Patient monitoring devices are medical devices used to measure and monitor various physiological parameters of a patient, such as heart rate, blood pressure, oxygen saturation, and temperature. These devices are used in hospitals, clinics, and even in-home settings to monitor the health status of patients. The patient monitoring devices are categorized based on the vitals and organs such as ECG monitors, pulse oximeters, blood pressure monitors, temperature monitors, respiratory monitors, and glucose monitors.
For instance, these monitoring devices are widely used in hospital premises to monitor patients in critical care units, such as intensive care units (ICUs) and cardiac care units (CCUs). They can help healthcare professionals detect any changes in a patient's health status and provide timely interventions. Remote monitoring that is in home settings allows healthcare professionals to monitor the health condition of a patient and detect any changes or problems without requiring the patient to visit the hospital or clinic. Overall, patient monitoring devices play a critical role in healthcare by helping healthcare professionals monitor patients' health status and provide timely interventions.
The incidence of chronic conditions such as diabetes, heart disease, and respiratory disease, is growing with the increasing population across the world. This develops a need to monitor the vital of patients precisely which increases the demand for patient monitoring devices. Further, it would be helpful for the healthcare professional to stabilize the patient by giving the right treatments and managing the conditions. The remote patient monitoring system has emerged as an important trend in healthcare, driven by the need to improve patient outcomes and reduce healthcare costs. Moreover, the demand for these monitoring devices is expected to continue to grow in the coming years as expected, driven by the aging & increasing population growth, technological advancements, and the increasing prevalence of chronic diseases.
The Global Patient Monitoring Devices Market has reached a value of $42.3 billion in 2022. This market is projected to grow from $46.27 billion in 2023 to $86.7 billion in 2030 with a CAGR of 9.4% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are product types such as Cardiac Monitoring devices, Neuromonitoring devices, Respiratory Monitoring devices, Anesthesia Monitor, Hemodynamic Monitoring Devices, Fetal & Neonatal Monitoring devices, monitoring systems including Single Parameter & Multi-Parameter systems, and end-users such as Hospitals, Ambulatory Surgical Centers (ASCs), Homecare settings. Leading companies such as Abbott Laboratories, HILL-ROM holdings Inc., Dragerwek AG & Co. KGaA, Edwards Lifesciences Corporation, OMRON Corporation, Masimo Corporation, Compaumedics Limited, and Medtronic plc.
The hospital segment places a huge market share for the growth of the patient monitoring device market compared to others. This is due to the increase in the requirement for essential devices in intense care & casualty units in hospitals, the largest population of patients relying on the hospital for their treatments, the growing investment in purchasing these monitoring devices in hospitals to meet the increasing needs due to high prevalence in the occurrence of chronic, pandemic, and epidemic diseases. Further, these demands drive the growth of the patient monitoring devices market as predicted in the forecast period.
Asia-Pacific region holds a significant market for patient monitoring devices compared to other regions. Since this region has improved healthcare systems to enhance patient outcomes & reduced healthcare costs, the adoption of wearable patient monitoring devices, remote patient monitoring, recent technological advancements such as using AI-based wearable devices, mobile health apps, and government initiatives.
For instance, under the Indian government's Production Linked Incentive (PLI) Scheme, which aims to promote local manufacturing and support the National Agenda of 'Atmanirbhar Bharat', Wipro GE Healthcare recently launched a new manufacturing facility in Bengaluru, India. The factory called Medical Device Manufacturing (MDM) factory, will focus on the production of neurology monitoring devices from March 2022. Dozee, a provider of remote patient monitoring solutions that do not require physical contact, partnered with Priaashraya Healthcare Pvt Ltd in 2022 to provide ongoing monitoring for elderly patients. All these advancements, collaboration, and government actions will enhance the overall growth of the patient monitoring device market in the region in the upcoming years.
It is evident that there is a constant requirement for medical devices used to monitor the vitals of patients and the base products are evolving based on the need, new innovations in diagnosis methods & advancements in software technologies. Hence, it is recommended that the company should focus on expanding the range of patient monitoring devices to include a wider range of parameters, including respiratory, cardiac, and neurological functions. This will enable healthcare providers to monitor health conditions more comprehensively and make more informed treatment decisions.
Further, companies should develop partnerships with healthcare providers and institutions to gain insights into the market and better understand the needs of patients and healthcare professionals. These partnerships can also help companies establish a stronger presence in the market and improve their brand reputation. Overall, establishing the availability of various products across the world to meet the growing demands for these devices would eventually drive the market growth of patient monitoring devices in the upcoming years.