Patient Monitoring Devices Market Size, Share, Report 2032

The patient monitoring devices market size surpassed USD 41 billion in 2022 and is projected to reach around USD 89.75 billion by 2032 with a CAGR of 8.2% from 2023 to 2032.

Patient Monitoring Devices Market Size 2023 to 2032

Key Takeaways

North America contributed more than 43.2% of revenue share in 2022.
Asia-Pacific is expected to expand at the fastest CAGR during the forecast period.
By Product, the blood glucose monitoring device segment has held the major market share in 2022.
By End-use, the patient monitoring devices segment contributed more than 52% of the market share in 2022.

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.

Table of Contents

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.

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.

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