The global patient monitoring market size was estimated to be USD 54.97 billion in 2023 and is expected to reach at USD 122.80 billion by 2034 with a CAGR of 7.58% during the forecast period 2024-2034. Increasing demand for monitoring devices, growing advancements in treatments, surge in adoption of patient monitoring devices for at-home treatment, rising shift toward patient monitoring devices, increasing technological advancements, growing prevalence of chronic diseases, surge in preference for home & remote monitoring, and rising approvals of advanced monitoring systems by regulatory authorities are some of the key factors boosting the market growth.
Rising introduction of advanced monitoring systems by major market players is predicted to boost the market growth during the forecast period. Remote patient monitoring (RPM) is an emerging technology with the capacity to transform the way healthcare is administered. RPM enables healthcare providers to remotely oversee a patient's well-being, often utilizing wireless technology. For instance, in January 2022, At the 2022 Consumer Electronics Show (CES), OMRON Healthcare, Inc., is presenting novel remote patient monitoring services called VitalSight, Hypertension Plus, and HeartVoice. These services are accompanied by their range of connected blood pressure monitors and an advanced mobile application. The goal is to provide assistance to individuals at all stages of their heart health journey, regardless of their current status.
By product, multi-parameter patient monitoring devices was the highest revenue-grossing segment in the global patient monitoring market in 2023 owing to the advantages such as battery power, cheap cost, & high integration silicon systems, rising technological advancements, growing launch of advanced products, and surge in approvals by regulatory bodies. For instance, in April 2023, The FDA has granted clearance to GE HealthCare's CARESCAPE Canvas Patient Monitoring Platform. This platform, along with CARESCAPE ONE, will play a role in creating an adaptable system that can adjust monitoring features according to the severity of each patient's condition, allowing scalability. Additionally, cardiac monitoring devices is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of cardiovascular diseases, rising demand for diagnosis & monitoring of various disorders, surge in advancement of product technologies, and increasing collaborations within market players.
By end-user, hospital was the highest revenue-grossing segment in the global patient monitoring market in 2023 owing to the surge in number of operations performed in hospitals, growing need of accurate & prompt illness diagnosis, rising number of patients being admitted to hospitals, and surge in healthcare infrastructure. Additionally, home care settings is predicted to grow at fastest CAGR during the forecast period owing to the rising focus on development of next-generation therapeutic, diagnostic, monitoring, & display devices design, increasing technological advancements, and growing introduction of advanced products. For instance, in May 2022, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. has introduced mWear, a novel wearable device for patient monitoring. This device provides two monitoring choices: wearable mode and continuous mode, enabling caregivers to receive tailored patient status notifications based on specific settings.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing prevalence of chronic diseases, presence of advanced technology, growing demand for cordless and portable devices with the goal of lowering out-of-pocket costs, rising investing in research & development for more advanced patient monitoring device, and surge in introduction of advanced products. For instance, in April 2022, LivaNova has begun the gradual launch of its Essenz Patient Monitor following the required regulatory approvals. The system has received clearance from both the US Food and Drug Administration (FDA) through the 510(k) process and the CE Mark in Europe. Initially, the device was introduced in the United States and Europe, with a special emphasis on hospitals that actively contributed to the user-centric design and development of the product. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising adoption of a sedentary lifestyle, growing diabetic populations, surge in diabetes prevention awareness, and increasing initiatives by market players. For instance, in September 2023, Apollo has launched the first-ever Comprehensive Connected Care program in India, utilizing their innovative Connected Care technology. This pioneering effort is poised to transform patient care by providing clinical teams and nursing staff with a comprehensive, real-time understanding of patients as they progress through different phases of their healthcare experience, including emergency care, hospitalization, post-surgery recuperation, and home care.
Rising introduction of advanced monitoring systems by major market players is predicted to boost the market growth during the forecast period. Remote patient monitoring (RPM) is an emerging technology with the capacity to transform the way healthcare is administered. RPM enables healthcare providers to remotely oversee a patient's well-being, often utilizing wireless technology. For instance, in January 2022, At the 2022 Consumer Electronics Show (CES), OMRON Healthcare, Inc., is presenting novel remote patient monitoring services called VitalSight, Hypertension Plus, and HeartVoice. These services are accompanied by their range of connected blood pressure monitors and an advanced mobile application. The goal is to provide assistance to individuals at all stages of their heart health journey, regardless of their current status.
By product, multi-parameter patient monitoring devices was the highest revenue-grossing segment in the global patient monitoring market in 2023 owing to the advantages such as battery power, cheap cost, & high integration silicon systems, rising technological advancements, growing launch of advanced products, and surge in approvals by regulatory bodies. For instance, in April 2023, The FDA has granted clearance to GE HealthCare's CARESCAPE Canvas Patient Monitoring Platform. This platform, along with CARESCAPE ONE, will play a role in creating an adaptable system that can adjust monitoring features according to the severity of each patient's condition, allowing scalability. Additionally, cardiac monitoring devices is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of cardiovascular diseases, rising demand for diagnosis & monitoring of various disorders, surge in advancement of product technologies, and increasing collaborations within market players.
By end-user, hospital was the highest revenue-grossing segment in the global patient monitoring market in 2023 owing to the surge in number of operations performed in hospitals, growing need of accurate & prompt illness diagnosis, rising number of patients being admitted to hospitals, and surge in healthcare infrastructure. Additionally, home care settings is predicted to grow at fastest CAGR during the forecast period owing to the rising focus on development of next-generation therapeutic, diagnostic, monitoring, & display devices design, increasing technological advancements, and growing introduction of advanced products. For instance, in May 2022, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. has introduced mWear, a novel wearable device for patient monitoring. This device provides two monitoring choices: wearable mode and continuous mode, enabling caregivers to receive tailored patient status notifications based on specific settings.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing prevalence of chronic diseases, presence of advanced technology, growing demand for cordless and portable devices with the goal of lowering out-of-pocket costs, rising investing in research & development for more advanced patient monitoring device, and surge in introduction of advanced products. For instance, in April 2022, LivaNova has begun the gradual launch of its Essenz Patient Monitor following the required regulatory approvals. The system has received clearance from both the US Food and Drug Administration (FDA) through the 510(k) process and the CE Mark in Europe. Initially, the device was introduced in the United States and Europe, with a special emphasis on hospitals that actively contributed to the user-centric design and development of the product. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising adoption of a sedentary lifestyle, growing diabetic populations, surge in diabetes prevention awareness, and increasing initiatives by market players. For instance, in September 2023, Apollo has launched the first-ever Comprehensive Connected Care program in India, utilizing their innovative Connected Care technology. This pioneering effort is poised to transform patient care by providing clinical teams and nursing staff with a comprehensive, real-time understanding of patients as they progress through different phases of their healthcare experience, including emergency care, hospitalization, post-surgery recuperation, and home care.
Segmentation: Patient Monitoring Market Report 2022 - 2033
Patient Monitoring Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Cardiac Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Hemodynamic/Pressure Monitoring Devices
- Blood Glucose Monitoring Systems
- Neuromonitoring Devices
- Multi-parameter Monitoring Devices
- Respiratory Monitoring Devices
- Weight Monitoring Devices
- Temperature Monitoring Devices
- Other
Patient Monitoring Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Ambulatory Surgical Centers
- Home Care Settings
- Hospitals
- Others
Patient Monitoring Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Patient Monitoring Market: Product Estimates & Trend Analysis
8. Patient Monitoring Market: End-user Estimates & Trend Analysis
9. Regional Market Analysis
10. North America Patient Monitoring Market
11. Europe Global Patient Monitoring Market
12. Asia Pacific Global Patient Monitoring Market
13. Latin America Global Patient Monitoring Market
14. MEA Global Patient Monitoring Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
- Becton
- Dickinson and Company
- Medtronic PLC
- Boston Scientific Corporation
- Johnson & Johnson
- Omron Corporation
- Masimo Corporation
- Drägerwerk AG & Co. KGaA
- Abbott Laboratories
- Baxter International Inc.
- Koninklijke Philips NV
- General Electric Company (GE Healthcare)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 54.97 Billion |
| Forecasted Market Value ( USD | $ 122.8 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
