India Patient Monitoring Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

India Patient Monitoring Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Indian patient monitoring market is expected to register a CAGR of 9.39% over the forecast period (2022-2027).

The COVID-19 pandemic placed enormous pressure on the healthcare system and hospitals that were understaffed and overworked. Patient monitoring devices such as ventilators helped monitor critically ill COVID-19 patients. Allowing the measurement of physiological reserves, these devices demonstrated the effectiveness of therapeutic interventions during the pandemic and positively impacted the market. Furthermore, companies are increasing their manufacturing of critical or essential medical device products. For instance, in April 2021, in India, more than 30 hospitals partnered with Dozee to enable Remote Patient Monitoring in COVID-19 wards for management of the shortage of beds. For another instance, in July 2020, the company Royal Philips introduced first-of-its-kind mobile Intensive Care Units (ICUs) in India.

The key factors propelling the market are the rising incidences of chronic diseases due to lifestyle changes, growing preference for home and remote monitoring, and ease of use and portability of devices. Remote patient monitoring provides increased patient accountability, chronic condition management, and other benefits that are leading to its widespread adoption, thereby contributing to the market growth. The COVID-19 pandemic wreaked havoc on the Indian healthcare system, for some health and medical care technology startups. This served as an opportunity to drive innovation and societal impact. For instance, in 2021 Dozee, which is India’s first remote patient monitoring early warning system, delivered timely alerts by sensing anomalies in trends using Artificial Intelligence (AI) technology. This startup converts any bed into a step-down intensive care unit (ICU) at a fraction of the cost. Cloud based technology is a the heart of remote patient monitoring and has helped their AI-based solution remove boundaries of the rooms and the wards.

India is among the top three countries with a high incidence of diabetes. According to the International Diabetes Federation, the estimated number of diabetes patients in the 20-79 age group was 74.2 million in 2021 and is likely to increase to 124.8 million in 2045. The elderly population is expected to grow shortly and boost the market growth. Thus increasing incidence of diabetes and the high risk of these patients to get easily infected by respiratory diseases, chronic diseases, and other infections, and has to the development of patient monitoring devices, thereby driving the market.

Owing to the rapid evolution of the market in the use of medical technology, medical device companies that can launch new innovative equipment will be rewarded with huge benefits. However, the high cost of technology will hinder the market’s growth.

Key Market TrendsRespiratory Segment Expected to Hold Major Market Share over the Forecast Period

The COVID-19 pandemic spiked the demand for patient monitoring devices, which can help monitor patients and help with diagnostics and treatment of the disease. As a result, remote patient monitoring (RPM) is rapidly gaining recognition as a highly valuable solution for individualized care that keeps patients at home while reducing the strain on an already over-taxed emergency department (ED).

Moreover, the increasing number of tuberculosis (TB) patients in the country are contributing to the increasing demand for patient monitoring systems in India. For instance, in 2021 according to the National Tuberculosis Prevalence Survey report, the prevalence of all forms of tuberculosis for all ages in India was 312 per lakh population for the year 2021 and the highest prevalence for all forms of tuberculosis was 747 per lakh in Delhi and the lowest was 137 per lakh population in Gujarat. Thus increasing cases of tuberculosis are contributing to increasing demand for the patient monitoring market.

Remote blood sugar monitoring is continuous monitoring of blood sugar for a diabetic patient for providing better control of disease and also to monitor the blood glucose and HbA1C levels. There is an emerging trend to measure time in range (TIR) of continuous glucose monitoring systems. For instance, in May 2020 Medtronic launched Guardian Connect System, the first continuous glucose monitoring system to help people with diabetes and helps people to stay away from high and low glucose events which can alert patients of potential high or low glucose events for up to 60 minutes in advance. Caregivers can use the system to stay more informed about their close ones with diabetes as well by tracking glucose in real-time or receiving text alerts. It gives healthcare providers the data they need to optimize patient care, may make appointments more productive, and facilitate more informed treatment decisions Hence, owing to all the aforementioned factors, the market is projected to show significant growth over the forecast period.

Thus, owing to the above factors, the respiratory segment is expected to show significant growth over the coming years.

Competitive Landscape

The Indian patient monitoring market is fragmented and competitive and consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help strengthen their market share. Some of the companies currently dominating the market are Koninklijke Philips NV, GE Healthcare, BPL Group, Mindray Medical International Limited, Nihon Kohden Corporation, Dragerwerk AG, Spacelabs Healthcare, Schiller, Omron Healthcare Inc., and Life Plus Healthcare (P) Limited.

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