Patient Monitoring Devices Market by Product (Cardiac monitoring devices, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitor, blood pressure monitors, ECG, ICP, weight Monitoring), User, Customer Unmet Needs- Global Forecast to 2029

Patient Monitoring Devices Market by Product (Cardiac monitoring devices, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitor, blood pressure monitors, ECG, ICP, weight Monitoring), User, Customer Unmet Needs- Global Forecast to 2029

The global patient monitoring devices market is projected to reach USD 71.1 billion by 2029 from USD 48.5 billion in 2024, growing at a CAGR of 8.0% during the forecast period. The projected market growth for patient monitoring is supported by the convergence of benefits. Patient monitoring are driven by an aging population, increasing use of wireless monitoring devices, biosensors, and an increasing number of hospitals & clinics with more advanced monitoring devices. Furthermore, Government initiatives promoting telehealth and remote patient monitoring (RPM) through reimbursement programs can act as a catalyst for market expansion. These factors play a central role in improving healthcare delivery and patient outcomes in the coming forecasting years.

“Blood glucose monitoring systems segment to register largest market share in 2023-2029.”

Based on the product, the patient monitoring devices market is segmented into Blood glucose monitoring systems, Cardiac monitoring Devices (ECG Devices, Implantable loop recorders, Event monitors, MCT Monitors, Smart/Wearable ECG Monitors), Multi-Parameter Monitoring, Respiratory Monitoring Devices, Hemodynamic/ Pressure Monitoring Devices, Weight Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Temperature Monitoring Devices and others are used in patient monitoring considered for the overall market estimation. The blood glucose monitoring systems segment registered the largest market share over the forecast period of 2024-2029. The growth of this segment is due to the Rising Prevalence of Diabetes, for achieving optimal diabetes management and mitigating long-term complications hinge on early detection, continuous monitoring, and strict glycemic control. The integration of AI functionalities in certain BGMS offers the potential to generate personalized, data-driven insights for patients, empowering them to make more informed self-management decisions. Moreover, evolving Supportive policies for diabetes management and reimbursement programs for BGMS can increase patient access to these technologies.

“Hospitals & Clinics segment held the largest share of patient monitoring market in 2023, by End-user.”

Based on the end-user, the patient monitoring devices market is segmented into Hospitals & clinics, Ambulatory surgical centers and home care settings. In 2023, the hospitals & clinics segment accounted for the largest share of the global patient monitoring market. The growth of hospital & clinic segment is being propelled by factors including Rising Prevalence of Chronic Diseases, advanced patient monitors for earlier identification of potential complications, continuous advanced monitoring technologies, and integration with electronic health records (EHR) for better data management and analysis.

“Asia Pacific to register significant growth rate in the market during the forecast period.”

For the forecasting period 2024-2029, the APAC region is expected to register a significant growth rate during the forecast period. Asia Pacific comprises India, China, Japan, South Korea, Australia, and RoAPAC. The Asia-Pacific (APAC) region has witnessed a significant increase in the market growth rate for patient monitoring. There are several drivers that contributed to the growth:

The Asia Pacific market is experiencing growth due to expansion of telehealth services & remote monitoring capabilities. Additionally, the market is benefiting from the rise in home care settings, rising geriatric population is more susceptible to age-related conditions, requiring closer monitoring and management to expand their offerings of monitoring products in the Asia Pacific region.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1–40%, Tier 2–30%, and Tier 3– 30%

By Designation: C-level-- 27%, Director-level–18%, and Others–55%

By Region: North America–50%, Europe-20%, Asia Pacific–15%, Latin America–10%, and the Middle East & Africa–5%

Prominent players in this market are Medtronic (Ireland), GE Healthcare (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), Philips healthcare (Netherland) among others.

Research Coverage

The report studies the patient monitoring market based on products, end user, and region.

The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth.

The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.

The report studies micro markets with respect to their growth trends, prospects, and contributions to the global patient monitoring market.

The report forecasts the revenue of market segments with respect to five major regions.

Key Benefits of Buying the Report:

The report will help the new entrants/ market leaders/smaller firms in this market with investment evaluation viability within the patient monitoring market through a thorough analysis of comprehensive data, thereby facilitating robust risk assessment and enabling well-informed investment determinations. Benefit from meticulous market segmentation encompassing end-user, and regional dimensions, affording tailored insights for precise segment targeting. The report also provides an all-encompassing evaluation of encapsulating pivotal trends, challenges, growth catalysts and prospects, thereby empowering strategic decision-making with astute discernment.

The report provides insights on the following pointers:

Analysis of key drivers (rising prevalence of chronic disorder diseases, aging population, Increased Focus on Early Detection and Intervention), restraints (high cost of monitoring systems, Resource-constrained settings in developing countries), opportunities (advancements in manufacturing and miniaturization of components can potentially lead to more affordable patient monitoring solutions, growth of medical tourism), and challenges (unskilled professionals) influencing the growth of the patient monitoring market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the patient monitoring market.

Market Development: Comprehensive information about lucrative markets – the report analyses the patient monitoring market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the patient monitoring market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Medtronic (Ireland), GE Healthcare (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), among others.