Patient Monitoring Devices Market Size to Worth Around US$ 83.5 Billion by 2030

According to Vision Research Reports, the global Patient Monitoring Devices market size is expected to be worth around US$ 83.5 billion by 2030.

The global Patient Monitoring Devices market size was valued at US$ 47.3 billion in 2020 and is anticipated to grow at a CAGR of 18.8% during forecast period 2021 to 2030.

Report Highlights

• The cardiac monitoring systems segment held the largest revenue share of more than 19.5% in 2020
• The cardiac monitoring devices segment was valued USD 3.1 billion in 2021
• The hospital segment dominated the market and accounted for the largest revenue share of more than 51.3% in 2020.
• According to the America Heart Association (AHA), in 2016 around 209,000 patients suffered from in-hospitals cardiac arrest in the U.S., and the number is expected to grow to more than 23.6 million by 2030
• North America dominated the patient monitoring devices market and accounted for the largest revenue share of more than 42.7% in 2020
• Europe patient monitoring devices market is expected to grow at a CAGR of 6.8% till 2030
• Asia-Pacific region is expected to grow at a CAGR of 5.8% during 2022 to 2030
• The ambulatory surgical centers segment accounted 31% of the market share in 2021
• The wireless segment is expected to reach at a CAGR of 7.6% From 2022 to 2030

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Growth Factors

The growth is attributed to technological advancement in patient monitoring devices as well as the increasing number of hospital admissions globally.

The COVID-19 has increased the demand for monitoring devices at home and reduced frequent visits to hospitals. The situation has also changed consumer behavior, purchasing, and demand pattern. The COVID-19 pandemic has brought into sharp focus the need to harness and leverage digital infrastructure for remote patient monitoring. Besides, the combination of remote patient monitoring and telehealth is likely to improve the delivery of at-.

Supporting initiatives by the private and public sectors to help COVID-19 patients globally is also driving the market. For instance, the World Health Organization in February 2021, has distributed 30,000 oxygen concentrations globally. Also, Invacare Corporation witnessed 82.2% sales of respiratory products in the fourth quarter of 2020.

Product Insights

The cardiac monitoring systems segment held the largest revenue share of more than 19.5% in 2020. According to the WHO, Cardiovascular Diseases (CVDs) are the major cause of death across the globe and approximately 30.0 million people suffer a stroke and heart attack annually. The rising incidence of cardiac disease is increasing the demand for cardiac monitoring system devices hence major market players are trying to meet the needs by launching new products. For instance, in January 2020, Medtronic received FDA approval for Micra AV, which is the smallest pacemaker with the atrioventricular synchrony.

Besides, technological advancement, government initiatives, and regional expansion are likely to boost the segmental growth of patient monitoring devices. For instance, In February 2020, Abbott received CE marking for Gallant Implantable Cardioverter Defibrillator (ICD) and Cardiac Resynchronisation Therapy Defibrillator (CRT-D) devices that offer new opportunities for patient engagement and remote monitoring through novel smartphone connectivity and connected applications.

End-use Insights

The hospital segment dominated the market and accounted for the largest revenue share of more than 51.3% in 2020. The large share of the market is anticipated to the rising emphasis on effective and early disease diagnosis in hospitals, and the growing procedural volume in hospital settings. According to the America Heart Association (AHA), in 2016 around 209,000 patients suffered from in-hospitals cardiac arrest in the U.S., and the number is expected to grow to more than 23.6 million by 2030.

The other segments for the market include hospitals, ambulatory surgical centers, home care settings, and others. The home care segment is anticipated to witness rapid growth over the forecast period. There is an increasing trend toward portability and delivery of care at home or at the bedside, which is accelerating the development of next-generation therapeutic, diagnostic, display, and monitoring equipment design, which is more versatile, precise, and compact.

Regional Insights

North America dominated the patient monitoring devices market and accounted for the largest revenue share of more than 42.7% in 2020. Increasing incidence of chronic diseases, coupled with the presence of advanced technology, demand for wireless and portable systems aimed at cutting out-of-pocket expenditure are some of the factors attributed to the growth of the market in the region. Also, major market players such as Edward Lifesciences, GE Healthcare, Masimo Corporation, and Natus Medial are investing in the R&D for more advanced patient monitoring device facilities, which, in turn, will boost the market in the coming years.

In Asia Pacific, the market is anticipated to witness lucrative growth over the forecast period, owing to the adoption of a sedentary lifestyle in the region such as poor diet, physical inactivity, and high consumption of sugar that led to many chronic conditions such as obesity, diabetes, and others. India and China have the largest diabetic population and is expected to increase over the forecast period. This leads to an increase in awareness regarding diabetes preventive care, which, in turn, is anticipated to augment market growth.

Key Players

• Bosch
• Biotronik
• Intel
• Welch Allyn
• Health anywhere Inc.

Market Segmentation

• Product Outlook
  • 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
• End-use Outlook
  • Hospitals
  • Ambulatory Surgery Centers
  • Home Care Settings
  • Others
• Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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