The size of the Patient Monitoring market in North America was estimated at USD 8.30 Billion in 2023. It is expected to reach USD 11.59 Billion by 2028, growing at a CAGR of 6.9% from 2023 to 2028.
The growing prevalence of cardiovascular diseases, increasing geriatric population, and the existence of advanced healthcare expenditure groundwork, easy accessibility, and ease of usage of the small and lightweight devices are some of the key factors propelling the market growth. Technology advancements like the portability of the devices and IoT, artificial intelligence (AI), wireless technology, and bio-stickers fuel the North American patient monitoring market growth. Growing funds and investments from private and government organizations, increasing rate of surgeries, and diseased population, which requires ongoing monitoring, also significantly accelerate market growth.
High costs associated with the monitoring devices and increasing product recall, and lack of awareness among the population are majorly hindering the market growth. The U.S. patient monitoring market's risk involves cybersecurity issues in wireless patient monitoring devices, impeding the market growth negatively. Lack of reimbursement policies is also one factor limiting the growth of the patient monitoring devices market.
This research report on the North America Patient Monitoring Market has been segmented and sub-segmented into the following categories:
Regionally, the U.S. patient monitoring market is presently leading the North American region and is projected to value USD 6.2 billion by 2025. Factors such as growing funds and investments from the private and public organizations, rising long-term stipulation enlargements from new and already available vendors, and increasing awareness and interest in mobile monitoring patients from hospitals primarily support the U.S. market.
The Canadian patient monitoring market is expected to witness a steady growth rate during the forecast period. Factors such as growing haul for chronic diseases that involve obesity, dementia, cancer, etc., which require regular hospitalization or timely monitoring of the patients and increasing importance for home care and remote monitoring.
Leading companies in the North America Patient Monitoring Market are Abbott Laboratories, Masimo Corporation, Covidien, Drager Medical GmbH, GE Healthcare, Johnson & Johnson Inc., Mindray Medical, Mortara Instrument Inc., Natus, Nihon Kohden, Nonin Medical, Omron Healthcare, Philips Healthcare, Roche Diagnostics Limited, and Welch Allyn.
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