Patient Monitoring Devices Market is projected to grow from USD 42.3 billion in 2022 to USD 65.4 billion by 2027, at a CAGR of 9.1% from 2022 to 2027, according to a new report by MarketsandMarkets™.This growth is attributed to the increasing prevalence of chronic diseases and the growing demand for home healthcare services.
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Patient monitoring devices are used to track vital signs such as blood pressure, heart rate, temperature, and respiration. These devices are designed to help medical personnel monitor and diagnose patients quickly and accurately.
The market is segmented on the basis of product type, application, end use, and region. By product type, the market is further segmented into remote patient monitoring devices, vital sign monitors, neonatal monitors, general patient monitoring systems, and emergency response systems. By application, the market is divided into cardiology, neurology, orthopedics, and others. By end use, the market is segmented into hospitals, home healthcare, and ambulatory care centers.
North America is likely to lead the global patient monitoring devices market.
North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices.
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Key Market Players
Abbott Laboratories (US), HILL-ROM HOLDINGS, INC. (US), Drägerwerk AG Co. KGaA (Germany), Edwards Lifesciences Corporation (US), OMRON Corporation (Japan), Masimo Corporation (US), Compumedics Limited (Australia), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), Natus Medical (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (US)
Overall, the global patient monitoring devices market is expected to witness considerable growth in the near future, owing to the increasing prevalence of chronic diseases and the rising demand for home healthcare services. In addition, advancements in technology are expected to further fuel the market growth.
Patient Monitoring Devices Market Report Segmentation
By Product
- 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
- Other Patient Monitoring Devices
By End User
- Hospitals
- Ambulatory Surgery Centers
- Home Care Settings
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Recent Developments
- Medtronic received US FDA approval for its LINQ II Insertable Cardiac Monitor (ICM). It is an implantable device for determining the irregular heart rythm.
- Medtronic and Tandem Diabetes Care, Inc underwent a patent cross-license agreement, in which both companies can cross-license each other’s patent portfolio for five years and jointly focus on innovating new products and services for diabetes management.
- Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market.
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