Patient Monitoring Devices Market

Patient Monitoring Devices Market Outlooks (2022 to 2032)

A newly released Patient Monitoring Devices Market analysis report by Future Market Insights shows that global sales of Patient Monitoring Devices in 2021 were held at USD 42.3 Billion. With a CAGR of 10.5% from 2022 to 2032, the market is projected to reach a valuation of USD 125.2 Billion by 2032. Market revenue through Blood Glucose Monitoring Systems is expected to be the highest, projected to grow at a CAGR of over 12.2% from 2022 to 2032.

Attribute	Details
Global Patient Monitoring Devices Market (2022)	USD 46.4 Million
Global Patient Monitoring Devices Market (2032)	USD 125.2 Million
Global Patient Monitoring Devices Market CAGR (2022 to 2032)	10.5%
The USA Patient Monitoring Devices Market CAGR (2022 to 2032)	11.1%
Key Companies Profiled	Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health Anywhere Inc.; Johnson & Johnson; Covidien Plc

Revenue of Patient Monitoring Devices Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Patient Monitoring Devices Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Patient Monitoring Devices Market increased at around 8.8% CAGR.

As a part of a value-based care approach, multiple healthcare providers have started to invest in technologies pertaining to remote patient monitoring. Patient monitoring devices aid in the monitoring and management of high-risk patients with chronic conditions that are deemed unstable. It also shortens a patient's stay in the intensive care unit and hospital wards.

The availability of remote monitoring devices with smartphone connectivity, including remote cardiac implants, electromyogram monitors, and blood pressure monitors, is projected to fuel the market expansion. Furthermore, as the demand for greater connectivity and data accessibility grows, medical device companies are investing in enhanced monitoring equipment, which will help the market grow.

Due to a surge in sedentary lifestyles, such as poor nutrition, physical inactivity, and high sugar consumption, the market is expected to develop significantly over the forecast period, leading to various chronic disorders such as obesity, and diabetes.

Which Factors are Propelling Patient Monitoring Devices Demand?

As the frequency of chronic illnesses such as diabetes, stroke, and kidney disease grows, the requirement for patient monitoring equipment is also expected to surge. The increase in the geriatric population is one of the primary reasons driving the market forward. Furthermore, market growth is also aided by a rise in the number of people who suffer from numerous lifestyle conditions such as cancer and atherosclerosis.

The growing popularity of wearable and remote patient monitoring devices is also propelling the industry forward. Biosensors, wearable patient monitoring devices, and smart implants are utilized across several applications, which include temperature monitoring, continuous glucose monitoring, pulse oximeter, and blood pressure monitoring, to name a few. The IoT is built into the latest generation of wearable devices. Wearable biosensors monitor vital signs such as weight, blood pressure, blood sugar, and electrocardiography, which are sent to a central server via connectivity.

Region-wise Insights

Which Region is projected to Offer the Largest Patient Monitoring Devices Market Opportunity?

In 2021, North America led the market for patient monitoring devices, accounting for over 40% of global sales. The increased rate of chronic illnesses, coupled with sophisticated technology, and the demand for mobile and portable solutions to lower out-of-pocket expenditures, are pushing the industry in this field. Major market players such as GE Healthcare, Masimo Corporation, and Edward Lifesciences are also investing in research and development for more advanced patient monitoring device facilities, which will increase the market in the forthcoming years.

The market for patient monitoring devices in Europe is expected to grow at a CAGR of over 12% from 2022 to 2032. In several European countries, the prevalence of chronic diseases is rising. As a result, European countries are updating their healthcare infrastructure in order to serve better and treat their people. The market need for vital sign monitors is expected to grow as the prevalence of chronic diseases rises, the population ages, and infrastructure improves. Furthermore, the growing preference for in-house medical care in Europe is expected to drive market growth during the projection period.

Country-wise Insights

USA Patient Monitoring Devices Market Analysis The market in the USA is projected to reach a valuation of USD 48 Billion by 2032. Growing at a CAGR of 11.1% from 2022 to 2032, the market in the country is expected to gross an absolute dollar opportunity of USD 31.2 Billion. The UK Patient Monitoring Devices Market Analysis The market in the country is expected to reach USD 5.5 Million by 2032.

During the forecast period, the market in the country is expected to garner an absolute dollar opportunity of USD 3.8 Billion from 2022 to 2032. Japan Patient Monitoring Devices Market Analysis In Japan, the market is projected to reach USD 4.7 Billion by 2032. The market in the country is expected to gross USD 3 Billion in absolute dollar opportunity from 2022 to 2032.

Category-wise Insights

Which Product Type of Patient Monitoring Devices is expected to Score the Highest Growth in the Coming Years?

In 2021, the patient monitoring devices market was dominated by blood glucose monitoring systems. The category is predicted to rise due to rising diabetes incidences, new product launches, and rising usage of blood glucose monitoring devices in emerging countries. Also, it is projected to grow at a CAGR of over 12.2% from 2022 to 2032.

Consumers use glucometers, or portable blood glucose meters to monitor their blood sugar levels, which analyze blood generally from the tip of a finger. Patients with diabetes could learn about their health by checking their blood glucose levels on a regular basis. Monitoring one’s blood glucose levels can enable the doctor, as well as the rest of the healthcare providers, to make essential decisions regarding medication dose, exercise, and food.

Which End user of Patient Monitoring Devices is expected to offer Significant Opportunity in the Coming Years?

Revenue through the hospital segment leads the global market, accounting for a CAGR of more than 10% from 2017 to 2021. The increased emphasis on effective and early disease diagnosis in hospitals and the expanding procedural volume in hospital settings are expected to account for a considerable proportion of the market. As per American Heart Association (AHA), more than 209,000 deaths were reported in medical centers in 2016, with the number expected to climb to nearly 23.6 million by 2030.

Over the projected period, the market through home care settings is expected to increase rapidly. The drive toward mobility and care at the bedside is hastening the development of the next generation of therapeutic, diagnostic, display, and monitoring technology which is more adaptive, and precise.

Competitive Analysis

Honeywell, American Telecare, Roche, Philips Healthcare, Intel, Welch Allyn, Health anywhere Inc., Johnson & Johnson, Bosch, Biotronik, and Covidien Plc are the key players operating in the market.

Some of the recent developments of Patient Monitoring Devices Market key providers are as follows:

• In October 2021, Honeywell introduced the Real-Time Health Monitoring System (RTHMS), which combines hardware and data analytics software to improve real-time and remote patient monitoring, as well as digitize and automate time-consuming and critical tasks for medical personnel. This is expected to reduce administrative responsibilities by 35%.
• In June 2020, Abbott received FDA approval for the FreeStyle Libre 2 Integrated Continuous Glucose Monitoring (iCGM) device for diabetic patients. This device monitors glucose levels every minute and includes a real-time alarm feature. It has a self-applied iCGM sensor that eliminates the need for finger pricks to remove blood. When a user's blood glucose levels drop or rise, the device's Bluetooth technology automatically warns them.
• In January 2020, Medtronic gained FDA clearance for Micra AV, the smallest pacemaker with atrioventricular synchronization.

Market Segments Covered in Patient Monitoring Devices Market Analysis

By Product Type:

• 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
  • Overall
  • Pulse Oximeters
  • Spirometers
  • Capnography
  • 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

By End User:

• Hospitals
• Ambulatory Surgery Centers
• Home Care Settings
• Other End-user

By Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East & Africa (MEA)

Frequently Asked Questions

How much is the current worth of the Patient Monitoring Devices Market?

The global market is worth more than USD 42.3 Billion at present.

What is the sales forecast for Patient Monitoring Devices Market?

The market value is projected to increase at a CAGR of around 10.5% from 2022 to 2032.

What was the last 5 year’s market CAGR?

The market value increased at a CAGR of around 8.8% from 2017 to 2021.

What is a key trend shaping the growth of the Patient Monitoring Devices Market?

The demand for patient monitoring devices is increasing as the number of chronic diseases such as diabetes, stroke, and renal disease rises. The growing popularity of wearable and remote patient monitoring devices is also propelling the industry forward.

At what percentage are sales of the Patient Monitoring Devices Market going to register growth in China?

The market in China is projected to expand at a CAGR of around 12% from 2022 to 2032.

What do statistics for South Korea and Japan reveal?

While the market in South Korea is expected to grow at nearly 10.3%, the market in Japan is projected to register a CAGR of almost 10.5% from 2022 to 2032.