Patient Monitoring Market

Patient Monitoring Market Size (2022 to 2027)

The global patient monitoring market size was estimated at USD 28.04 Billion in 2022 and worth USD 40.25 Billion by 2027, showcasing a CAGR of 7.5% from 2022 to 2027.

Patient Monitoring Systems enable efficient healthcare delivery to patients outside a conventional hospital or clinical setting by transmitting real-time patient data for clinical review, reducing the mortality rates, and facilitating efficient use of medical resources. These monitoring systems also help avoid emergency overcrowding by managing a massive number of patients and enhancing the maintenance of electronic health records (EHR). Recently the market has gained immense focus due to the government measures to cut down hospital expenditures and reduce hospital stays.

MARKET DRIVERS:

Y-O-Y growth in the incidence of chronic diseases and the aging population coupled with the increasing adoption of home healthcare and remote patient monitoring is expected to hike the growth rate of the global patient monitoring market.

Wearable medical monitoring devices, biosensors, and smart implants are used for various purposes, including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. The Internet of Things is built into the first generation of wearable gadgets. Wearable biosensors monitor vital signs, including blood pressure, weight, blood sugar, and electrocardiography (ECG), then sent to a central server through mobile wireless networks. Increased prevalence of patients suffering from various lifestyle disorders such as diabetes, cancer, atherosclerosis, and an uptick in online patient tracking systems. Collaborations between companies, hospitals, and universities are likely to result in the release of new devices, increased recognition and acceptance of such utilities by physicians and healthcare professionals, various advantages of continuous patient monitoring systems, such as lower ICU usage, shorter hospital stays, and a simple warning system, would propel the patient monitoring market forward.

The increasing demand for patient monitoring devices in hospitals and non-hospital settings provides growth opportunities to the market. In addition, rising investments in developing advanced featured devices in the medical sector are prompting the market's demand. Also, the emerging markets in different regions offer opportunities for players to enter the patient monitoring market.

MARKET RESTRAINTS:

However, the risks associated with invasive monitoring devices like air embolism formation, infections, occlusion, and thrombosis hinder the overall demand and growth of the global patient monitoring market. In addition, the shortage of skilled persons in operating the devices is challenging market developers.

Impact of COVID-19 on the global patient monitoring market:

As a result of the pandemic, access to consumers to market and incorporate patient tracking instruments such as neuromonitoring devices and weight monitoring devices decreased in March 2020 and the second quarter of 2020, as hospitals concentrated solely on the COVID-19 pandemic. As a result of the pandemic, demand for remote control and patient interaction technologies has increased. COVID-19 has resulted in a substantial increase in demand for patient tracking services, blood glucose monitors, heart monitors, temperature monitors, and hemodynamic/pressure monitors. For example, in March 2020, Royal Philips increased critical care products and solutions that aid in detecting and treating COVID-19 patients. Patient vital signs devices, surgical consumables for non-invasive and invasive breathing, and wearable ventilators to treat respiratory problems are all part of the product range. As a consequence of the above causes, the industry is expected to benefit from the pandemic.

REPORT COVERAGE:

This research report on the global patient monitoring market has been segmented and sub-segmented based on the application and region.

Patient Monitoring Market - By Application:

• Neuromonitoring Devices
  • Electroencephalograph (EEG)
  • Transcranial Doppler (TCD)
  • Magnetoencephalography (MEG)
  • Cerebral Oximeters
  • Intracranial Pressure Monitors (ICP)
• Hemodynamic Monitoring Devices
  • Blood Pressure Monitors
  • Blood Glucose Monitors
  • Blood Gas and Electrolyte Analyzers
  • Cholesterol Analyzers
• Cardiac Monitoring Devices             
  • Electrocardiogram (ECG) 
  • Event Monitors
  • Implantable Loop Recorder (ILR) 
  • Cardiac Output Monitoring Devices 
• Fetal and neonatal Monitoring Devices      
  • UltraSound Fetal Dopplers 
  • Internal Fetal Monitors
• Respiratory Monitoring Devices     
  • Capnography 
  • Spirometers 
  • Anesthesia Monitors 
  • Sleep Apnea Monitoring Devices 
  • Pulse Oximeters
• Multi-Parameter Monitoring Devices          
  • High-Acuity Monitors 
  • Mid-Acuity Monitors 
  • Low-Acuity Monitors
• Temperature Monitoring Devices 
• Weight Monitoring Devices             
• Remote Patient Monitoring Devices          

The neuromonitoring devices are segmented into EEG machines, MEG systems, EMG machines, ICP monitors, TCD machines, and cerebral oximeters based on the application. EEG machines are the segment to account for the largest share of the neuromonitoring devices market in 2019 and are expected to maintain this trend during the forecast period. Due to the growing incidence and prevalence of neurological disorders, increasing research and development in cerebral and spinal disorders, and the increasing number of EEG Labs and sleep centers.

The respiratory monitoring devices are sub-divided into pulse oximeters, capnography, spirometers, and peak flow meters. During the forecast period, the capnography segment is anticipated to show the highest growth rate. It is mainly due to their compulsory anesthesia provision of these instruments and the patients & respiratory condition monitoring in ICUs.

Patient Monitoring Market - By Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East & Africa

Geographically, the patient monitoring market in North America accounted for the most significant share in the global market in 2020. The significant factors backing the market's growth in this region are the aging population and increased lifestyle diseases that further serve the overall prevalence of chronic diseases followed by Europe. However, these regions' growth is expected to be slow in the forecast period due to decreasing birth rates, irregular reimbursement policies, and a reduced number of beds in hospitals.

The patient monitoring market in Europe is estimated to be a CAGR of 7.10% from 2022 to 2027.

The patient monitoring market in Asia Pacific is projected to grow at the highest CAGR over the forecast period. Asia-Pacific is the most favorable and promising region for patient monitoring devices in the coming few years. The improved purchasing power of patients and a high population base are the major drivers propelling the market in this region. Besides, the economic instability in the western countries facilitates the companies to plan their business more in the Asia-Pacific region and meet their revenue targets. On the flip side, patient privacy concerns & lack of proper reimbursement policies, and the high cost of Patient Monitoring systems inhibit the market's growth.

The patient monitoring market in Latin America is expected to be majorly driven by the rising prevalence of chronic diseases, increasing the number of surgeries, and growing demand for monitoring devices across the region. Another factor projected to drive market expansion is rapid improvements in the electronics sector, which have resulted in device shrinking and manufacturers' approach to the development of advanced small portable devices that aid in emergencies. 

The Patient Monitoring market in Middle East & Africa is predicted to be registering a CAGR of 7.69% during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the prominent companies dominating the global patient monitoring market profiled in the report are Covidien, Abbott Laboratories, Drager, Medical GmbH, GE Healthcare, Johnson & Johnson Inc., Masimo Corporation, Mindray Medical, Mortara Instrument Inc., Natus, Nihon Kohden, Nonin Medical, Omron Healthcare, Philips Healthcare, Roche Diagnostics Limited, and Welch Allyn.

RECENT MARKET HAPPENINGS:

• In Early 2015, Roche and Qualcomm announced their collaboration. It is a strategic move to innovate and improve remote monitoring and ensure proper management of chronic disease patients. Together, the organizations plan to advance clinical care management using linked therapy to improve the quality of treatment further, increase efficiency, and promote patient involvement in maintaining their health.
• Medtronic obtained FDA and CE 510(k) approvals for their LINQ II Insertable Cardiac Monitor in July 2020. (ICM). The LINQ II is a tiny wireless ICM designed for individuals with irregular cardiac rhythms that need long-term monitoring. BlueSync technology allows remote patient monitoring and data transmission via the MyCareLink Heart smartphone app or the MyCareLink Relay home communicator.
• Masimo Corporation bought NantHealth's linked care business in 2020, bolstering its position in the connected care industry.
• Medtronic and Tandem Diabetic Care, Inc signed a patent cross-license deal in 2020, allowing the two firms to cross-license each other's patent portfolio for five years while focusing on developing innovative diabetes products and services together.
• Abbott gained FDA approval for the FreeStyle Libre 2 Integrated Continuous Glucose Monitoring (iCGM) device for diabetic patients in June 2020. This gadget monitors glucose levels every minute and has a real-time alert feature. It contains a self-applied iCGM sensor that removes the need for finger pricks to remove blood. When a user's blood glucose levels drop or rise, the device's Bluetooth technology instantly informs them.
• In March 2020, GE Healthcare and Ford Motor Company teamed together to increase the manufacturing of ventilators, giving physicians the tools they need to treat COVID-19 patients.
• Biotronik announced the launch of BioMonitor III, an injectable cardiac monitor (ICM), in Japan in January 2020. The gadget was created to aid patients with abnormal heart rhythms by better recording unexplained syncope.
• Royal Philips increased the manufacturing in March 2020 of specific critical care goods and solutions that aid the detection and treatment of COVID-19 patients. Patient monitoring systems, medical consumables for non-invasive and invasive ventilation, and portable fans for treating breathing problems are included in the product range.