The patient monitoring devices market was valued at US$ 36.5 billion in 2021 and is expected to hit around US$ 80.75 billion by 2030 with a compound annual growth rate (CAGR) of 8.3 % from 2021 to 2030.
The surge in demand for the patient monitoring devices to be used residentially is the primary factor that is expected to drive the growth of the Patient Monitoring Devices Market. Furthermore, the increasing cardiovascular disease across the globe where constant body monitoring is required by the patients is anticipated to fuel the growth of the market.
During the COVID-19 outbreak, the demand for the patient monitoring devices increased in the local hospitals and the healthcare facilities. To meet this demand the manufacturers of the patient monitoring devices fastened the production process for these equipment’s and this attribute is expected to boost the growth of the patient monitoring devices Market. Additionally, the surge in chronic diseases such as cancer, diabetics, cardiac disorders, neurological conditions and others across the world is yet another factor that is anticipated to fuel the growth of the market.
With rapid technological developments, the patient monitoring devices manufacturing companies are innovating new equipment’s that can accurately measure different body parameters. This factor is expected to drive the growth of the market. Furthermore, increasing demand for therapeutic and monitoring devices across the globe is expected to boost the growth of the market.
The surge in older population across the globe is a major factor that is fueling the growth of the patient monitoring devices market. The older generation people usually suffer from chronic diseases that need constant monitoring of their health condition and this boost the demand for the market. Also, the development of technologically advanced patient monitoring devices such as ventilators, nebulizers, oxygen monitors and many othersprovides comfort to the patients and therefore is anticipated to drive the growth of the market.
Report Scope of the Patient Monitoring Devices Market
|Market Size||USD 80.75 Billion by 2030|
|Growth Rate||CAGR of 8.3% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, End User|
|Regional Scope||North America, APAC, Europe, Latin America, MEAN, Rest of the World|
|Companies Mentioned||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.|
Based on Product, the market is divided into blood glucose monitoring systems, cardiac monitoring devices, multi-parameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal & neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other. The blood glucose monitoring device has contributed significantly towards the growth of the patient monitoring devices owing the rapid increase in diabetics where the constant monitoring of blood sugar level is required.
The cardiac monitoring devices also amounted for a significant revenue share of over 20.1% in 2021 due to increase in cardiovascular disease across the world leading to stroke and heart attack. Furthermore, technological developments, Government initiative, regional expansion and the presence of major market players are estimated to boost the growth of the market.
On the basis on End-use, the patient monitoring devices market is categorized into hospitals, ambulatory surgery centers, home care settings and other. The hospital segment is estimate to contribute the largest markets share of about 52% in 2021. The surge in demand for availing better quality medical service and effective diagnosis of the disease in the hospitals has fueledthe growth of the market.
Furthermore, the home care segment is also witnessing a significant demand for the monitoring devices owing to a increase in chronic disease that needs regular monitoring of the patients. This entire factor is expected to drive the growth of the market.
North America is expected to lead the 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 market. Moreover, the rising infectious disease in the region and the presence major market players in this region will fuel the growth of 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 market 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
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client