Patient Monitoring Devices Industry Data Book Covers Remote Patient Monitoring, Vital Sign Monitoring Devices, Blood Pressure Monitoring Devices and Multiparameter Patient Monitoring System Markets.
The global patient monitoring devices industry size was estimated at USD 29.1 billion in 2022. The market is expected to expand at a CAGR of 10.0% CAGR (2023-2030).
Remote Patient Monitoring System Market Growth Trends
The global remote patient monitoring system market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 18.5% from 2023 to 2030. The COVID-19 pandemic has had a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of COVID-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with COVID-19-infected patients. Key players like Smiths Medical reported that the demand for their home monitoring devices substantially increased during the pandemic.
The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. The Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.
Vital Signs Monitoring Devices Market Growth Trends
The global vital signs monitoring devices market size is expected to reach USD 18.8 billion by 2030, registering a CAGR of 8.5% according to a new report by Grand View Research, Inc. The growing prevalence of lifestyle-associated chronic conditions and rising demand for advanced monitoring devices in developing countries, such as China, India, Thailand, and Brazil, are the major factors driving the market growth. The availability of monitoring systems at competitive prices and increasing disposable income are also expected to fuel the market growth during the forecast period. The introduction of advanced, integrated vital signs monitoring solutions and the growing trend of using these devices in home healthcare settings all-time wearable devices for chronic patients will support the market growth.
Blood pressure monitors are the largest product segment due to the increasing incidence of hypertension and the high demand for BP monitors designed for personal use. The hospital end-use segment dominated the market in 2021 due to the factors, such as the huge patient pool, financing capability, and the requirement for vital signs monitors in bulk in hospitals. The product demand escalated drastically in 2020 due to the outbreak of COVID-19 as a daily measurement of the vital signs was the crucial parameter to be looked for in identifying the presence of the virus. These devices can also provide facility-based surveillance for healthcare-associated infections, including infections in healthcare workers and inpatients, which is one of the vital components of the COVID-19 infection prevention and control measures. The product usage for in-home settings also saw a surge with respect to maintaining patient and provider safety while also allowing real-time access to vital signs via Cloud Portals.
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Blood Pressure Monitoring Devices Market Growth Trends
The global blood pressure monitoring devices market size is expected to reach USD 7.96 billion by 2030, registering a CAGR of 9.4%, according to a new report by Grand View Research, Inc. The growing global geriatric population base is expected to widen the consumer base by triggering incidence rates of hypertension, which is expected to drive the demand for blood pressure monitoring devices. The increasing incidences of hypertension have led to rising demand for cost-effective, rapid, and accurate diagnostic solutions. Blood pressure monitors are one of the vital sign monitors of life. The cost-effective and accurate results offered by these indicators are responsible for the rapid expansion of business scale.
In addition, new product launches, coupled with the rising adoption of technologically advanced products due to the high penetration of health insurance, are considered other factors fueling the demand for blood pressure (BP) monitoring devices. The increasing popularity of mHealth platforms in the healthcare sector is propelling the industry's growth. Rising patient awareness levels about the advantages associated with portable monitoring devices are expected to positively reinforce market growth.
Multiparameter Patient Monitoring System Market Growth Trends
The global multiparameter patient monitoring system market size is expected to reach USD 18.0 billion by 2030, registering a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. Increasing health concerns and the resultant requirement to constantly monitor the health parameters of patients, before and after surgery is creating demand for multiparameter patient monitoring systems.
The market growth is also supported by the increasing need for hospital transport, such as intra-hospital or out-of-the-hospital transport. For special examination therapy, hospitals need intra-hospital transport, which calls for more continuous monitoring of vital signs including blood pressure, blood oxygen saturation by pulse oximetry, heart rate, and electrocardiography.
Healthcare providers are continually looking for innovative medical products to offer superior quality care, which is also expected to drive the market. Mobile solutions and data integration low-acuity monitoring are the significant trends that improve the cost efficiency of multiparameter patient monitoring solutions. Key players are introducing advanced patient monitoring products, such as integrated remote monitoring solutions with added features of greater connectivity through cloud technology and WiFi.
For instance, Radius-7 Pulse Co-Oximeters by Masimo Corp. got U.S. FDA approval in March 2020. It is a wearable patient monitor with flexible functionality of WiFi, Bluetooth, and alarms.
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Growth Trends
Competitive Landscape
Key players operating in the patient monitoring devices industry are –
- Honeywell
- American Telecare
- Roche
- Philips Healthcare
- Bosch
- Biotronik
- Koninklijke Philips N.V.
- GE Healthcare
- Medtronic
- Masimo Corporation
- Smiths Medical
The patient monitoring devices industry databook compiled by Grand View Research is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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