North America Patient Monitoring - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

North America Patient Monitoring - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The North America Patient Monitoring Market size is estimated at USD 19.16 billion in 2024, and is expected to reach USD 27.54 billion by 2029, growing at a CAGR of 7.52% during the forecast period (2024-2029).

The market in the North America region is growing at a good pace and certain factors that are driving this growth include rising incidence of chronic diseases due to the lifestyle changes in the region, an increase in the aging population, and growing demand for remote monitoring devices. The United States, being the largest economy in this region, the country's population trend largely affects the growth of the market studied in both, positive and negative manner. For instance, the rising geriatric population in the United States is acting as a growth factor for the use of patient monitoring devices. According to the United States Bureau data, the number of Americans aged 65 years and above is projected to become more than double (from 46 million in 2016 to over 98 million by 2060), and the 65-and-older age group's share of the total population is likely to rise to nearly 24% from 15%. The growing geriatric population is more prone to diseases, which increases the usage of remote monitoring devices. Thus, the increase in the aging population is expected to boost the market in the North America region.

North America Patient Monitoring Market Trends

Hemodynamic Monitoring Devices Segment is Expected to Grow Fastest Over the Forecast Period

The key factors propelling the segment growth are an increase in the number of critically ill geriatric cases, a rise in the prevalence of cardiac disorders and diabetes, increasing demand for home-based and non-invasive monitoring systems. Heart disease is the leading cause of death for both men and women in the United States. According to the CDC, coronary heart disease is the most common type of heart disease, killing over 370,000 people, annually. People have become more concerned about their health, especially regarding heart diseases, and hence, they are adopting preventive care. As is evident from the above-mentioned statistics, coronary conditions in the United States is a major driver for the growth of the segment.

North America Patient Monitoring Industry Overview

The market for patient monitoring systems in the North America region is moderately competitive and consists of global as well as local players. Some of the major players that are actively present in this region are Boston Scientific Corporation, Medtronic, Koninklijke Philips N.V, GE Healthcare, among others.

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