The global patient monitoring devices industry size stood at USD 29.1 billion in 2022 and will witness a double-digit CAGR of 10% during the forecast period 2023-2030, according to the "Patient Monitoring Devices Industry Data Book, 2023 – 2030," published by Grand View Research. An uptick in the trend for telehealth has fueled the penetration of patient monitoring devices across emerging and advanced economies. Technological advancements, along with the rising footprint of AI, have spurred healthcare services in remote locations. The growing footprint of medical IoT will propel connected medical devices and wearable technology, prompting industry leaders to inject funds into the marketplace.
Remote patient monitoring (RPM) devices have amassed popularity as a promising technology to minimize the chances of hospitalization. Patients with chronic diseases, including asthma, diabetes, chronic obstructive pulmonary disease and congestive heart failure, have sought RPM tools for better access to care, enhanced quality of life and reduced costs. Predominantly, the onslaught of the COVID-19 pandemic furthered the demand for RPM devices in healthcare. Remote monitoring has become instrumental in minimizing the chances of errors with patients' inclination to share and record information. The remote patient monitoring devices market size garnered USD 4.4 billion in 2022 and will expand at an 18.5% CAGR over the assessment period. An upsurge in machine learning and AI will streamline healthcare services, auguring well for the industry growth.
Soaring cases of hypertension have fueled blood pressure monitoring devices as the demand for better healthcare continues to surge globally. Forward-looking companies are banking on BP monitors to help track treatment, boost early diagnosis and reduce medical visits. These trends come on the back of an exponential rise in the number of hypertension patients. The American Heart Association states that around 116 million U.S. adults have high blood pressure. Besides, the CDC noted that over 670,000 deaths in the U.S. in 2020 had hypertension as a primary cause. Stakeholders will likely seek data-driven treatments for better monitoring and communication between the patient and the physician. The global blood pressure monitoring devices market size logged USD 3.8 billion in 2022 and could observe around 9.6% CAGR during the assessment period.
Order your copy of the Free Sample of Patient Monitoring Devices Industry Data Book - Remote Patient Monitoring, Vital Sign Monitoring Devices, Blood Pressure Monitoring Devices and Multiparameter Patient Monitoring System Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
With healthcare services witnessing a paradigm shift, well-established players, startups, entrepreneurs and other stakeholders are expected to count on the following dynamics:
- Vital sign monitoring devices will depict profound demand with growing penetration of tools for real-time measurement, detection, and monitoring of health issues.
- Industry leaders will likely infuse funds into multi parameter patient monitoring systems in light of the expanding footfall of wearable and portable devices.
- North America will emerge as a favorable investment hub in the ensuing period, mainly due to the surge in the diabetic population and chronic diseases across the U.S. and Canada. Citing the National Diabetes Statistics Report, the CDC stated that 37.3 million Americans have diabetes.
Emerging economies, such as China and India; and advanced economies, including Australia and Japan, have augmented their investments in technological advancements in the healthcare space. The growth outlook is attributed to the prevalence of chronic diseases and the need to track monitor patients to provide better healthcare. According to a Lancet Study, the type 1 diabetes population is poised to double in India by 2040. Besides, the International Diabetes Federation (IDF) asserts that China has the highest diabetic population (141 million) globally. The mortality risks have become pronounced— South East Asia contributes 11% of diabetes-related deaths. Asia Pacific patient monitoring devices industry share is poised to rise appreciably with bullish demand for remote patient monitoring devices to boost healthcare services, enhance workflow and underscore affordability and accuracy.
The competitive landscape alludes to leading players who could inject funds into organic and inorganic strategies to tap into the global landscape. To put this in perspective, innovation, product offerings, technological advancements, geographical expansion, collaboration and mergers acquisitions will reshape the industry dynamics. For instance, in January 2022, Omron announced the rollout of remote patient monitoring services across various regions. It has also teamed up with Kyoto University to foster research on how AI can prevent cardiac cases. Meanwhile, in November 2022, Best Buy announced pouring funds into Coeus.health to use RPM platforms to strengthen its home health devices.
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