CHICAGO, April 17,
2024 /PRNewswire/ -- Patient Monitoring
Devices Market in terms of revenue was estimated to be
worth $48.5 billion in 2024 and is
poised to reach $71.1 billion by
2029, growing at a CAGR of 8.0% from 2024 to 2029 according to a
new report by MarketsandMarkets™.
The expansion of the patient monitoring market is propelled by
several synergistic factors, including increasing demand for
wireless monitoring solutions, biosensors, the presence of key
market players in developing regions, rising public-private
investments to support for the clinical research, increasing
geriatric patient population, and escalating chronic disorder
prevalence.
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Browse in-depth TOC on "Patient Monitoring Devices
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215 - Tables
55 - Figures
250 -
Pages
Patient Monitoring Devices Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$48.5
billion
|
Estimated Value by
2029
|
$71.1
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 8.0%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Product, End User and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America and Middle East & Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Artificial Intelligence
(AI) Integration - growth opportunities
|
Key Market
Drivers
|
Increase adoption of
wireless monitoring devices
|
Blood Glucose Monitoring systems segment to register a
significant growth rate over the forecast period of
2024-2029.
Based on the product, the patient monitoring market is segmented
into Blood glucose monitoring system (self-monitoring, continuous
glucose monitoring, wearable glucose monitoring), Cardiac
Monitoring Devices, Multi-Parameter Monitoring, Respiratory
Monitoring Devices, Hemodynamic/ Pressure Monitoring Devices,
Weight Monitoring Devices, Fetal & Neonatal Monitoring Devices,
Neuromonitoring Devices, Temperature Monitoring Devices and others.
It is primarily driven by the exacerbating global prevalence of
diabetes. Alarming increases in risk factors like obesity, physical
inactivity, and unhealthy dietary habits are leading to a rapid
rise in Type 2 diabetes diagnoses worldwide. This translates to a
larger population requiring effective blood sugar management
solutions. Furthermore, Regular blood glucose monitoring enables
the early detection of hyperglycemia (high blood sugar) and
hypoglycemia (low blood sugar) episodes. This facilitates timely
interventions that can prevent serious and potentially
life-threatening complications associated with diabetes.
North America to account for
a significant market share in the patient monitoring market in
2023.
Based on region, The patient monitoring market is categorized
into North America, Europe, Asia
Pacific, Latin America, and
the Middle East & Africa, with North
America dominating the market share in 2023. This dominance
in North America is propelled by
factors such as a growing burden of chronic diseases like diabetes,
heart disease, and respiratory illnesses. These conditions require
continuous monitoring to manage effectively, leading to increased
demand for patient monitoring systems. Furthermore, There's a
growing shift towards preventative healthcare in North America. Patient monitoring systems play
a crucial role in early disease detection and prevention, leading
to improved patient outcomes and reduced healthcare costs in the
long run.
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Patient Monitoring Devices Market Dynamics:
Drivers:
- Increase adoption of wireless monitoring devices
Restraints:
- High cost of patient monitoring
Opportunities:
- Artificial Intelligence (AI) Integration - growth
opportunities
Challenge:
- Technical expertise
Key Market Players of Patient Monitoring Devices
Industry:
As of 2023, prominent players in the patient monitoring market
are Medtronic (Ireland), Nihon
Kohden Corporation (Japan),
Mindray Medical International Ltd. (China), GE Healthcare (US), Abbott
Laboratories (US) and Boston Scientific Corporation (US), among
others.
A breakdown of the primary participants referred to for this
report is provided below:
- By Company Type: Tier 1–40%, Tier 2–30%, and Tier 3– 30%
- By Designation: C-level-- 27%, Director-level–18%, and
Others–55%
- By Region: North America–50%, Europe-20%, Asia Pacific–15%, Latin
America–10%, and the Middle East
& Africa–5%
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Patient Monitoring Devices Market - Key Benefits of Buying
the Report:
The report will help the new entrants/ market leaders/smaller
firms in this market with investment evaluation viability within
the patient monitoring market through a thorough analysis of
comprehensive data, thereby facilitating robust risk assessment and
enabling well-informed investment determinations. Benefit from
meticulous market segmentation encompassing end-user, and regional
dimensions, affording tailored insights for precise segment
targeting. The report also provides an all-encompassing evaluation
of encapsulating pivotal trends, challenges, growth catalysts and
prospects, thereby empowering strategic decision-making with astute
discernment.
The report provides insights on the following
pointers:
- Analysis of key drivers (rising prevalence of chronic disorder
diseases, aging population, Increased Focus on Early Detection and
Intervention), restraints (high cost of monitoring systems,
Resource-constrained settings in developing countries),
opportunities (advancements in manufacturing and miniaturization of
components can potentially lead to more affordable patient
monitoring solutions, growth of medical tourism), and challenges
(unskilled professionals) influencing the growth of the patient
monitoring market
- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new
product & service launches in the patient monitoring
market.
- Market Development: Comprehensive information about lucrative
markets – the report analyses the patient monitoring market across
varied regions.
- Market Diversification: Exhaustive information about new
products, untapped geographies, recent developments, and
investments in the patient monitoring market
- Competitive Assessment: In-depth assessment of market shares,
growth strategies, and service offerings of leading players like
Medtronic (Ireland), GE Healthcare
(US), Abbott Laboratories (US), Nihon Kohden Corporation
(Japan), among others.
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