The global patient monitoring devices market size was valued at USD 51.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The expansion of the industry can be attributed to the rise in demand for monitoring devices used to measure, distribute, record, and display a variety of biometric data, including blood pressure, temperature, and blood oxygen saturation level.
Facilities focusing on shifting patient treatment modes from hospital care to homecare settings can help make treatments less expensive. Rapid advancements in treatments have led to an increase in the use of patient monitoring devices for at-home treatment of chronic diseases. The pandemic has accelerated this shift toward patient monitoring devices and provided companies with a unique chance to prove that their devices can make care more convenient, cheaper, and effective.
Gather more insights about the market drivers, restrains and growth of the Patient Monitoring Devices Market
Detailed Segmentation:
Product Insights
The multi-parameter patient monitoring devices segment held the largest revenue share in 2022, accounting for more than 22.7% of the global revenue. The benefits that multi-parameter monitors have, such as battery-powered, low-cost, and highly integrated silicon systems that implement several parameters into a low-cost, low-power integrated solution, are the main drivers of the technology.
End-use Insights
With more than 51.1% of the market share, the hospital sector dominated the patient monitoring devices market in 2022. The significant revenue share of the segment is attributed to the increasing importance of accurate and timely disease detection in hospitals as well as the rising volume of procedures performed there.
Regional Insights
With more than 42.2% of the revenue share, North America dominated the market in 2022. A few variables contributing to the regional expansion include the rising prevalence of chronic diseases, the presence of advanced technology, and the desire for wireless and portable systems intended to reduce out-of-pocket expenses. Also, major market manufacturers such as GE Healthcare, Edward Lifesciences, Masimo Corporation, and Natus Medial are investing in R&D for more advanced patient monitoring device facilities that will boost growth.
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Patient Monitoring Devices Market Segmentation
Grand View Research has segmented the global patient monitoring devices market based on product, end-use, and region:
Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2018 - 2030)
• Blood Glucose Monitoring Systems
o Self-monitoring Blood Glucose Systems
o Continuous Glucose Monitoring Systems
• Cardiac Monitoring Devices
o ECG Devices
o Implantable Loop Recorders
o Event Monitors
o Mobile Cardiac Telemetry Monitors
o Smart/Wearable ECG Monitors
• Multi-parameter Monitoring Devices.
o Low-acuity Monitoring Devices
o Mid-acuity Monitoring Devices
o High-acuity Monitoring Devices
• Respiratory Monitoring Devices
o Pulse Oximeters
o Spirometers
o Capnographs
o Peak Flow Meters
• Temperature Monitoring Devices
o Handheld Temperature Monitoring Devices
o Table-top Temperature Monitoring Devices
o Wearable Continuous Monitoring Devices
o Invasive Temperature Monitoring Devices
o Smart Temperature Monitoring Devices
• Hemodynamic/Pressure Monitoring Devices
o Hemodynamic Monitors
o Blood Pressure Monitors
o Disposables
• Fetal & Neonatal Monitoring Devices
o Fetal Monitoring Devices
o Neonatal Monitoring Devices
• Neuromonitoring Devices
o Electroencephalograph Machines
o Electromyography Machines
o Cerebral Oximeters
o Intracranial Pressure Monitors
o Magnetoencephalograph Machines
o Transcranial Doppler Machines
• Weight Monitoring Devices
o Digital
o Analog
• Other Patient Monitoring Devices
Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2018 - 2030)
• Hospitals
• Ambulatory Surgery Centers
• Home Care Settings
• Others
Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o China
o Japan
o India
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o Saudi Arabia
o South Africa
o UAE
Order a free sample PDF of the Patient Monitoring Devices Market Intelligence Study, published by Grand View Research.
Recent Developments
• In April 2023, GE HealthCare’s CARESCAPE Canvas Patient Monitoring Platform received FDA clearance. CARESCAPE Canvas and CARESCAPE ONE will contribute to the generation of a scalable platform that can easily adapt monitoring capabilities based on the acuteness of each individual patient’s disease.
• In June 2022, Abbott received FDA approval for the FreeStyle Libre 2 (iCGM) for adults and kids with diabetes in the United States. This device measures blood glucose levels every minute and offers a real-time alarm option that helps diabetic individuals monitor their blood glucose levels.
• In May 2022, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. launched mWear, a new wearable patient monitoring device. The device offers two monitoring options—wearable mode and continuous mode so that careers can receive patient status updates in accordance with customized settings.