Patient Monitoring Devices Market Growth & Trends
The global patient monitoring devices market size is expected to reach USD 92.8 billion by 2030 and is projected to grow at a CAGR of 7.8%, according to a new report by Grand View Research, Inc. The demand in the market is expected to rise owing to the technological advancements in patient monitoring devices along with the growth in the number of hospital admissions globally.
Improving healthcare expenditure across the globe coupled with the rising adoption of remote monitoring systems will also augment the market growth over the forecast period. Many hospitals and healthcare providers are investing in remote patient monitoring technologies as a part of a value-based care model.
Patient monitoring devices help in monitoring and managing high-risk patients that are suffering from chronic diseases and are considered unstable. There has been a rise in the prevalence of chronic diseases such as diabetes, cancer, and hypertension across the world. Over 100 million Americans have hypertension and an increased risk of heart disease, according to the Centers for Disease Control and Prevention (CDC). The need for patient monitoring devices is rising due to the increasing prevalence of these conditions worldwide.
COVID-19 has decreased frequent hospital visits while increasing demand for home monitoring devices. Additionally, the scenario has altered customer demand, buying patterns, and behavior. The necessity to harness and utilize digital infrastructure for remote patient monitoring has been brought into sharp relief by the COVID-19 outbreak. The combination of telehealth & remote patient monitoring is projected to enhance the provision of at-home healthcare.
Patient monitoring devices industry growth is also being driven by supporting activities by the public and private sectors to assist COVID-19 patients globally. For instance, the World Health Organization distributed 30,000 oxygen concentrations worldwide in February 2021. Similarly, Invacare Corporation saw sales of respiratory products increase by 72.2% in the fourth quarter of 2020.
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Patient Monitoring Devices Market Report Highlights
- Due to the technological advancements in multi-parameter patient monitoring, the category for multi-parameter monitoring devices accounted for the greatest revenue share of 23.3% in 2021. Multi-parameter patient monitors are widely used for enhancing the quality of healthcare in both the in-patient wards and intensive care units (ICU)
- The blood glucose monitoring devicessegment is expected to show lucrative growth during the forecast period owing to the growing number of diabetic patients’ demand for monitoring devices to keep track of their health
- Due to the strong demand for various monitoring devices to monitor patients at hospitals, the hospitals segment accounted for the largest revenue share of 51.1% in 2021
- North America contributed to the largest revenue share of 42.6% in 2021, owing to the presence of well-established reimbursement policies, dominant market players, high healthcare expenditure, and high adoption rate for advanced medical technologies
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Patient Monitoring Devices Market Segmentation
Grand View Research has segmented the global patient monitoring devices market based on product, end-use, and region:
Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Blood Glucose Monitoring Systems
- Self-monitoring Blood Glucose Systems
- Continuous Glucose Monitoring Systems
- Cardiac Monitoring Devices
- ECG Devices
- Implantable Loop Recorders
- Event Monitors
- Mobile Cardiac Telemetry Monitors
- Smart/Wearable ECG Monitors
- Multi-parameter Monitoring Devices.
- Low-acuity Monitoring Devices
- Mid-acuity Monitoring Devices
- High-acuity Monitoring Devices
- Respiratory Monitoring Devices
- Pulse Oximeters
- Spirometers
- Capnographs
- Peak Flow Meters
- Temperature Monitoring Devices
- Handheld Temperature Monitoring Devices
- Table-top Temperature Monitoring Devices
- Wearable Continuous Monitoring Devices
- Invasive Temperature Monitoring Devices
- Smart Temperature Monitoring Devices
- 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
Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Hospitals
- Ambulatory Surgery Centers
- Home Care Settings
- Others
Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- US.
- Canada
- Europe
- UK.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
List of Key Players Of Patient Monitoring Devices Market
- Honeywell
- American Telecare
- Roche
- Philips Healthcare
- Bosch
- Biotronik
- Intel
- Welch Allyn
- Health anywhere Inc.
- Johnson & Johnson
- Covidien Plc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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