Patient Monitoring Devices Market Size and Industry Growth Analysis (2024)

The global patient monitoring devices market was valued at $42.3 billion in 2022 and is expected to reach $65.4 billion by 2027, growing at a CAGR of 9.1%. Key growth drivers include the increasing preference for wearable monitoring devices and the growing demand for such devices in non-hospital settings like homes and ambulatory care centers. Greater availability of integrated monitoring technologies such as smartphones and wireless devices has enabled the introduction of remote monitoring systems and mobile cardiac telemetry devices.

By product, the market is segmented into devices like EEGs, blood glucose monitors, pulse oximeters, fetal monitors, ECGs, and multiparameter systems that monitor various vital signs. Blood glucose monitoring systems held the largest share in 2021 due to factors like new product launches and increased adoption in emerging economies. By end-user, hospitals accounted for the largest share in 2021 due to the availability of specialized physicians, large patient pools, higher procedural volumes, and better financial capabilities to acquire advanced monitoring systems.

The Asia Pacific is expected to register the highest CAGR during 2022-2027 owing to rising healthcare spending, high burden of infectious diseases, increasing geriatric population, and investments in healthcare infrastructure improvement. Favorable public and private sector contributions to enhancing hospital and ambulatory surgery center infrastructure will further drive regional growth.

Key players in the global patient monitoring devices market include Medtronic, Abbott Laboratories, Hill-Rom Holdings, Edwards Lifesciences, Omron Corporation, Masimo Corporation, Compumedics Limited, Shenzhen Mindray Bio-Medical Electronics Co., Koninklijke Philips N.V., and GE Healthcare. These companies are focused on new product development, innovations, and quality improvements through increased R&D investments. Recent developments include Medtronic receiving US FDA approval for its LINQ II insertable cardiac monitor and a cross-licensing patent agreement between Medtronic and Tandem Diabetes Care.

So in summary, the patient monitoring devices market is poised for robust growth in the coming years driven by trends like remote monitoring and patient preference for wearables. Blood glucose monitors make up the largest product segment while hospitals dominate in terms of end-user. The APAC region is likely to see the fastest growth due to drivers like rising incomes and healthcare spending. Key players are focused on introducing innovative products to tap into this high-potential market.