Industry Overview
The Global Patient Monitoring Solutions Market is expected to grow from USD 22.50 billion in 2023 to USD 38.95 billion by 2030 at a CAGR of 7.8% during the forecast period ranging from 2025 to 2030.
Patient monitoring solutions refer to the devices that monitor, measure, and record the crucial parameters of patients, such as their heart rate, blood pressure, and other physiological data. These devices are extensively used in hospitals, clinics, home care settings, and ambulatory care settings and provide real-time data to doctors and healthcare professionals to track progress and design better patient care.
The global patient monitoring solutions market is growing due to higher adoption and preference for remote monitoring devices, a growing geriatric population, and a rise in the number of chronic and lifestyle-related diseases. Ongoing tech developments also contribute to its growth and the growing demand for efficient healthcare delivery. Over time, the burden of chronic diseases has grown, and patient monitoring solutions are needed extensively. Also, innovations due to AI-driven analytics and higher adoption of wearable devices contribute to the market expansion.
One of the most significant challenges to the growth of the global patient monitoring solutions market is the growing concern over data privacy and security breaches. Growth opportunities are, however, offered by the growing demand for these devices in home care settings.
Market Segmentation
Insight by Product
The global patient monitoring solutions market is divided by-products into hemodynamic monitoring devices, cardiac monitoring devices, respiratory monitoring devices, neuromonitoring devices, diabetes monitoring devices, temperature monitoring devices, fetal & neonatal monitoring devices, multiparameter monitoring devices, remote patient monitoring devices, and weight monitoring devices segments. Out of all these segments, cardiac monitoring devices, which include devices like ECG, Holter Monitor, Event Monitor, and others, are expected to grow more during the forecast period due to the growing prevalence of cardiovascular diseases. The hemodynamic monitoring devices segment will also grow at a high CAGR due to the higher usage of these devices to measure blood pressure, blood glucose, cholesterol, and more.
Insight by Application
The global patient monitoring solutions market is divided by varied applications into hematology, cardiology, respiratory, neurology, metabolic, and temperature segments. Out of all these segments, the cardiology segment is expected to grow at a higher CAGR due to higher incidents of cardiovascular disorders and widespread usage to monitor and diagnose abnormalities of the heart and the cardiovascular system on the whole.
Insight by End-User
The different types of end users also divide the global patient monitoring solutions market into hospitals & clinics, home settings, ambulatory surgical centers (ASCs), and other segments. Out of these segments, the hospitals & clinics segment will dominate the market during the forecast period due to the growing need for continuous monitoring of patients showing vital signs of different diseases and conditions, especially after undergoing surgery in the hospitals.
Global Patient Monitoring Solutions Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 22.50 Billion
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Revenue Forecast in 2030
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U.S.D. 38.95 Billion
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Growth Rate
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7.8%
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Segments Covered in the Report
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By Product, By Application and By End-User
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Middle East, South America and Rest of the World
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Industry Dynamics
Industry Trends
There is a rise in the implementation of advanced technologies such as AI, IoT, home dialysis remotely, wireless neonatal body monitors, smart speakers for monitoring cardiac arrest, and bio-stickers. It is also noticed that the number of incidents of chronic diseases is growing significantly, including cardiovascular disorders, diabetes, and respiratory diseases that need continuous monitoring to detect complications early for timely intervention.
Growth Drivers
Technological advancements and implementation of sensors, wireless communication, and data analytics have improved the efficiency and accuracy of the solutions as well as data accessibility, thereby making these devices more advanced and user-friendly, pushing the global patient monitoring solutions market growth. In addition, other factors that drive the growth of the market include the government regulations, portability, and ease of use of these devices, growing preference for home care settings and remote monitoring, rising fitness trends leading to the high usage of fitness trackers and smart wearable devices, growing demand for tracking biometrics such as calorie tracking, and the growing need for cost-effective healthcare that will reduce hospital stays and prevent readmissions allowing early interventions.
Challenges
In general, the cost constraints and unsupportive reimbursement policies hinder market growth. Other barriers to market growth include integration and interoperability issues, as well as the need for proper training and education for successful implementation.
Opportunities
Growth opportunities are offered by the higher investment in healthcare, and development in the untapped market of the developing economies, technological developments and innovations, rising chronic disease burden, and higher need for efficient and cost-effective healthcare delivery.
Geographic Overview
North America will lead the market during the forecast period due to higher adoption of remote tracking devices and home-based monitoring, growing preference to avoid contacts and maintain a healthy diet, growing patient population, and higher funding in the development of patient monitoring devices and healthcare IT.
Asia Pacific market will grow at a faster rate due to the growing prevalence of chronic diseases like hypertension and diabetes and the rise in demand for monitoring devices at home.
Competitive Insight
The industry players are taking strategic initiatives to attain high market share and strengthen their market position such as mergers & acquisitions, collaborations, new product launches, and partnerships.
OMRON Corporation is a leading company in the field of automation, which features its unique “Sensing & Control + Think” core technology which is engaged in a broad spectrum of businesses, including electronic components, social systems, control equipment and healthcare.
Medtronic is a global healthcare technology leader boldly attacking the most challenging health problems facing humanity with innovations that transform lives.
Some of the key players operating in the patient monitoring solutions market: Medtronic, GENERAL ELECTRIC, Koninklijke Philips N.V., Abbott, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, Edwards Lifesciences Corporation, OMRON Corporation, and Getinge AB.
Recent Developments by Key Players
OMRON Automation has announced introduction of TM S Series Collaborative Robots in its robotics portfolio in India. This latest addition to OMRON's innovative lineup combines faster joints and expanded safety features, making it an ideal solution to improve the efficiency of factories in workspaces shared with people.
GE Healthcare partnered with Biofourmis to enable safe, effective, accessible care in the home. The two companies paired up to support the patient journey beyond the hospital setting.
The Patient Monitoring Solutions Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Product
- Hemodynamic Monitoring Devices
- Cardiac Monitoring Devices
- Respiratory Monitoring Devices
- Neuromonitoring Devices
- Diabetes Monitoring Devices
- Temperature Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Multiparameter Monitoring Devices
- Remote Patient Monitoring Devices
- Weight Monitoring Devices
- By Application
- Hematology
- Cardiology
- Respiratory
- Neurology
- Metabolics
- Temperature
- By End-User
- Hospitals & Clinics
- Home Settings
- Ambulatory Surgical Centers (ASCs)
- Others
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
Source: VynZ Research
