PUBLISHER: The Business Research Company | PRODUCT CODE: 1387625
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387625
“Patient Monitoring Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient monitoring devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient monitoring devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The patient monitoring devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Patient monitoring devices are medical machines designed to continuously monitor patients, keeping track of various vital signs and alerting healthcare providers to detect and record changes in a patient's health condition.
The primary categories within the patient monitoring devices market include fetal and neonatal monitoring devices, weight monitoring and body temperature monitoring devices and equipment, vital parameter monitoring devices and equipment, and remote patient monitoring devices and equipment. Fetal and neonatal monitoring devices, for instance, are used to measure the heart rate and rhythm of a baby (fetus), providing healthcare providers with important information about the baby's well-being. Expenditure in this field can be categorized as both public and private, and the products used include instruments/equipment and disposables. Patient monitoring devices are used by various end-users, including hospitals and clinics, diagnostic laboratories, and other healthcare facilities.
The patient monitoring devices market research report is one of a series of new reports from The Business Research Company that provides patient monitoring devices market statistics, including patient monitoring devices industry global market size, regional shares, competitors with a patient monitoring devices market share, detailed patient monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the patient monitoring devices industry. This patient monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patient monitoring devices market size has grown strongly in recent years. It will grow from $26.24 billion in 2023 to $28.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed during the historical period can be attributed to various factors, including the aging population, the need for regulatory compliance in healthcare, the management of chronic diseases, changes in healthcare reimbursement, and the emergence of trends such as hospital-at-home care. These factors have played a significant role in driving the development and adoption of patient monitoring devices.
The patient monitoring devices market size is expected to see strong growth in the next few years. It will grow to $40.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The projected growth in the forecast period can be attributed to several factors, including the increasing use of telemedicine and remote monitoring, the integration of artificial intelligence (AI) into patient monitoring devices, the trend towards personalized and connected healthcare, the growth of emerging markets, and the emphasis on value-based care in healthcare delivery. Noteworthy trends in the forecast period encompass the use of wearable health monitors, remote vital signs monitoring, the proliferation of mobile health apps, the utilization of predictive analytics, and the availability of home health monitoring kits, all of which contribute to the continued expansion of patient monitoring devices.
The patient monitoring device market is poised for growth due to the increasing prevalence of chronic diseases. Chronic illnesses, which are enduring conditions that can typically be managed but not cured, benefit significantly from patient monitoring devices. For example, a report from the US-based National Library of Medicine in January 2023 predicts that the number of individuals aged 50 and older with one or more chronic diseases will increase by 99.5%, reaching 142.66 million by 2050, up from 71.522 million in 2020 in the United States. Therefore, the rising incidence of chronic diseases is expected to drive the expansion of the patient monitoring device market.
The demand for monitoring devices is expected to rise due to the shortage of healthcare professionals in the healthcare services industry. Mercer's report indicates that the United States will require 2.3 million new healthcare workers by 2025, encompassing roles like nurses, physicians, lab technicians, and various other healthcare personnel. This shortage is likely to increase the need for monitoring systems, as these devices enable medical professionals to remotely monitor multiple patients. This anticipated shortage is projected to be a driving factor for the patient monitoring device market in the forecast period.
In many countries worldwide, there is low awareness of diseases, which has adversely impacted the demand for patient monitoring devices in the past. For instance, a study conducted by the Indian Council of Medical Research (ICMR) involving 213 million people found that only 43.2% are aware of the chronic disease diabetes. This lack of disease awareness has limited the pool of diagnoses and treatments, thus restraining the growth of the patient monitoring device market.
Leading companies in the patient monitoring devices market are concentrating on developing innovative technologies, such as remote patient monitoring (RPM) hardware powered by LoRaWAN technology, to enhance their market profitability. LoRaWAN is a wireless communication protocol built upon the LoRa radio modulation technique. For instance, in January 2023, Senet, a US-based provider of cloud-based software and services platforms, and Telli Health, a US-based provider of medical remote patient monitoring devices, jointly introduced the first remote patient monitoring (RPM) hardware utilizing LoRaWAN technology. This technological advancement will enable healthcare providers to extend their services to a larger number of patients residing in remote and underserved areas, including indigenous communities worldwide. This development will enhance healthcare equity and inclusivity. The RPM device can be linked to a dedicated private LoRaWAN network, which can offer an approximate coverage range of 10 miles and requires only a simple dial-up modem for transmitting health readings.
Patient monitoring device manufacturers are now offering customized Multiparameter Monitors (MPMs) to cater to the growing patient population. MPMs are designed to monitor various health parameters specific to patients' medical conditions. For example, Infinium Medical's Omni series monitors come preconfigured with features like ECG, oxygen saturation, non-invasive blood pressure, and temperature tracking. More advanced health measures such as invasive blood pressure, cardiac output, and anesthetic agent measurement can be added to this device when necessary. Custom MPMs are particularly valuable for tracking the health status of critically ill patients.
Major companies operating in the patient monitoring devices market include General Electric Company, Koninklijke Philips NV, Dragerwerk AG & Co KGaA, Cardinal Health Inc., Masimo Corporation, Medtronic PLC, Edwards Lifesciences Crop., Flex Ltd., Nihon Kohden Corporation, Abbott Laboratories, Johnson & Johnson, Siemens Healthineers AG, Becton, Dickinson and Company, Cardinal Health Inc., Baxter International Inc., Boston Scientific Corporation, Danaher Corporation, 3M Company, Hill-Rom Holdings Inc., Terumo Corporation, Smith & Nephew PLC, B. Braun Melsungen AG, ResMed Inc., Dexcom Inc., Fresenius Medical Care AG & Co. KGaA, Getinge, Mindray Medical International Limited, Nihon Kohden Corporation, Spacelabs Healthcare LLC, Nonin Medical Inc., OSI Systems Inc., Schiller AG, Welch Allyn Inc., OMRON Healthcare Co. Ltd.
Asia-Pacific was the largest region in the global patient monitoring devices market in 2023. North America was the second-largest region in the global patient monitoring devices market. The regions covered in the patient monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the patient monitoring devices market report are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The patient monitoring devices market consist of sales of instruments such as blood pressure cuffs, glucometers, pulse oximeter, ECG + stethoscope, wearables (activity trackers and continuous monitoring), and thermometers for patient monitoring. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.