Global Patient Monitoring Devices Market Report and Forecast 2024-2032

Global Patient Monitoring Devices Market Outlook

The value of the global patient monitoring devices market was USD 43.73 billion in 2023, driven by the prevalence of chronic diseases, rising geriatric population, and technological advancements in monitoring devices across the globe. The market is expected to grow at a CAGR of 7.7% during the forecast period of 2024-2032 to reach value of USD 85.25 billion by 2032.

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Patient Monitoring Devices Market Overview

The global patient monitoring devices market demand has been growing rapidly and is likely to continue growing in the forecast period as well. Factors like rapid increase in the geriatric population and a surge in prevalence of chronic diseases, including cancer, diabetes, cardiac diseases, and hypertension, among others, are invigorating the demand for established patient monitoring systems. In addition, with the advent of COVID-19, growing public and government investments in improving the healthcare system across the globe, are positively impacting the market growth.

Government spending on research and development (R&D) activities, coupled with innovations in product designs like sensor-based and digital monitoring systems, is fuelling the market growth. With the integration of technology as artificial intelligence (AI) and the Internet of Things (IoT) in patient monitoring, the system can record the patient’s vitality and send real-time updates, which enhances the productivity of the healthcare staff. Investments and innovations in manufacturing practices are further aiding the market growth of the market.

Patient Monitoring Devices Market Segmentations

Patient monitoring devices refer to the process by which healthcare providers can monitor a patient’s health. For this, monitoring devices are used for continuous measurement of patient’s temperature, heart rate, blood pressure, blood-oxygen level, among other uses.

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Market Breakup by Devices Type

• Haemodynamic Monitoring Devices

• Neuro-monitoring Devices

• Cardiac Monitoring Devices

• Multi-parameter Monitors

• Respiratory Monitoring Devices

• Remote Patient Monitoring Devices

• Others

Market Breakup by Application

• Cardiology

• Neurology

• Respiratory

• Fatal and Neonatal

• Weight Management and Fitness Monitoring

• Others

Market Breakup by End User

• Hospitals and Clinics

• Ambulatory Surgery Centres

• Home Healthcare

• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Patient Monitoring Devices Market Analysis

Patient monitoring devices are used to monitor, keep track, and even save the data and status of patient's health. These devices are used in multiple healthcare facilities such as hospitals and clinics, among others. These devices are of great use for healthcare professionals as these devices help them a lot. Any unusual activity that occurs in patient's body can be tracked, making the treatment process smoother and faster.

Patient monitoring devices can be used to measure and take care of multiple aspects of a patient's health. These parameters could be measuring patient's blood pressure, respiratory rate, heart rate, temperature, and some more. Some advanced patient monitoring devices can also be used to observe kidney and brain activities.

A surge in demand for remote patient monitoring systems owing to the presence of coronavirus pandemic around the world, is bolstering the patient monitoring devices market development. The problem of space scarcity and the risk of infection due to the COVID-19 pandemic is encouraging the healthcare sector to adopt remote monitoring devices. Remote patient monitoring includes the use of portable and wearable devices that collect patient data and transmits the information to the physician.

The rising use of remote monitoring systems can be attributed to technological integration like the Internet of Things (IoT) that aid in transmitting real-time updates, cloud-based storage, and video conferencing, which is propelling the growth of the market. Furthermore, remote monitoring devices helps in significant cost reductions, diminishing the need for frequent doctor visits and hospitalisation costs, thereby boosting the demand for patient monitoring devices.

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Key Players in the Global Patient Monitoring Devices Market

The report gives an in-depth analysis of the key players involved in the patient monitoring devices market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:

• Abbott Laboratories

• Boston Scientific Corporation

• Becton, Dickinson and Company

• General Electric Company (GE Healthcare)

• Siemens Healthcare GmbH

• NIHON KOHDEN CORPORATION

• Koninklijke Philips N.V.

• F. Hoffmann-La Roche Ltd

• Honeywell International Inc.

• Masimo

• OMRON Corporation

Key Highlights of the Report