The global patient monitoring devices market size was valued at USD 47.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. The expansion of the industry can be attributed to the rise in demand for monitoring devices used to measure, distribute, record, and display a variety of biometric data, including blood pressure, temperature, and blood oxygen saturation level.
The growing number of chronic disorders such as diabetes, stroke, and kidney disease is driving the demand for patient monitoring devices. For instance, according to the World Health Organization (WHO), about 422 million people globally have diabetes. The number of asthma patients, chronic obstructive pulmonary disease patients (COPD), and the high prevalence of tobacco smoking is increasing rapidly.
According to the WHO, around 235 million people suffer from asthma. As a result, peak flow meters-which are used to gauge respiration rate-are increasingly used. The market for patient monitoring devices is driven by the simplicity with which it is handled, transported, and remotely accessible. Major market players are engaging in a variety of tactics to expand the industry, including partnerships, cooperation, innovation, launches, and mergers.
During the COVID-19 outbreak, social segregation and quarantining procedures had been put into place throughout the world. Many people avoided regular hospital visits as a result. Many people now need routine home temperature and oxygen level monitoring to maintain track of their health. Thereby, demanding monitoring devices at home.
Various government programs are supporting the pandemic outbreak. The FDA has granted Emergency Use Authorizations (EUAs) for a few wearables and patient monitoring devices to improve access to medicines, monitor patients more closely, and lessen the risk of SARS-CoV-2 exposure to medical professionals during the COVID-19 pandemic.
The growing popularity of wearable and remote patient monitoring devices is another factor fueling the market's expansion. By fusing clinical symptomology with vital indicators, wearable technology helps in the diagnosis of many chronic diseases. Thus, there has been a dramatic rise in the usage of wearable technology to combat COVID-19.
The multi-parameter patient monitoring devices segment held the largest revenue share in 2021, accounting for more than 23.3% of the global revenue. The benefits that multi-parameter monitors have, such as battery-powered, low-cost, and highly integrated silicon systems that implement several parameters into a low-cost, low-power integrated solution, are the main drivers of the technology.
For instance, silicon solutions, and single-chip are now available that feature single or multiple computing units, a Bluetooth low-energy radio, and integrated ECG, respiration, and pulse oximetry, all on a single integrated circuit. By combining these two devices, a complete multiparameter solution was produced at a cheap cost, compact volume, and low power solution.
Multi-parameter monitoring is also becoming more significant in home situations in addition to clinics and hospitals. A lower cost of care is becoming increasingly dependent on home care and senior care. Before being transported to the hospital, the state of patients can be more easily ascertained using multi-parameter monitoring solutions. They can also keep an eye on how well patients are following instructions given by caregivers.
With more than 51.1% of the market share, the hospital sector dominated the patient monitoring devices market in 2021. The significant revenue share of the segment is attributed to the increasing importance of accurate and timely disease detection in hospitals as well as the rising volume of procedures performed there.
The expansion of the segment is fueled by an increase in the number of patients being admitted to hospitals owing to injuries, chronic diseases, and other situations. In general wards and intensive care units, multiparameter patient monitors are frequently used to continually track patients' health using different human vital parameters, such as oxygen saturation, respiration rate, blood pressure, and heart rate.
The other segments include ambulatory surgical centers, home care settings, and others. The home care segment is anticipated to witness rapid growth over the forecast period. The development of next-generation therapeutic, display, diagnostic, and monitoring devices design, which are more adaptable, precise, and small, is accelerating due to the trend toward portability and the delivery of treatment at home or at the bedside.
With more than 42.6% of the revenue share, North America dominated the market in 2021. A few variables contributing to the regional expansion include the rising prevalence of chronic diseases, the presence of advanced technology, and the desire for wireless and portable systems intended to reduce out-of-pocket expenses. Also, major market manufacturers such as GE Healthcare, Edward Lifesciences, Masimo Corporation, and Natus Medial are investing in R&D for more advanced patient monitoring device facilities that will boost the growth.
Due to the adoption of a sedentary lifestyle in the region, including poor diet, physical inactivity, and high sugar intake, which led to many chronic illnesses like obesity, diabetes, and others, the Asia Pacific region is predicted to have profitable growth throughout the projection period. The greatest diabetic populations are in China and India, and this number is projected to rise during the prediction period. This causes a rise in diabetes prevention awareness, which further boosts market expansion.
The presence of numerous domestic and foreign competitors reflects the market's intense competition. In 2021, Honeywell, American Telecare, Roche, Philips Healthcare, Johnson & Johnson, and Covidien Plc were the major market participants. Due to different strategic actions by key competitors, including mergers, acquisitions, partnerships, and collaboration by these firms, the industry is expanding. For instance, the FDA approved Neonatal RD SET Pulse Oximetry Sensors from Masimo Corporation in February 2020. Oximeters lessen severe neonatal retinopathy.
The need for the use of patient monitoring devices is rising as the number of diabetic patients rises. For instance, Abbott got FDA approval in June 2020 for the FreeStyle Libre 2 (iCGM) for adults and kids with diabetes in the United States. This device measures blood glucose levels every minute and offers a real-time alarm option that helps diabetic individuals monitor their blood glucose levels.
Also, major key players are investing in product launches and approval to monitor oxygen levels and other vital signs during the COVID-19 pandemic. Remote patient monitoring technologies can transmit and track the patient's vital signs which can provide real-time insights to patients to determine the next step during the COVID-19 pandemic. Some prominent players in the global patient monitoring devices market include:
Health anywhere Inc.
Koninklijke Philips N.V.
Market size value in 2022
USD 51.06 billion
Revenue forecast in 2030
USD 92.8 billion
CAGR of 7.8% from 2022 to 2030
Base year for estimation
2018 - 2020
2022 - 2030
Revenue in USD Billion and CAGR from 2022 to 2030
Revenue forecast, company share, competitive landscape, growth factors, and trends
Product, end-use, region
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; Japan; India; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE
Key companies profiled
Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Koninklijke Philips N.V.; GE Healthcare; Medtronic; MASIMO CORPORATION; Smiths Medical
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This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global patient monitoring devices market report based on product, end-use, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2030)
Blood Glucose Monitoring Systems
Self-monitoring Blood Glucose Systems
Continuous Glucose Monitoring Systems
Cardiac Monitoring Devices
Implantable Loop Recorders
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
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
Blood Pressure Monitors
Fetal & Neonatal Monitoring Devices
Fetal Monitoring Devices
Neonatal Monitoring Devices
Intracranial Pressure Monitors
Transcranial Doppler Machines
Weight Monitoring Devices
Other Patient Monitoring Devices
End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Ambulatory Surgery Centers
Home Care Settings
Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa
b. The cardiac monitoring systems segment held the largest revenue share of more than 19% in 2021 in the patient monitoring devices market.
b. The hospital segment dominated the patient monitoring devices market and accounted for the largest revenue share of more than 51% in 2021.
b. The global patient monitoring devices market size was estimated at USD 47.0 billion in 2021 and is expected to reach USD 51.06 billion in 2022.
b. The global patient monitoring devices market is expected to grow at a compound annual growth rate of 7.8% from 2022 to 2030 to reach USD 92.8 billion by 2030.
b. North America dominated the patient monitoring devices market and accounted for the largest revenue share of more than 42% in 2021.
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