Patient Monitoring Market Size, Share & Trends Analysis Report By Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multiparameter Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Hemodynamic/Pressure Monitoring Devices, Fetal and Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices), By End-User (Hospitals, Ambulatory Surgery Centers, Home Care Settings) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global patient monitoring market size was valued at USD 48.29 billion in 2022. It is estimated to reach USD 91.04 billion by 2031, growing at a CAGR of 7.3% during the forecast period (2023–2031).

The growing adoption of remote patient monitoring and the increasing prevalence of chronic conditions drive the market's expansion. A patient monitoring system is a collection of tools that allow medical personnel to monitor a patient's well-being. These devices, also known as remote physiologic monitoring, are frequently employed for remote patient monitoring. They collect and track patient health data using digital technology, transfer it electronically to healthcare professionals, and use it to help with condition assessment, diagnosis, and treatment. By lowering costs and enhancing patient outcomes, this technology transforms how healthcare is provided in the U.S. In the context of their applications, patient monitoring systems are simpler to define.

Electrocardiography (ECG), which tracks the heart's electrical activity, is one prominent illustration of a patient monitoring system. Patients with hypertension monitor their blood pressure with monitoring equipment. People with diabetes use glucose monitoring equipment to measure blood glucose levels and avoid potentially harmful complications. Monitoring devices are also essential for patients with chronic obstructive pulmonary disease (COPD), asthma, and other respiratory illnesses.

Market Dynamics

Global patient monitoring market drivers

Growing adoption of remote patient monitoring

Patient monitoring devices have been widely used recently, especially during the COVID-19 epidemic, for continuous monitoring and analysis of vital signs. Thanks to patient monitoring systems, medical professionals can monitor patients' health remotely or at home. Digitalizing healthcare can increase revenue for medical practices and decrease overall healthcare expenditures. Additionally, remote monitoring equipment that provided medical care in a pleasant setting and allowed for remote monitoring from patients' homes helped non-COVID-19 patients who required chronic care. In hospitals and other healthcare facilities, this improved the availability of beds and other crucial clinical resources for patients who needed immediate in-person care.

Many organizations are anticipated to be encouraged to develop novel pharmaceuticals for the treatment of chronic diseases, such as CVDs, malignancies, diabetes mellitus, and chronic respiratory diseases, because of the presence of strict government policies combined with advantageous laws for patient monitoring equipment. The market penetration of patient monitoring devices helps CROs with their clinical research trials and ensures the convenience of monitoring, which speeds up the process of developing new drugs. The rising prevalence of chronic diseases directly impacts ICU utilization. The market is anticipated to expand profitably due to the advantages provided by patient monitoring devices, such as shorter hospital stays, fewer negative effects, and quicker recovery times. 

Increasing prevalence of chronic conditions

The demand for patient monitoring devices is projected to increase as chronic diseases become more prevalent worldwide. For instance, the WHO estimates that in 2020, chronic diseases will be responsible for 60% of the global disease burden and around 73% of all fatalities. In addition, 79% of deaths from these illnesses are ascribed to developing economies. The most common chronic diseases include type II diabetes, COPD, cancer, and cardiovascular diseases. Nearly 19.3 million new instances of cancer (excluding nonmelanoma skin cancer, which accounts for 18.1 million) and roughly.

In 2020, there were 10.0 million cancer-related deaths (9.9 million if nonmelanoma skin cancer is excluded). According to the survey, with an estimated 2.3 million new cases each year, female breast cancer is one of the most frequently diagnosed malignancies. In addition, the CDC reports that 6 out of 10 persons in the U.S. suffer from a chronic illness. Other common chronic illnesses documented internationally include cardiac arrhythmia, diabetes, ischemic problems, sleep apnea, hypertension, hyperlipidemia, asthma, and COPD. Such conditions increase the demand for patient monitoring devices, driving the market's expansion throughout the anticipated time frame.

Global patient monitoring market restraint

Risks associated with invasive monitoring devices

Monitoring devices carry several invasive dangers, such as potential difficulties before or after an operation. A patient's chance of Hospital-Acquired Infections (HAIs) might greatly increase with invasive devices. HAIs and complications in critically ill patients can result in serious adverse events, like organ injury or failure, lengthening their hospital stays, raising medical costs, and even increasing fatality rates. Invasive medical devices continue to be risky for patients in critical care, even though continuous attention to infection control has reduced the rates of catheter-associated infections. Although including these invasive devices increased ICU and hospital stays, it did not increase death. If an intrusive medical device is used, the requirement for daily and frequent assessments of patient demands should be watched.

Vasospastic arterial disease, prolonged cannulation, and high-dose vasopressor delivery are some problems related to invasive arterial blood pressure monitoring. Anticoagulation, hyperlipidemia, prior arterial damage, thrombocytosis, and prolonged shock are additional risk factors.

Global patient monitoring market opportunities

Rising demand for patient monitoring gadgets in non-hospital

For governments worldwide, the sustainability of the current healthcare system is a major issue of concern. The emphasis on alternative treatment modalities, such as home healthcare, has shifted recently due to rising healthcare costs, particularly in hospital settings. In addition, the introduction of remote and home monitoring equipment has significantly reduced the incidence of hospital readmissions. As a result, there is an increasing need for efficient home-use gadgets, including fetal and neonatal monitors, ECG recorders, temperature monitors, pulse oximeters, and event monitors.

Regional Analysis

Based on region, the global patient monitoring market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North america dominates the global market

North America is the most significant Patient Monitoring Market shareholder and is estimated to exhibit a CAGR of 8.1% over the forecast period. North America accounted for 42.7% of the market for patient monitoring devices. This is due to factors including its established healthcare infrastructure, high healthcare spending, the existence of monopolistic market players, and the quick uptake of cutting-edge technologies. The international market for medical equipment is most developed in North America.

Additionally, over the projection period, the market is expected to be driven by the rapid uptake of patient monitoring and homecare devices for routine, ongoing, and long-term patient monitoring and lowering the frequency of hospital visits. Favorable payment policies are anticipated to boost market expansion further. The increasing occurrence of lifestyle-related health issues, accidents, and sports injuries are additional reasons that are projected to fuel patient monitoring market growth. During the projected period, the market is anticipated to be driven by rising emergency care needs and rising mobile surgery center adoption.

Europe is anticipated to exhibit a CAGR of 8.4% over the forecast period. In 2020, Europe had a 25.1% market share for patient monitoring devices worldwide. Germany, France, Italy, Spain, and the U.K. are all part of the European market. The market is projected to be driven by the rising demand for patient monitoring devices and the assisting central data management systems for giving patients correct information and medical services. The frequency of diseases and the rising elderly population drive market expansion.

In Europe, chronic diseases are the main factor in morbidity and mortality. As a result of the growing number of patients being admitted to healthcare institutions, the necessity for patient monitoring devices has grown. The COVID-19 pandemic has boosted the use of remote monitoring to assess and analyze vitals and patient monitoring devices in healthcare settings. Advanced patient monitoring devices are always being developed and introduced by different market participants for more precise and accurate findings in a cost-effective way. Thus, the market for patient monitoring devices is projected to expand throughout the given time frame.

Asia-Pacific has emerged as one of the fastest-growing regions in the global market. There is a demand for patient monitoring devices in Asia-Pacific nations due to the increased prevalence of heart disorders. Additionally, China and India have the highest prevalence of diabetes globally, making them the most affected nations. According to a WHO estimate, diabetes claimed the lives of around 1.5 million people in 2019. By 2025, the combined population of the ASEAN nations is anticipated to be 693,000.

Furthermore, the World Health Organization reports that the average rate of diabetes and cardiovascular disease in ASEAN nations was 15% in 2016. By 2025, the incidence of diabetes and cardiovascular disease is predicted to reach 20%, according to the British Medical Journal. As a result, the demand for home-based remote monitoring systems is rising in the area, creating new market potential. Additionally, the region is home to several significant businesses in the global market for patient monitoring devices, contributing to its market share growth.

In LAMEA, the market is being pushed by factors such as the increased prevalence of chronic diseases brought on by lifestyle modifications, the aging population, the growing preference for home and remote monitoring, and the portability and convenience of using devices. The main cause of death and disability in the United Arab Emirates is chronic disease. Patient monitoring devices measure numerous medical parameters by continuously taking vital signs and running medical tests to ensure the patient is healthy.

Segmental Analysis

The global patient monitoring market is bifurcated into product and end-user.

Based on the product, the global patient monitoring market is bifurcated into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal and neonatal monitoring devices, neuromonitoring devices, weight monitoring devices, other. 

The blood glucose segment dominates the global market and is projected to exhibit a CAGR of 9.1% over the forecast period. Blood glucose monitoring for patients enables them to tailor their regular nutritional intake. It also aids in dose monitoring to maintain blood glucose levels within a healthy range. Nursing homes, obstetricians' offices, and diabetes treatment facilities are the main settings where blood glucose monitors are used. It is projected that the introduction of needle-free blood glucose monitors will be crucial to the segment's growth. Both inpatients and outpatients are given prescriptions for continuous blood glucose monitors. Throughout the forecast period, it is anticipated that the prevalence of diabetes, obesity, and other chronic illnesses linked to lifestyle will rise.

Abbott's next-generation FreeStyle Libre 2 integrated Continuous Glucose Monitoring (iCGM) system was approved by the U.S. FDA in June 2020. This device makes it possible to monitor glucose levels in real-time in adults and children (beginning at age 4). Additionally, the system was sold for the same price as the FreeStyle Libre 14-day system, which is less expensive than comparable continuous glucose monitors by almost a third. At the 2021 CES, Tokyo-based startup Quantum Operation, Inc. unveiled a wearable, noninvasive continuous blood glucose monitor. Such cutting-edge and reasonably priced systems are anticipated to have a favorable effect on segment growth.

Based on end-users, the global patient monitoring market is divided into Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others.

The hospital segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 8.2% over the forecast period. The nature and causation of diseases are determined by regularly monitoring vital signs. Hospitals serve both inpatients and outpatients in considerable numbers. They have a larger technical staff and a wide range of diagnostic tests available to meet the needs of the patients. The significant factors driving the segment's rise are the large patient pool and the number of tests performed. However, in reaction to the pandemic, several hospitals have focused on COVID-19 and committed most of their resources to COVID-19-related tasks, negatively harming unimportant or unrelated operations and goods. Additionally, the pandemic is placing pressure on hospital systems worldwide, having a negative financial impact. This is projected to decrease future spending on capital equipment and other goods and services in the healthcare industry.

Recent Developments

• June 2023- With the introduction of its Generation (Gen) 1 device, medical diagnostic company Know Labs provides the first noninvasive glucose monitor. The Generation (Gen) 1 gadget prototype uses radio waves and machine learning algorithms to measure blood sugar levels through the skin.
• May 2023- Royal Philips, a global leader in health technology, and Masimo, a global medical technology company, announced FDA clearance for SedLine® Brain Function Monitoring, Regional Oximetry (O3®), and CO2 measurements in Philips Patient Monitors – IntelliVue MX750 and MX850. The latest extension will let clinicians make quick and informed judgments without additional monitoring equipment.