Patient Monitoring Devices Market Assessment, By Type of Devices [Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Respiratory Monitoring Devices, Multi-parameter Monitoring Devices, Temperature Monitoring Devices, Hemodynamic Monitoring Devi

Patient Monitoring Devices Market Assessment, By Type of Devices [Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Respiratory Monitoring Devices, Multi-parameter Monitoring Devices, Temperature Monitoring Devices, Hemodynamic Monitoring Devices, Others], By Application [Cardiology, Neurology, Respiratory, Others], By End-user [Hospitals, Homecare Settings, Others], By Region, Opportunities and Forecast, 2017-2031F

Global patient monitoring devices market is projected to witness a CAGR of 8.67% during the forecast period 2024-2031, growing from USD 47.01 billion in 2023 to USD 91.43 billion in 2031. Growth in the global patient monitoring devices market is driven by various factors such as an increase in the aging population worldwide, the increasing prevalence of chronic diseases, technological advancements in patient monitoring devices, and the growing demand for remote patient monitoring devices. Growing healthcare expenditure, increased interest of public and private organizations in investing in the patient monitoring devices market, presence of several top players, and developmental strategies like mergers, acquisitions, collaborations, and new product launches are accelerating the growth of the global patient monitoring devices market.

The global patient monitoring devices market is undergoing robust growth due to a notable increase in the elderly population worldwide, due to which there is a significant increase in vulnerability to chronic conditions such as diabetes, cardiovascular diseases, cancer, and respiratory diseases. The increased global burden of diseases further leads to increased demand for patient monitoring devices to record, measure, and monitor the health conditions of patients suffering from these chronic conditions.

A large population commonly uses patient monitoring devices such as blood glucose monitoring devices and blood pressure measuring devices. Technological advancements such as AI-integrated patient monitoring devices facilitate early intervention and personalized care plans, leading to improved patient outcomes and a higher quality of life for individuals, which escalates the demand for the global patient monitoring devices market.

Increased healthcare expenditure and growing awareness regarding the potential benefits of remote patient monitoring devices to enhance regular self-monitor facilities, along with continuous research and development in this industry to fulfill the growing demand for these devices, are leading to the growth of the global patient monitoring devices market. Moreover, favorable regulatory frameworks, consistent innovative product released by major market leaders and frequent collaboration activities, such as mergers and acquisitions and partnership agreements, between the companies further propel the growth of global patient monitoring devices market.

For instance, in December 2023, GE HealthCare announced a joint commercialization agreement with AirStrip. The agreement will allow GE HealthCare to become an exclusive distributor of AirStrip cardiology and patient monitoring solutions in the United States.

Increasing Prevalence of Chronic Diseases

The demand for patient monitoring devices is increasing significantly due to the rising prevalence of chronic diseases. The increasing aging population is responsible for the onset of several chronic health conditions such as cardiovascular diseases, cancer, and diabetes. These chronic diseases are fatal and need regular monitoring to avoid any life-threatening situation. For instance, according to WHO 2023 statistics, chronic diseases are the most common diseases affecting people from all over the world and are responsible for 41 million deaths every year. A sedentary lifestyle, unhealthy diet, obesity, excessive tobacco, and alcohol consumption are the leading risk factors for the rising prevalence of chronic diseases among the population.

Patient monitoring devices play a crucial role in managing chronic diseases. They enable healthcare providers to monitor and measure their health by allowing real-time understanding of the patient's disease state and taking proactive clinical decisions. Additionally, remote patient monitoring devices such as glucose monitoring devices, blood pressure monitoring devices, and pulse oximeters help patients monitor their health regularly, which improves their health outcomes. Due to these benefits, the global patient monitoring devices market is flourishing.

Technological Advancement in Patient Monitoring Devices

Technological advancements in patient monitoring devices play a crucial role in escalating the growth of the global patient monitoring devices market. Technological advancements such as advancement of highly efficient remote patient monitoring systems, sophisticated wireless technology, and the development of wearable devices have upsurged the demand for these devices among the global population. Due to robust innovation in the market, healthcare providers can accurately monitor patient’s health in real-time from a far distance, using remote patient monitoring devices. Increased research and development by leading players in the market further propels the growth of the patient monitoring devices market.

For instance, in April 2023, Honeywell, a pioneer in automation control, instrumentation and services in several industries including life sciences, announced the development of a real-time health monitoring system. The system measures and record patients' vital signs accurately using advanced sensing technology and helps the healthcare provider to monitor patient’s health remotely with the help of a mobile application. As innovative companies are consistently involved in technologically advanced product launches, the demand for these advanced patient monitoring devices is accelerating.

Increased Demand for Respiratory Monitoring Devices

Under applications, patient monitoring devices are increasingly being used for monitoring respiratory illnesses such as bronchitis, COPD, and asthma, due to which this segment is expected to be the fastest-growing segment in the forecasted period. With increasing air pollution, there is a significant rise in the prevalence of respiratory diseases globally. It is leading to tremendous growth in the demand for monitoring respiratory illness in hospitals and in-home care settings. Additionally, other factors, such as increased investments by market players in launching advanced respiratory monitoring devices in their product portfolio, along with increased FDA approvals, are further propelling the growth of the global patient monitoring devices market.

For instance, in February 2024, Respiree, a Singapore digital health company, received FDA approval for its latest remote patient monitoring device “RS001”. The device is a cardio-respiratory wearable, which can measure heart rate and respiration rate in real-time and has become an efficient tool to monitor patients with heart failure and chronic obstructive pulmonary disease (COPD) diseases. These innovative and advanced product launches and supportive regulatory frameworks further escalate the growth of the global patient monitoring devices market.

Increased Demand for Patient Monitoring Devices in Homecare Settings

Among the end-users, patient monitoring devices in homecare settings are expected to grow tremendously in the forecasted period. Remote patient monitoring devices, such as glucose monitor devices and blood pressure monitor devices, allow patients to monitor their health and vital signs in real-time, as well as assist healthcare providers in monitoring patient’s health from the comfort of their home. Additionally, global leaders in the market are consistently involved in developing advanced remote patient monitoring devices, which is further accelerating the demand for these devices in homecare settings.

For instance, in March 2023, Abbott, which is a leading global healthcare company, announced outcomes of a latest meta-analysis conducted by the company, that found the efficiency of its hemodynamic pressure sensing technology, “CardioMEMS HF System”, in improving survival rates of heart patients. The system helps in remotely monitoring heart failure patients and provides an early warning against worsening heart failure and significantly reduces mortality risk by 25%. Due to these efficient remote patient monitoring devices, the global market is expected to grow significantly.

North America Holds Significant Market Share

North America holds the largest share in the global patient monitoring devices market due to its robust healthcare infrastructure and the availability of technologically advanced patient monitoring devices in healthcare as well as homecare settings. Increased awareness among the population regarding the importance of self-monitoring to manage chronic conditions, along with increased collaborative ventures and integration of advanced patient monitoring devices in North America are factors leading to its growth in patient monitoring devices market.

For instance, in March 2023, Teva Pharmaceuticals announced the collaboration of its Digihaler System with California’s Desert Oasis Healthcare (DOHC) system for the United States population to initiate a respiratory patient monitoring program. The company uses Rimidi to optimize clinical workflows in California’s DOHC system. The company announced the application of its smart inhaler system, which is an efficient patient-monitoring device to help in asthma management. It aims to reduce high costs, lower hospitalizations, and improve asthma management among the United States population. Due to the collaborative ventures in the country, North America is expected to sustain its leading position in the global patient monitoring devices market.

Future Market Scenario (2024 – 2031F)

The global patient monitoring devices market is expected to grow in the future, primarily due to the increasing prevalence of chronic diseases, increase in healthcare expenditure, growing demand for remote patient monitoring devices, technological advancements, such as integration of artificial intelligence with these devices and increased investments by public and private organizations in developing advanced patient monitoring devices to cater the need of growing population. Moreover, frequent launches by key market players and collaborative ventures, along with new entrances in the market is further leading to the growth of the global patient monitoring devices market. For instance, Biofourmis Inc. is significantly growing and expanding its artificial intelligence-based patient monitoring devices to monitor complex chronic conditions.

Key Players Landscape and Outlook

In the patient monitoring devices market, public and private firms are consistently involved in establishing strategic partnerships, and distribution agreements, which play a crucial role in accelerating the global patient monitoring devices market's expansion. These partnership agreements enable firms to gain in-depth insights regarding the market, strategically use each other’s resources, markets, and technologies, and invest in research and development activities to bring innovation and advancements to the market.

Distribution agreements enable companies to expand their market presence at international levels. These collaborative initiatives promote innovation, expertise product development, and improve patient’s health outcomes as well as, contribute to the enduring and robust growth of the global patient monitoring devices market. For instance, in November 2023, Royal Philips and NYU Langone Health announced a collaborative 8-year strategic partnership, aimed to improve patient care through innovation in the patient monitoring devices. The new technologies enable the clinicians to access real-time patient’s data and provide personalized care plans. The integrated, collaborative approach will provide faster, efficient, effective treatment, and improved outcomes. The partnership will assist in developing clinically advanced patient monitoring devices which can further provide a boost to the market.