The patient monitoring devices market reached USD 44.16 billion in 2023 and is projected to hit around USD 89.75 billion by 2032 with a CAGR of 8.2% from 2023 to 2032.
Patient Monitoring Devices are the devices that is used to measure, record, distribute and display the biometric values of the patients such as blood pressure, heart beat rate, temperature and others. It helps to monitor continuously the health condition of the patients which helps the patients in living a better quality of life.
The Patient Monitoring Devices comprises of ventilators, nebulizers, oxygen monitors and many others. It assists in diagnosing and monitoring the health condition of the patients. These equipment’s are durable, reusable and can be easily operated, hence they are prescribed by the physicians to the patients across the globe to monitor their health condition.
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Crucial factors accountable for market growth are:
- Rise in chronic diseases across the globe especially in the older generation people.
- Increase in older population across the globe.
- The rapid technological advancement in the Patient Monitoring Devices.
- The benefitsof regularly monitoring the patient health condition provided by the Patient Monitoring Devices.
- During the COVID-19 pandemic outbreak, the demand for Patient Monitoring Devices increased in the local hospitals and nursing homes.
Regional Snapshots
North America is expected to lead the Patient Monitoring Devices market accounting for largest market share of more than 43.2% in 2021. The increasing research and developmental activities in this region to develop advanced patient monitoring devices is anticipated to boost the growth of the Patient Monitoring Devices market. Moreover, the rising infectious disease in the region and the presence major market players in this region will fuel the growth of Patient Monitoring Devices market.
Asia Pacific region is also estimated to grow significantly over the forecast period due to the adoption of poor lifestyle such as improper diet, physical inactiveness, high sugar consumption and many others that leads to generation of chronic disease such as obesity, diabetics and others among the people in this region. The chronic disease needs regular monitoring in order to prevent them from becoming fatal for the patients. This attribute is estimated to drive the growth of the Patient Monitoring Devices market in this region.
Patient Monitoring Devices Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 44.16 Billion |
| Market Size by 2032 | USD 89.75 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 8.2% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, End User |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
Market Dynamics
Driver
The surge in the elderly population across the world and the rise in chronic disease such as cancer, diabetics, cardiac disorders, neurological conditions are the major factors that drive the growth of the Patient Monitoring Devices Market. Moreover, the rising technological advancement in the Monitoring Devices and the increase in demand for Patient Monitoring Devices across the globe is expected to drive the growth of the Patient Monitoring Devices Market.
Restraint
The major restraining factor that negatively impact the growth of the Patient Monitoring Devices Market includes the high cost involved in the manufacture of the Patient Monitoring Devices and the risk associated with using the invasive monitoring systems such as pulmonary artery catheters and others.
Opportunity
In the past decade, with the advancement of technology high quality monitoring device has been developed. The desire of users across the globe to monitor their health condition at home has been increased and this has opened up many opportunities for the manufacturers of the Patient Monitoring Devices to develop innovative products that will fulfill the user demand of monitoring their health condition at home.
Challenges
Monitoring the health condition of the patient with high accuracy and precision is one of the major challenge faced the Patient Monitoring Devices market. Furthermore, the strict Government regulations, tedious approval procedures, maintaining high quality and safety are some of the challenges encountered by the Patient Monitoring Devices market.
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Report Highlights
- Asia Pacific region is estimated to grow at highest CAGR during the forecast period owing to improved healthcare facilities and large number of target population.
- The rise in elderly population that need constant medical attention that can be ensured with the help of Patient Monitoring Devices.
- The monitoring and therapeutic devices sector will lead the Patient Monitoring Devices Market with highest revenue share during the forecast period owing to the rapid increase of chronic disease among the people all over the world.
- By Geography, North America leads the Patient Monitoring Devices Market by revenue share because of rise in chronic diseases among the people in this region.
Recent Developments
- On 3rd August 2021 Abbott Laboratories announced it has received U.S. Food and Drug Administration (FDA) clearance for its latest optical coherence tomography (OCT) imaging platform powered by the company’s new Ultreon Software. This innovative imaging software combines OCT with artificial intelligence (AI) to provide physicians an enhanced, comprehensive view of coronary blood flow and blockages to assist physician decision-making and provide the best pathway for treatment.
- On 13th September 2021 Masimo Corporation announced the CE marking and commercial launch in Europe of the single-patient-use adhesive rainbow SuperSensor, compatible for use with both Masimo and third-party monitors with Masimo rainbow® technology inside.
Key Companies Profiled
The global patient monitoring devices market is characterized by the presence of various small and big players. The major market player includes Abbott Laboratories, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, Edwards Lifesciences Corporation, OMRON Corporation, Masimo Corporation, Compumedics Limited, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden Corporation, Natus Medical, Medtronic plc (Ireland), Koninklijke Philips N.V., GE Healthcare, Getinge AB, Boston Scientific Corporation, Dexcom, Inc., Nonin, BIOTRONIK, SCHILLER, and BioTelemetry, Inc. and many others. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the healthcare facility and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
By Product
- Cardiac Monitoring Devices
- ECG Devices
- Implantable Loop Recorders
- Event Monitors
- Mobile Cardiac Telemetry Monitors
- Smart/Wearable ECG Monitors
- Blood Glucose Monitoring Systems
- Self-monitoring Blood Glucose Systems
- Continuous Glucose Monitoring Systems
- Multi-parameter Monitoring Devices
- Low-acuity Monitoring Devices
- Mid-acuity Monitoring Devices
- High-acuity Monitoring Devices
- Temperature Monitoring Devices
- Handheld Temperature Monitoring Devices
- Table-top Temperature Monitoring Devices
- Wearable Continuous Monitoring Devices
- Invasive Temperature Monitoring Devices
- Smart Temperature Monitoring Devices
- Respiratory Monitoring Devices
- Pulse Oximeters
- Spirometers
- Capnographs
- Peak Flow Meters
- Hemodynamic/Pressure Monitoring Devices
- Hemodynamic Monitors
- Blood Pressure Monitors
- Disposables
- Fetal& Neonatal Monitoring Devices
- Fetal Monitoring Devices
- Neonatal Monitoring Devices
- Neuromonitoring Devices
- Electroencephalograph Machines
- Electromyography Machines
- Cerebral Oximeters
- Intracranial Pressure Monitors
- Magnetoencephalograph Machines
- Transcranial Doppler Machines
- Weight Monitoring Devices
- Digital
- Analog
- Other Patient Monitoring Devices
By End-use
- Hospitals
- Home Care Settings
- Ambulatory Surgery Centers
- Others
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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