Patient Monitoring Devices Market Growth Driven by Rising Health Awareness and Tech

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The global patient monitoring devices market was valued at approximately USD 51.1 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. This growth can be largely attributed to the increasing demand for monitoring devices that measure, record, display, and distribute various biometric data, including blood pressure, body temperature, and blood oxygen saturation levels.

The shift in patient care from traditional hospital settings to homecare environments is contributing to the affordability of treatments. The rapid advancement in medical treatments has resulted in a greater reliance on patient monitoring devices for managing chronic diseases at home. The COVID-19 pandemic has further accelerated this transition, presenting companies with a unique opportunity to demonstrate that their monitoring devices can enhance the convenience, cost-effectiveness, and efficacy of healthcare delivery.

 

Gather more insights about the market drivers, restrains and growth of the Global Patient Monitoring Devices Market

 

Segmentation Analysis:

Product Insights

In 2022, the multi-parameter patient monitoring devices segment captured the largest revenue share, exceeding 22.7% of the global market. The advantages of multi-parameter monitors—such as being battery-operated, cost-effective, and highly integrated silicon systems—are key drivers of their popularity.

For example, advanced silicon solutions and single-chip technologies are now available, integrating multiple computing units, a Bluetooth low-energy radio, and components for ECG, respiration, and pulse oximetry—all within a single integrated circuit. By merging these functionalities, manufacturers have developed comprehensive multi-parameter solutions that are compact, affordable, and energy-efficient.

Multi-parameter monitoring is increasingly relevant not just in hospitals and clinics, but also in home settings. The growing emphasis on cost-effective care is shifting focus toward home and senior care. These multi-parameter monitoring solutions allow caregivers to assess a patient's condition before potential hospital transfer and ensure adherence to care instructions.

 

End-use Insights

The hospital sector dominated the patient monitoring devices market in 2022, holding over 51.1% of the market share. This substantial revenue share is due to the increasing need for accurate and timely disease detection in hospital settings, alongside the rising volume of medical procedures performed.

The growth of this segment is driven by a higher number of patients being admitted for various reasons, including injuries and chronic illnesses. Multi-parameter patient monitors are commonly utilized in both general wards and intensive care units to continuously track vital health parameters, such as oxygen saturation, respiration rate, blood pressure, and heart rate.

The market also includes segments for ambulatory surgical centers, home care settings, and others. The home care segment is expected to experience rapid growth during the forecast period. This is fueled by the development of next-generation therapeutic, diagnostic, display, and monitoring devices that are more flexible, precise, and compact, in line with the trend toward portability and providing treatment either at home or at the bedside.

 

Regional Insights

North America held a dominant position in the market in 2022, accounting for over 42.2% of the revenue share. Several factors contribute to this regional growth, including the increasing prevalence of chronic diseases, the availability of advanced technology, and the demand for wireless and portable systems that aim to minimize out-of-pocket expenses for patients. Additionally, leading market manufacturers such as GE Healthcare, Edward Lifesciences, Masimo Corporation, and Natus Medical are actively investing in research and development to enhance patient monitoring device capabilities, which is expected to further stimulate market growth.

In contrast, the Asia Pacific region is anticipated to experience significant growth throughout the forecast period, largely due to the rise of sedentary lifestyles, characterized by poor dietary habits, lack of physical activity, and high sugar consumption. These lifestyle factors have contributed to the increasing incidence of chronic diseases, such as obesity and diabetes. Notably, China and India have some of the largest populations of diabetics, and this figure is expected to grow during the forecast period. This trend has led to heightened awareness regarding diabetes prevention, which is likely to drive further expansion in the patient monitoring devices market in the region.

 

Order a free sample PDF of the Patient Monitoring Devices Market Intelligence Study, published by Grand View Research.

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