Patient Monitoring Devices Industry Overview

The global patient monitoring devices market size was valued at USD 51.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2023 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.

Gather more insights about the market drivers, restrains and growth of the Patient Monitoring Devices Market

Facilities focusing on shifting patient treatment modes from hospital care to homecare settings can help make treatments less expensive. Rapid advancements in treatments have led to an increase in the use of patient monitoring devices for at-home treatment of chronic diseases. The pandemic has accelerated this shift toward patient monitoring devices and provided companies with a unique chance to prove that their devices can make care more convenient, cheaper, and effective.

In the past few years, there has been rapid adoption of patient monitoring devices, especially during the COVID-19 pandemic, for continuous monitoring and analyzing vitals. Patient monitoring systems allow healthcare providers to keep patients’ health in check while at home or in a remote location. Digitalization of medical care can generate new revenues for healthcare practices and help lower overall healthcare costs. Remote monitoring devices also aided non-COVID-19 patients.

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Patient Monitoring Devices Market Segmentation

Grand View Research has segmented the global patient monitoring devices market based on product, end-use, and region:

Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2018 - 2030)

• 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

Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Hospitals
• Ambulatory Surgery Centers
• Home Care Settings
• Others

Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE

Key Companies profiled:

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

Key Patient Monitoring Devices Company Insights

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.

Recent Developments

• In April 2023, GE HealthCare’s CARESCAPE Canvas Patient Monitoring Platform received FDA clearance. CARESCAPE Canvas and CARESCAPE ONE will contribute to the generation of a scalable platform that can easily adapt monitoring capabilities based on the acuteness of each individual patient’s disease.
• In June 2022, Abbott received FDA approval 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.
• In May 2022, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. launched mWear, a new wearable patient monitoring device. The device offers two monitoring options—wearable mode and continuous mode so that careers can receive patient status updates in accordance with customized settings.

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