Patient Monitoring Devices Market, By Device Type (Respiratory and Anesthesia Monitors, Neuro Monitoring Devices, Hemodynamic Monitor, Fetal and Neonatal Monitors, Cardiac Monitors, Multi- Parameter Monitors, and Others (Temperature and Weight Monitors, etc.)), By End User (Home healthcare, Hospitals, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) -

Published In : Jul 2023

Code : CMI3991

Pages :210

Formats :

Excel and PDF

Industry : Medical Devices

Patient Monitoring Devices MarketSize and Trends

Global Patient Monitoring Devices market is estimated to be valued at US$ 27.3 billion in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in prevalence of chronic diseases is also expected to drive the market growth.

Figure 1. Global Patient Monitoring Devices Market Share (%), by Device Type, 2023

Global Patient Monitoring Devices Market- Driver

Increase in the prevalence of chronic diseases

Global Patient Monitoring Devices Market– Market Trends

Based on device type

Among all regions, North America is expected to dominate the global patient monitoring devices market over the forecast period. North America holds a 34.8% market share due to presence of major players such as Medtronic, GE Healthcare, 3M, Boston Scientific Corporation, Koninklijke Philips N.V., and others are contributing for development of patient monitoring devices market in North America.

Market Size (2023): US$27.3 Bn

Forecast Period (2023 to 2030 CAGR): 6.8%

Global Patient Monitoring Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020. COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

Global Patient Monitoring Devices Market– Market Trends:

The global patient monitoring devices market growth can be driven by an increase in the prevalence of chronic diseases such as respiratory disorders. For instance, according to an article published in the Springer Nature, an open access scientific and medical journal, in July 2022, Chronic Obstructive Pulmonary Disease (COPD) remains one of the leading causes of morbidity and mortality worldwide and currently approximately 300 million people have COPD globally. This disease represents the fifth leading cause of death worldwide, and it is estimated that by 2030 it will be the fourth.

An increase in the prevalence of chronic diseases such as cardiac diseases is expected to increase the demand of its monitoring which in turn is expected to drive the global patient monitoring devices market growth during the forecast period. For instance, according to the data published by the World Health Organization, in June 2022, cardiovascular diseases are responsible for one-third of total deaths in India and it is estimated that 220 million people in India were living with hypertension in 2021.