Patient Monitoring Market by Product (Cardiac Monitoring Devices, Blood Glucose Monitoring Systems, Hemodynamic/Pressure Monitoring Devices, Multi-parameter Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices, and Other Devices), by Type (Conventional and Wireless), and by End User (Home Healthcare, Hospitals & Clinics, and Others) - Global Opportunity Analysis and Industry Forecast, 2024–2030
Meta Title: Patient Monitoring Market Size and Share | Statistics - 2030
Meta Des: Patient monitoring market was valued at USD 43.07 billion in 2023, and is slated to surpass USD 77.23 billion by 2030, owing to the rising geriatric population.
Patient Monitoring Market
Domain – Life Sciences & Healthcare
Sub Domain – Medical Devices
The patient monitoring market size was valued at USD 43.07 billion in 2023, and is predicted to reach USD 77.23 billion by 2030, with a CAGR of 8.7% from 2024 to 2030.
The patient monitoring market is witnessing a significant growth, driven by the expanding elderly population at a higher risk of age-related health conditions. Patient monitoring devices are pivotal in monitoring and managing these ailments, ensuring timely interventions, and ultimately enhancing healthcare outcomes for this demographic.
As the elderly demographic continues to expand, the necessity for effective and continuous health monitoring is poised to surge, further bolstering the demand for patient monitoring solutions. According to the latest report released by the World Health Organization in 2022, the global population aged 60 and above reached 1.4 billion in 2020, and is anticipated to reach 2.1 billion by 2050.
Moreover, the integration of patient monitoring systems with electronic health records (EHRs) is driving growth in the patient monitoring market, due to its ability to provide comprehensive patient data, streamline clinical workflows, enhance care coordination, and improve the accuracy and efficiency of healthcare delivery. This integration ensures healthcare providers access to up-to-date patient information, facilitating informed decision-making and personalized care while reducing administrative burdens.
However, patient monitoring can be costly for smaller healthcare facilities and resource-limited settings, which hinders the market growth. On the contrary, the integration of artificial intelligence (AI) and machine learning into patient monitoring systems to analyze vast amounts of patient data for early detection of health issues is expected to create ample opportunities in the coming years for the market.
For instance, in March 2023, Zephyr AI, Inc. partnered with KangarooHealth, Inc., a healthcare technology company providing an AI-assisted turn-key remote patient monitoring platform and care management services. The partnership combined Zephyr AI’s industry-leading machine learning technology with KangarooHealth’s proprietary remote monitoring platform to work toward creating a best-in-class predictive solution for clinicians.
Segment OverviewThe global patient monitoring market is segmented on the basis of product, type, end user, and region.
Based on product, the market is classified into cardiac monitoring devices, blood glucose monitoring systems, hemodynamic/pressure monitoring devices, multi-parameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, fetal & neonatal monitoring devices, neuromonitoring devices, weight monitoring devices, and other devices.
Based on type, the market is divided into conventional and wireless.
Based on end user, the market is divided into home healthcare, hospitals & clinics, and others.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
Regional AnalysisThe North America market is projected to hold the dominant share by 2030
North America dominates the global patient monitoring market, owing to the presence of major industry players, such as GE Healthcare, Abbott Laboratories, Honeywell International Inc., and others. These companies are implementing strategies such as the launch of innovative products to drive the market growth. For instance, in April 2023, Honeywell introduced an advanced real-time health monitoring system designed to capture patients' vital signs, whether they are in a hospital or remote setting. This groundbreaking solution utilizes cutting-edge sensing technology through a skin patch to continuously monitor vital signs and promptly transmit this data to healthcare providers via mobile devices and an online dashboard.
Additionally, the market is expanding as multinational telemedicine corporations increasingly integrate patient monitoring solutions into their comprehensive healthcare ecosystems. This trend, particularly prominent in this region, is closely linked with the patient monitoring market growth. It encourages the adoption of monitoring devices and services to meet the growing demand for integrated healthcare solutions.
For instance, in August 2022, Teladoc Health, the leader in virtual healthcare, collaborated with a prominent remote patient monitoring platform Cloud DX. This collaboration aims to enhance remote monitoring services for patients throughout Canada. Within this partnership, Cloud DX's existing remote patient monitoring services in Canada will receive improvements by incorporating Teladoc Health's virtual healthcare expertise.
Key Market Players
Some of the key players in the patient monitoring market include:• Medtronic Plc
• Koninklijke Philips N.V.
• GE Healthcare
• Siemens Healthineers
• Nihon Kohden Corporation
• Abbott Laboratories
• Masimo Corporation
• Hill-Rom Holdings, Inc.
• Biotronik SE & Co. KG
• Honeywell International, Inc.
Recent Developments
August 2023GE HealthCare received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its innovative wireless and wearable monitoring solution known as Portrait Mobile. This cutting-edge platform enables real-time monitoring of a patient's essential health indicators and delivers personalized data visualization. It proves especially beneficial in facilitating patient mobility during crucial recovery periods, such as post-surgery or after transitioning from the intensive care unit.
June 2023Royal Philips and Masimo jointly announced FDA clearance for activating SedLine Brain Function Monitoring, Regional Oximetry (O3), and CO₂ measurements within Philips Patient Monitors, specifically the IntelliVue MX750 and MX850 models. These recent collaborative efforts between Masimo and Philips aim to empower healthcare professionals to make rapid and well-informed decisions without requiring supplementary monitoring devices.
April 2023Honeywell introduced a real-time health monitoring system that records patients' vital signs in hospitals and remotely. The system employs cutting-edge sensing technology via skin patch, instantly transmitting crucial vital data to healthcare providers through mobile devices and an online dashboard.
August 2022Medtronic Plc partnered with BioIntelliSense to grant Medtronic exclusive distribution rights within the U.S. for the BioButton multi-parameter wearable. This wearable particularly focuses on hospital and 30-day post-acute hospital-to-home applications. Through this collaboration, Medtronic's patient monitoring business gains the capability to provide a medical-grade device that offers ongoing monitoring of vital signs for patients receiving general care, both during their hospital stays and after discharge.
February 2022Abbott Laboratories joined forces with BeatO, Sugar. Fit, PharmEasy, GOQii, 1MG, Zyla Health, HealthifyMe, and Fitterfly to enhance diabetes management care. Through these partnerships, Abbott's objective is to provide glucose monitoring solutions to 8 million individuals living with diabetes.
KEY BENEFITS• The patient monitoring market report provides a quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a detailed analysis of the patient monitoring market trends, including the current and future trends to depict prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the patient monitoring market is provided in the report.
• The competitive analysis of the players along with their market share in the patient monitoring market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.