GVR Report cover Patient Monitoring Devices Market Size, Share & Trends Report

Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices), By End-use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jun, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-444-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 187

Report Overview

The global patient monitoring devices market size was valued at USD 37.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. The growth can be attributed to the rising demand for monitoring devices used to measure, distribute, record, and display a combination of biometric values such as blood oxygen saturation level, temperature, and blood pressure. Since the COVID-19 pandemic, quarantining, and social distancing practices are implemented around the world. Due to this many people are avoiding frequent hospital visits. As such times many people require routine monitoring of their oxygen level and temperature at home to keep track of their health. Thereby, demanding monitoring devices at home.

U.S. patient monitoring devices market size, by product, 2016 - 2028 (USD Billion)

Various government initiatives are helping during the outbreak of this pandemic. The FDA has issued Emergency Use Authorization (EUAs) for certain wearable and patient monitoring devices to help increase the availability of treatments and monitoring of patients and helps reduce exposure of SARS-CoV-2 to healthcare providers during the COVID-19 pandemic.

Additionally, the growing preference for wearable and remote patient monitoring devices is also driving the market growth. Wearable devices play an important role in the diagnosis of various chronic diseases by combining clinical symptomology with essential vital signs. Thus, the use of wearable devices to combat COVID-19 has significantly increased.

A growing number of chronic disorders such as diabetes, stroke, and kidney disease increase the demand for patient monitoring devices. For instance, according to the World Health Organization (WHO), about 422.0 million people globally have diabetes. Major market players are investing in various strategies such as partnership, collaboration, innovation, launches, and mergers to grow the market. For instance, in August 2016, Roche launched the Accu-Check. It is a blood glucose monitoring system designed to make daily glucose monitoring easy.

The number of asthma patients, Chronic Obstructive Pulmonary Disease (COPD) patients, and the high prevalence of tobacco smoking are increasing rapidly. According to the WHO, around 235 million people suffer from asthma. This leads to an increase in the use of a peak flow meter that is used to measure the rate of respiration. It is easy to handle, carry, and remotely accessible that increases its demand for usage and thus, drives the market.

Product Insights

The cardiac monitoring systems segment held the largest revenue share of more than 19.5% in 2020. According to the WHO, Cardiovascular Diseases (CVDs) are the major cause of death across the globe and approximately 30.0 million people suffer a stroke and heart attack annually. The rising incidence of cardiac disease is increasing the demand for cardiac monitoring system devices hence major market players are trying to meet the needs by launching new products. For instance, in January 2020, Medtronic received FDA approval for Micra AV, which is the smallest pacemaker with the atrioventricular synchrony.

Besides, technological advancement, government initiatives, and regional expansion are likely to boost the segmental growth of patient monitoring devices. For instance, In February 2020, Abbott received CE marking for Gallant Implantable Cardioverter Defibrillator (ICD) and Cardiac Resynchronisation Therapy Defibrillator (CRT-D) devices that offer new opportunities for patient engagement and remote monitoring through novel smartphone connectivity and connected applications.

End-use Insights

The hospital segment dominated the market and accounted for the largest revenue share of more than 51.3% in 2020. The large share of the market is anticipated to the rising emphasis on effective and early disease diagnosis in hospitals, and the growing procedural volume in hospital settings. According to the America Heart Association (AHA), in 2016 around 209,000 patients suffered from in-hospitals cardiac arrest in the U.S., and the number is expected to grow to more than 23.6 million by 2030.

Global patient monitoring devices market share, by end-use, 2020 (%)

The other segments for the market include hospitals, ambulatory surgical centers, home care settings, and others. The home care segment is anticipated to witness rapid growth over the forecast period. There is an increasing trend toward portability and delivery of care at home or at the bedside, which is accelerating the development of next-generation therapeutic, diagnostic, display, and monitoring equipment design, which is more versatile, precise, and compact.

Regional Insights

North America dominated the patient monitoring devices market and accounted for the largest revenue share of more than 42.7% in 2020. Increasing incidence of chronic diseases, coupled with the presence of advanced technology, demand for wireless and portable systems aimed at cutting out-of-pocket expenditure are some of the factors attributed to the growth of the market in the region. Also, major market players such as Edward Lifesciences, GE Healthcare, Masimo Corporation, and Natus Medial are investing in the R&D for more advanced patient monitoring device facilities, which, in turn, will boost the market in the coming years.

In Asia Pacific, the market is anticipated to witness lucrative growth over the forecast period, owing to the adoption of a sedentary lifestyle in the region such as poor diet, physical inactivity, and high consumption of sugar that led to many chronic conditions such as obesity, diabetes, and others. India and China have the largest diabetic population and is expected to increase over the forecast period. This leads to an increase in awareness regarding diabetes preventive care, which, in turn, is anticipated to augment market growth.

Key Companies & Market Share Insights

The market is highly competitive, marked by the presence of a large number of domestic as well as international players. The key players that dominated the regulatory market in 2020 include Honeywell, American Telecare, Roche, Philips Healthcare., Johnson & Johnson, and Covidien Plc. The market is growing due to various strategic initiatives by major players such as mergers, acquisitions, partnerships, and collaboration by these companies in the market. For instance, in February 2020, Masimo Corporation received FDA approval for Neonatal RD SET Pulse Oximetry Sensors. Oximeters reduce severe retinopathy in neonates.  

The rising number of diabetic patients is increasing the demand for the usage of patient monitoring devices. For instance, in June 2020, Abbott received FDA clearance for the FreeStyle Libre 2 (iCGM) for adults and children with diabetes in the U.S. This device measures glucose levels at each minute and has an optional real-time alarm that is helpful for diabetic patients to keep track of their glucose levels.

Also, major key players are investing in product launch and approval to monitor oxygen levels and other vital signs during the COVID-19 pandemic. Remote patient monitoring technologies can transmit and track the patients’ vital signs that can provide real-time insights to patients to determine the next step during the COVID-19 pandemic. Some of the prominent players in the patient monitoring devices market include:

  • Bosch

  • Biotronik

  • Intel

  • Welch Allyn

  • Health anywhere Inc.

Patient Monitoring Devices Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 40.6 billion

Revenue forecast in 2028

USD 73.5 billion

Growth Rate

CAGR of 8.8% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, end-use, region

Regional scope

North America; Europe; Latin America; Asia Pacific; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; Japan; India; Brazil; Mexico; Argentina; South Africa; South Arabia; UAE

Key companies profiled

Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; Covidien Plc

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global patient monitoring devices market report on the basis of product, end-use, and region:

  • Product Outlook (Revenue, USD Billion, 2016 - 2028)

    • Blood Glucose Monitoring Systems

      • Self-monitoring Blood Glucose Systems

      • Continuous Glucose Monitoring Systems

    • Cardiac Monitoring Devices

      • ECG Devices

      • Implantable Loop Recorders

      • Event Monitors

      • Mobile Cardiac Telemetry Monitors

      • Smart/Wearable ECG Monitors

    • Multi-parameter Monitoring Devices

      • Low-acuity Monitoring Devices

      • Mid-acuity Monitoring Devices

      • High-acuity Monitoring Devices

    • Respiratory Monitoring Devices

      • Pulse Oximeters

      • Spirometers

      • Capnographs

      • Peak Flow Meters

    • Temperature Monitoring Devices

      • Handheld Temperature Monitoring Devices

      • Table-top Temperature Monitoring Devices

      • Wearable Continuous Monitoring Devices

      • Invasive Temperature Monitoring Devices

      • Smart Temperature Monitoring Devices

    • Hemodynamic/Pressure Monitoring Devices

      • Hemodynamic Monitors

      • Blood Pressure Monitors

      • Disposables

    • Fetal & Neonatal Monitoring Devices

      • Fetal Monitoring Devices

      • Neonatal Monitoring Devices

    • Neuromonitoring Devices

      • Electroencephalograph Machines

      • Electromyography Machines

      • Cerebral Oximeters

      • Intracranial Pressure Monitors

      • Magnetoencephalograph Machines

      • Transcranial Doppler Machines

    • Weight Monitoring Devices

      • Digital

      • Analog

    • Other Patient Monitoring Devices

  • End-use Outlook (Revenue, USD Billion, 2016 - 2028)

    • Hospitals

    • Ambulatory Surgery Centers

    • Home Care Settings

    • Others

  • Regional Outlook (Revenue, USD Billion, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

      • UAE 

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