Patient Monitoring Devices Market Increasing Demand, Growth Analysis and Future Outlook by 2031

Global patient monitoring devices market is anticipated to grow at a significant CAGR of 14.6% during the forecast period (2024-2031). The market growth is attributed to the increasing availability of advanced patient monitoring equipment like wearable devices, wireless monitors, and remote monitoring systems to cater to the growing demand for patient monitoring devices globally driving. The increasing application of patient monitoring devices in hospitals, ambulatory surgery centers, and home care settings to track and analyze vital signs, enables healthcare professionals to monitor patients' health remotely. For instance, in April 2024, OSI Systems, Inc. announced that its healthcare division, Spacelabs Healthcare®, received an order valued at approximately $6.0 million to provide patient monitoring solutions and related accessories to a US-based hospital. The company provides Xhibit® Central Stations, Xprezzon® patient monitors, and Qube® patient monitors.

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The extension of collaboration helps enable clinicians to make quick and informed decisions without the need for additional monitoring equipment. These capabilities and metrics help providers to act decisively while also helping to lower the cost of care by providing a more holistic view of the patient from one system. For instance, in June 2023, Koninklijke Philips N.V., and Masimo introduced new, advanced monitoring capabilities to Philips high acuity patient monitors. The company announced FDA clearance allowing the activation of SedLine® brain function monitoring, regional oximetry (O3®), and CO? measurements in Philips patient monitors - IntelliVue MX750 and MX850.
Using multi parameter monitors to track a patient's vital signs more frequently. It is primarily used to monitor blood pressure (NIBP), respiration (RESP), oxygen saturation (SpO2), temperature (TEMP), cardiac activity (ECG), and hospitalization or emergency room (ER). For instance, in February 2024, Midmark introduced two new multi parameter monitors. The new multi parameter monitors are designed with integrated safety features and user-friendly capabilities to help veterinary care teams navigate anesthetic procedures more efficiently. The new multi parameter enhanced blood pressure monitoring features, ECG and CO2 catalogs, and customizable user displays.

Global Patient Monitoring Devices Market Report Segment

By Product

• Blood Glucose Monitoring Systems
• Cardiac Monitoring Devices
• Multi-parameter Monitoring Devices.
• Respiratory Monitoring Devices
• Temperature Monitoring Devices
• Hemodynamic/Pressure Monitoring Devices
• Other (Fetal & Neonatal Monitoring Devices, Weight Monitoring Devices)

By End-Users

• Hospitals
• Ambulatory Surgery Centers
• Home Care Settings
• Others (Clinics)

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Patient Monitoring Devices Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Baxter International Inc.
• Becton, Dickinson, and Company
• Boston Scientific Corp.
• Criticare Systems, Inc.
• Drägerwerk AG & Co. KGaA
• Edwards Lifesciences Corp.
• GE HealthCare Technologies Inc.
• Hill-Rom Holdings, Inc.
• LivaNova, PLC
• Masimo Corp.

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