Vancouver, Aug. 21, 2023 (GLOBE NEWSWIRE) -- In 2021, the dimensions of the patient monitoring devices market achieved a valuation of USD 47 Billion. Based on the most recent analysis conducted by Emergen Research, it is foreseen that the market will sustain a Compound Annual Growth Rate (CAGR) of 7.8% in terms of revenue over the forecasted period. A chief impetus behind the escalation in revenue within this market is the notable headway witnessed in the domain of biomedical devices. This progress has led to the replacement of traditional methodologies, spurred by the creation of enhanced patient monitoring capabilities. Another contributing factor to the expansion of market revenue stems from the growing adoption of wearable and remote patient monitoring devices. These elements collectively drive the positive trajectory of revenue growth within the market.
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Prominent factors steering the augmentation of revenue in the market encompass favorable reimbursement conditions, heightened consciousness regarding patient monitoring devices, and the pervasiveness of chronic ailments. Moreover, the escalating incidence of acute and chronic respiratory disorders serves as an additional driver for revenue expansion. The growth trajectory of the market is further propelled by an escalating demand for monitoring instruments that efficiently capture, transmit, document, and exhibit an array of biometric data. This data encompasses vital metrics such as blood pressure, temperature, and blood oxygen saturation levels. These collective drivers harmoniously contribute to the upward trajectory of revenue growth within the market.
A noteworthy impediment to the expansion of market revenue arises from a substantial dearth of patient awareness, compounded by a reliance on recently introduced patient monitoring devices. This factor possesses the potential to curtail the otherwise upward trajectory of revenue growth within the market. Furthermore, the elevated costs associated with patient monitoring devices exert a considerable influence on the adoption rate of newly launched devices. This notable cost factor serves to substantially diminish the rate at which these devices are embraced within the market.
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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 |
Major Companies and Competitive Landscape
The global patient monitoring devices market is fairly fragmented, with many large and medium-sized players accounting for a majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing, testing, and introducing more effective products. Some major players included in the global patient monitoring devices market are:
- Bosch GmbH
- Biotronik
- Intel Corporation
- Welch Allyn
- Health anywhere Inc
- Koninklijke Philips N.V.
- GE Healthcare
- Medtronic plc
- MASIMO CORPORATION
- Smiths Medical
Strategic Development
- On 1 December 2022, The ExactaMix Pro Automated Compounder has been launched by Baxter International Inc., which is a pioneer in nutrition therapy across the globe. ExactaMix Pro's features are intended to strengthen data reporting capabilities, improve user experience, and improve security.
- On 20 June 2022, A wireless patient monitoring system named Portrait Mobile has been launched by GE Healthcare
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Some Key Highlights From the Report
- The blood glucose monitoring systems segment accounted for largest revenue share in 2021. One of the main factors driving revenue growth of the segment is rising prevalence of diabetes across the globe. A considerable increase in the worldwide diabetic patient load caused by increase in the number of diabetic patients also results in rise in use of blood glucose monitoring systems. One of the key factors driving revenue growth of the segment is the ability of blood glucose monitoring systems to more effectively manage daily glucose levels.
- The hospitals segment accounted for largest revenue share in 2021. One of the main factors driving revenue growth of the segment is rising number of blood glucose monitoring, pressure monitoring, and a variety of other devices launched in hospitals. Increased prevalence of injuries, chronic diseases, and favorable reimbursement requirements are expected to support revenue growth of the segment. The ability to carry out complex monitoring operations and the accessibility of technologically advanced medical equipment and infrastructure are expected to contribute to revenue growth of the segment.
- The market in North America accounted for largest revenue share in 2021. This can be attributed to presence of a highly regulated and sophisticated healthcare system in the region. In addition, revenue growth of the market in the region is driven by accessibility of innovative products brought on by presence of significant industry competitors.
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Emergen Research has segmented the global 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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
- North America
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