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The patient monitoring equipment market size is estimated to grow by USD 21.30 billion at a CAGR of 8.3% between 2023 and 2028. The demand for remote patient monitoring (RPM) is increasing globally as healthcare providers seek ways to monitor patients outside of traditional clinical settings, such as in their homes or through remote consultations. This need has particularly expanded among patients who prefer receiving care at home or in areas with limited access to healthcare facilities, contributing to the growing emphasis on home healthcare services. RPM systems allow healthcare professionals to track vital signs and health conditions remotely by transmitting patient data wirelessly, offering continuous monitoring from a distance.
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The patient monitoring equipment market forecasting research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The hospitals segment is expected to experience substantial growth over the forecast period. Hospitals are the primary users of patient monitoring equipment. The increasing demand for medical devices in hospitals is driven by the need to improve patient safety, advancements in technology, the rising incidence of chronic diseases, an aging population, and the growing emphasis on cost-effective healthcare. Additionally, the need for these solutions continues to rise as hospitals seek to enhance care delivery and operational efficiency.
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The hospitals segment was the largest in 2018, valued at USD 13.20 billion. These devices contribute significantly to improving patient outcomes, streamlining healthcare delivery, and enhancing m-health solutions while optimizing resource use in hospital environments. They are essential for maintaining patient safety by continuously monitoring vital signs, including heart rate, blood pressure, oxygen saturation, and respiratory rate. Additionally, they provide real-time data to healthcare professionals, enabling quick detection of abnormalities in a patient's condition. Early detection and timely intervention help prevent adverse events, improving outcomes and driving growth in the patient monitoring equipment market.
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North America is projected to account for 51% of global market growth during the forecast period. Technavio analysts have thoroughly detailed the regional trends and factors influencing the market in this region. Key drivers include technological advancements and a growing aging population. Additionally, the availability of portable homecare devices, coupled with higher disposable income and living standards, will support market expansion in North America. The region is also recognized for its advanced healthcare infrastructure and quick adoption of innovative medical technologies. Patients and healthcare providers expect cutting-edge medical equipment, including patient monitoring devices, in healthcare settings. Moreover, the demand for features like wireless connectivity and data analytics in medical equipment remains particularly strong, further driving market growth in North America.
The healthcare market is undergoing significant transformation, driven by advancements in wireless monitoring devices and patient monitoring equipment that enhance mobility and improve care delivery. Traditional methods are being replaced by wireless devices and multi-parameter monitoring systems, allowing real-time tracking of vital health metrics like blood sugar levels and hemodynamic status. This shift plays a critical role in managing chronic conditions such as COPD, cancer, and Type II diabetes, enabling earlier interventions and more proactive care.
Although financial constraints and hospital budget cuts present challenges, the demand for effective patient monitoring solutions remains strong, supported by the ongoing digitalization of healthcare and the integration of silicon-based technologies for enhanced data processing and connectivity. Healthcare organizations are increasingly adopting these solutions to optimize patient outcomes and operational efficiency, ensuring comprehensive care while addressing the evolving demands of modern healthcare settings. As innovations continue to improve patient management and healthcare delivery, the patient monitoring equipment market is expected to see steady growth.
One of the primary factors driving market growth is the increasing prevalence of chronic diseases. Conditions such as cardiovascular diseases, diabetes, respiratory disorders, and hypertension are becoming more common globally. According to the World Health Organization, noncommunicable diseases (NCDs) cause 41 million deaths each year, representing 74% of all global deaths.
Notably, 17 million individuals die from NCDs before the age of 70, with 86% of these premature deaths occurring in low- and middle-income countries. These trends underscore the critical need for heart rate monitoring, hemodynamic monitoring devices, and integrated ECG systems, particularly in home care and hospital settings, to monitor vital signs and enhance healthcare outcomes. These factors will contribute to the growth of the patient monitoring equipment market over the forecast period.
A key driver of market growth is the advancement of patient monitoring equipment. The introduction of wireless and wearable devices has transformed healthcare delivery. These devices allow continuous monitoring of vital signs, activity levels, and other physiological parameters without limiting patient mobility. They also transmit data wirelessly to healthcare providers, supporting real-time monitoring and early detection of any changes or abnormalities.
Additionally, artificial intelligence (AI) and machine learning (ML) have been integrated into these devices to enhance accuracy, automate data analysis, and enable predictive analytics. These technologies help identify patterns in patient data, allowing healthcare providers to detect early signs of health deterioration, predict outcomes, and personalize treatment plans. As a result, these factors are driving growth in the patient monitoring equipment market during the forecast period.
Data privacy concerns related to patient monitoring equipment represent a key challenge to market growth. These devices require the sharing of significant amounts of personal health and fitness data with an unknown number of recipients. Additionally, while the devices are small, they have the capacity to store vast amounts of data.
The small size also increases the risk of loss or misplacement. Many of these devices utilize GPS to gather location-based information, and users are sometimes required to share their location to access certain services. This data can then be stored and potentially used by advertisers, further impacting market growth during the forecast period.
The patient monitoring equipment market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the patient monitoring equipment market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The patient monitoring equipment market trends and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers patient monitoring equipment such as the Freestyle Libre continuous glucose monitoring system, which provides real-time glucose readings without the need for finger pricks.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The patient monitoring equipment market forecast report also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2017 - 2021, besides analyzing the current market scenario.
The patient monitoring equipment market plays a vital role in modern healthcare, leveraging advanced technologies to improve patient care and management. From traditional monitoring techniques to sophisticated devices like hemodynamic monitors and cardiac monitoring systems, the market offers a broad range of solutions. Key devices include multi-parameter monitors, respiratory monitoring systems, hemodynamic/pressure monitors, weight monitoring devices, and fetal and neonatal monitors, providing comprehensive health tracking for various conditions. Innovations such as Bluetooth low-energy radio and electrocardiogram (ECG) integration allow for seamless data collection and analysis, enabling timely interventions for patients with conditions like COPD, obesity, and diabetes.
Additionally, the market supports healthcare professionals in hospitals and ambulatory surgical centers, addressing financial constraints while promoting senior care and diabetes prevention initiatives. As medical tourism hubs adopt advanced surgical techniques and patient monitoring technologies, the market continues to grow, enhancing healthcare delivery globally. The market covers a wide range of critical technologies essential for monitoring and managing patient health across diverse healthcare settings. Key products include blood glucose monitoring devices, hemodynamic/pressure monitors, neuromonitoring devices, and temperature monitors. These devices are indispensable in hospitals, helping clinicians track vital signs such as respiration rates and pulse oximetry levels. Multi-parameter monitoring devices combine multiple functions into a single unit, providing comprehensive data to support patient care.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
Market growth 2024-2028 |
USD 21.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.59 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 51% |
Key countries |
US, Germany, UK, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Analog Devices Inc., BIOTRONIK SE and Co. KG, Compumedics Ltd., Contec Medical Systems Co. Ltd., Dexcom Inc., Dragerwerk AG and Co. KGaA, F. Hoffmann La Roche Ltd., Fortive Corp., General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Masimo Corp., Medtronic Plc, Shenzhen Mindray BioMedical Electronics Co. Ltd, Natus Medical Inc., Nihon Kohden Corp., OMRON Corp., Siemens AG, and Smiths Group Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our patient monitoring equipment market research and growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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