Patient Monitoring Devices Market Size to Reach USD 92.40 Billion in 2030 | Emergen Research

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Jan 17, 2023, 12:30 ET

VANCOUVER, BC, Jan. 17, 2023 /PRNewswire/ -- The patient monitoring devices market size reached USD 47 Billion in 2021 and is expected to register a CAGR of 7.8% during the forecast period, according to latest analysis by Emergen Research. A major factor driving market's revenue growth is the rising adoption of wearable and remote patient monitoring devices. Wearable technology aids in the identification of many chronic diseases by merging clinical symptoms with vital indications. As a result, the use of wearable technologies to combat COVID-19 has increased significantly.

One of the main factors driving revenue growth is significant developments in biomedical devices and the replacement of traditional methods owing to the development of effective health monitoring facilities. The demand for patient monitoring technology is expected to rise as the prevalence of chronic illnesses including diabetes, stroke, and renal disease grows. Additionally, a rise in the number of patients afflicted by various lifestyle diseases like atherosclerosis and cancer increases the market revenue growth.

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Drivers:

The market revenue growth is being driven by the rise in chronic disease rates, cutting-edge technology, and the demand for mobile and portable solutions designed to reduce out-of-pocket costs. The market will grow during the forecast period as a result of significant market players including GE Healthcare, Masimo Corporation, Edward Lifesciences among others investing in research and development for more sophisticated patient monitoring device facilities. Moreover, one of the major drivers of revenue growth is the rising prevalence of acute and chronic respiratory disorders. According to the National Center for Biotechnology Information, sinusitis may have resulted in up to 73 million days of limited activity in 2021, totaling more than 2.4 billion. The rise in demand for sinus dilatation devices is owing to the rising prevalence of respiratory illnesses among the worldwide people. The increase in chronic diseases like diabetes, stroke, and kidney disease is driving the demand for patient monitoring equipment. For instance, the World Health Organization (WHO) estimates that there are 422 million diabetics globally. The industry is growing as a result of an increasing need for monitoring tools that record, transmit, analyze, and display a range of biometric data, including blood pressure, temperature, and blood oxygen saturation level.

Restraints:

A significant factor restraining market revenue growth is system failure risk. The adoption rate of patient monitoring devices is significantly reduced when their systems fail. The expensive cost of technology and resistance from healthcare sector specialists to the use of patient monitoring devices, however, are expected to restrain market expansion.

Growth Projections:

The patient monitoring devices market is expected to register a CAGR of 7.8% over the forecast period and revenue is projected to increase from USD 47.00 Billion in 2021 to USD 92.40 Billion in 2030. is expected to support revenue growth of the market. The major factors for market expansion are the incidence of chronic diseases, favorable reimbursement circumstances, and rising awareness of patient monitoring devices.

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Current Trends and Innovations:

The market's expansion is driven by an array of initiatives such as product launches and market expansion. For example, to increase access to Statis Monitor, a linked care bedside multi-parameter monitoring system, the Indian division of Medtronic collaborated with Stasis Health in September 2021. Given the increasing research and development efforts by global market players to produce cutting-edge patient monitoring devices, the market revenue is expected to grow. Additionally, market would expand owing to the presence of significant global market players investing in patient monitoring devices to address the growth in diabetes all over the world. For instance, according to the German Diabetes Center (DDZ), over the next 20 years, the percentage of people with diabetes in Germany will more than double, to at least 7.2% of the country's population.

Strategic Initiatives:

Major companies included in the market report are Intersect Smiths Medical Bosch GmbH; Biotronik; Intel Corporation; Welch Allyn; Health anywhere Inc.; Koninklijke Philips N.V.; GE Healthcare; Medtronic; Masimo Corporation; Smiths Medical.

On December 30, 2022, In October 2021, the Real-Time Health Monitoring System (RTHMS) was released, which was developed by Honeywell. It combines hardware and data analytics software to enhance real-time and remote patient monitoring as well as digitize and automate time-consuming and crucial activities for medical staff.

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Scope of Research

Report Details	Outcome
Market size in 2021	USD 47 Billion
CAGR (2022–2030)	7.8 %
Revenue forecast to 2030	USD 92.40 Billion
Base year for estimation	2021
Historical data	2019–2020
Forecast period	2022–2030
Quantitative units	Revenue in USD Billion and CAGR in % from 2022 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Product, end-use, and region
Regional scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country scope	U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA
Key companies profiled	Intersect Smiths Medical Bosch GmbH, Biotronik, Intel Corporation, Welch Allyn, Health anywhere Inc., Koninklijke Philips N.V., GE Healthcare, Medtronic plc, MASIMO CORPORATION, and Smiths Medical
Customization scope	10 hours of free customization and expert consultation

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Emergen Research has segmented patient monitoring devices market on the basis of product, end-use, and region:

Product Outlook (Revenue, USD Billion; 2019-2030)

Blood Glucose Monitoring Systems
Cardiac Monitoring Devices
Respiratory Monitoring Devices
Others

End-use Outlook (Revenue, USD Billion; 2019-2030)

Hospitals
Ambulatory Surgical Centers (ASCs)
Others

Regional Outlook (Revenue, USD Billion; 2019-2030)

North America
a. U.S.
b. Canada
c. Mexico
Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe
Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC
Latin America
a. Brazil
b. Rest of LATAM
Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA

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