neonatal Monitoring Devices
Neuromonitoring Devices
Weight Monitoring Devices
Other Patient Monitoring Devices

On the basis of End-User

Hospitals
Ambulatory Surgery Centers
Home Care Settings
Other End Users

On the basis of Region

Asia Pacific
North America
Europe
South America
Middle East & Africa

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