Patient Monitoring Devices Industry Data Book - Remote Patient Monitoring, Vital Sign Monitoring Devices, Blood Pressure Monitoring Devices and Multiparameter Patient Monitoring System Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Database Overview

The patient monitoring devices industry databook compiled by Grand View Research is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

The following data points will be included in the final product offering in 4 reports and one sector report overview:

Patient Monitoring Devices Industry Data Book Scope

Patient Monitoring Devices Industry Data Book Coverage Snapshot

Remote Patient Monitoring Devices Market Analysis And Forecast

The global remote patient monitoring devices market size was estimated at USD 4.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 18.5% from 2023 to 2030.  An increase in the geriatric population in both developed and developing nations is expected to propel the remote patient monitoring devices market. Currently, there are over 40 million people in the U.S. alone above 65 years and the number is expected to double by 2050. Japan provides potential growth opportunities to this market due to the presence of the highest geriatric population in the country. According to WHO, the percentage of the geriatric population is expected to reach 22.0% by 2050. Aging is considered the foremost risk factor for chronic conditions. Thus, the increasing geriatric population, which is at a higher risk of chronic conditions such as diabetes, cardiovascular disorders, and sleep disorders, is expected to boost the market growth.

Vital Sign Monitoring Devices Analysis And Forecast

The global vital sign monitoring devices market size was valued at USD 9.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2023 to 2030. Vital sign monitors have evolved over a short duration of time from individual devices measuring blood pressure (BP), pulse, and temperature to a combined all-in-one device that measures all three. In addition to this, there has been increased innovation in this product category which is fueling the growth of products in this category. There is a constant increase in the incidence of chronic disorders due to lifestyle changes in the young population. The number of patients suffering from cardiovascular disease and diabetes is increasing monumentally. This is causing a need for more vigilant monitoring of vital signs.

Blood Pressure Monitoring Devices Analysis And Forecast

The global blood pressure monitoring devices market size was valued at USD 3.8 billion in 2022 and is expected to expand at a CAGR of 9.6% from 2023 to 2030. Blood Pressure Monitoring Devices have become increasingly important in providing quality healthcare to patients. There is a growing demand for rapid examination of an array of vital signs, including trending & real-time, to better understand a patient’s current condition. Healthcare providers are continuously looking for innovative products to provide superior quality care to a growing patient population. Mobile solutions, data integration, and low-acuity monitoring remain key trends in improving the cost-efficiency of patient monitoring solutions. Changing lifestyles and the rising geriatric population, which is prone to chronic diseases and requires BP monitoring devices for diagnosis & treatment of the diseases, are some of the factors contributing to the growth of this market.

Multiparameter Patient Monitoring System Market Analysis And Forecast

The global multiparameter patient monitoring systems market size was valued at USD 11.5 billion in 2022 and is expected to expand at a CAGR of 5.7% from 2023 to 2030. The Increasing prevalence of respiratory diseases, such as sleep apnea and COPD, is expected to drive the market. According to WHO, 65 million people suffer from moderate-to-severe COPD. In addition, COPD is expected to be the third most prominent cause of death worldwide. The growing need for emergency treatment of prolonged illnesses and treatment for lung diseases in adults & children is expected to propel the demand for monitoring systems. Hospital stays are costly and put patients at an increased risk of infection, prompting a strong drive to limit overall hospital stays. To an extent, patients can be cared for at their homes. Hence, there is an increasing trend for the portability of devices & delivery of care at home or at the bedside, which is speeding up the development of next-generation therapeutic, diagnostic, display, and monitoring equipment designed to be more versatile, precise, & compact. Moreover, the increasing prevalence of chronic disease is projected to create a greater demand for monitoring systems to help deliver superior quality care to patients.

Competitive Landscape

The industry growth is directly associated with the rising investments by manufacturers in the development of cost-effective, innovative products, and the rising prevalence of chronic diseases. The industry is marked by the presence of various industry players. The market is highly fragmented and competitive in nature. Companies are focusing on strategic initiatives, such as the introduction of novel products through customization according to consumers’ needs, partnerships, collaborations, and mergers & acquisitions, to expand their product portfolio and extend leadership positions in the field of patient monitoring. In February 2021, Hill-Rom announced that it acquired contact-free continuous monitoring technology from EarlySense for USD 30 million. This acquisition can help the company develop next-generation AI-based sensing technologies, specifically for the remote patient care market.

This section in the final deliverables also highlights various initiatives taken by the key companies in the recent past that strongly impacts this market space. The below figure represents the various strategic developments initiated by these market participants:

Key Drivers

• The rapid adoption of patient monitoring devices, especially during the COVID-19 pandemic.

• Increasing prevalence of chronic diseases across the globe is likely to boost the demand for patient monitoring devices.

• Technological advancements in patient monitoring devices.

• Growing preference for wearable patient monitoring devices.

• The presence of numerous domestic and foreign competitors reflects the market's intense competition.

• The rising geriatric population in the countries is expected to increase the demand of patient monitoring devices.