Patient Monitoring Devices Market
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Patient Monitoring Devices Market Size exceeded USD 23.3 billion in 2020 and is predicted to witness over 6.9% CAGR from 2021 to 2027. High accuracy associated with the latest monitoring devices will boost the market growth.
The COVID-19 pandemic had a significant impact on the market, as health systems all over the world have markedly expanded the use of telehealth services. This supported the use of patient monitoring devices in home settings, physician care units, and ASCs for patients suffering from acute illnesses.
The patient monitoring devices are used for continuous monitoring of patient's vitals such as heart rate, pulse rate, blood pressure, blood oxygen saturation, and many other physiological parameters. The main aim of these monitors is to give warning of early or dangerous deterioration in critically ill patients. Monitors are generally of two types, bedside monitors and remote monitors. However, in recent times due to technological advancements, the monitors come in the wearable form that enables real-time monitoring.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Patient Monitoring Devices Market Size in 2020: | 23.4 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2023 - 2032 CAGR: | 6.9 |
| 2023 Value Projection: | 39.7 Billion (USD) |
| Historical Data for: | 2016 to 2020 |
| No of Pages: | 205 |
| Tables, Charts & Figures: | 365 |
| Segments Covered: | Product, Type, End-use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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. Also, it reduces the stay of a patient in the intensive care unit as well as hospital wards. Availability of remote monitoring devices such as electromyogram (EMG) monitors, remote cardiac implantable, and blood pressure monitors with smartphone connectivity is expected to foster the industry growth. Moreover, with the rising demand for better connectivity and data accessibility, the players in the medical device industry are investing in advanced monitoring devices that further propel the industry expansion.
The cardiac monitoring devices segment was valued at more than USD 2.7 billion in 2020, owing to the rising prevalence of cardiovascular diseases worldwide. CVD refers to a group of cardiac diseases that include congenital heart disease, coronary heart disease, congestive heart failure, and heart attacks. High cholesterol, high blood pressure, diabetes, drug usage, sedentary lifestyle, smoking, consumption of alcohol, and obesity are identified as prominent risk factors for the elevated risk of CVDs. People suffering from CVDs opt for monitoring devices as it is a cost-effective and accurate method of keeping track of cardiac health
The wireless segment in the patient monitoring devices market is projected to showcase 7.3% growth rate through 2027, as it helps monitor patients’ vitals without the requirement of any large setup. Wireless patient monitoring devices are replacing complex and difficult to operate systems and bridging the gap between the doctor and the patients, thereby driving the industry progression. Also, the use of wireless patient monitoring is rising because of the lack of doctors and nurses in hospitals, as well as a considerable difference in the doctor-to-patient ratio.
The ambulatory surgical centers segment captured around 30% of the market share in 2020. In recent times, many patients are inclined towards ASCs, as it is a cost-effective option over hospital-based treatment. Also, most of the ASCs are equipped with advanced equipment and monitoring devices that help in keeping a good track of a patient’s vitals and support in speedy recovery. Furthermore, other benefits such as shorter hospital stay, reduced risk of infection along with superior quality treatment are poised to stimulate the segment growth.
Europe patient monitoring devices market is estimated to attain a CAGR of over 6.5% till 2027. The prevalence of chronic diseases is increasing in several European countries. Therefore, European nations are upgrading their healthcare infrastructure to serve and treat their patients in a better way. Increasing prevalence of chronic diseases, aging demographics, and developing infrastructure are slated to promote the vital sign monitors the market demand. Additionally, the increasing preference for in-house medical care in Europe is anticipated to impel the market expansion during the forecast timeline.
Some of the leading companies operating in the market include:
The market participants have undertaken various growth strategies to garner higher revenue share.
Market, By Product, 2016-2027 (USD Million)
Market, By Type, 2016-2027 (USD Million)
Market, By End-use, 2016-2027 (USD Million)
The above information is provided for the following regions and countries:
The market size of patient monitoring devices was over USD 23.3 billion in 2020 and is estimated to expand at a 6.9% CAGR through 2027 owing to the optimum need for higher accuracy in the latest monitoring devices.
The Europe region is anticipated to strike a CAGR of around 6.5% through 2027 due to the growing incidences of chronic diseases across several countries.
Demand for wireless patient monitoring devices is expected to record a growth rate of more than 7.3% up to 2027, driven by increasing adoption to monitor patients
Cardiac monitoring, neuromonitoring devices, respiratory monitoring devices, anesthesia monitor, hemodynamic monitoring devices, fetal and neonatal monitoring, and multiparameter devices are some devices employed in patient monitoring.