Asia-Pacific Patient Monitoring Market Size

Asia-Pacific Patient Monitoring Market Analysis

The Asia-Pacific Patient Monitoring Market size is estimated at USD 9.97 billion in 2024, and is expected to reach USD 14.15 billion by 2029, growing at a CAGR of 7.25% during the forecast period (2024-2029).

• The impact of COVID-19 was significant on the patient monitoring market owing to the increased remote patient monitoring for chronic diseases and elderly patients in the pandemic, which has propelled the market growth. The patient monitoring market has constantly been growing in the last two years due to its increasing demand, results, and convenience of patient healthcare. Various companies are engaged in launching technologically advanced patient monitoring solutions in the Asia Pacific region, which is further expected to boost market growth.
• For instance, in April 2022, South Korean telecommunication company KT announced the launch of a pilot telemedicine platform in Vietnam, with the aim of a soft landing within the next three years. The service will be designed to monitor people with chronic diseases like cancer, diabetes, and high blood pressure. Patients will be able to check their health, prescriptions, and exercise routines, as well as obtain counseling from Vietnamese medical professionals. Such initiatives are projected to boost the demand and launches of patient monitoring solutions, thereby boosting the market growth during the forecast period.
• In addition, the rising incidence of chronic diseases and increasing preference for home and remote monitoring are actively affecting the growth of the studied market.
• According to the Alzheimer's Disease Foundation, Malaysia (ADFM), the population of persons living with dementia was estimated to be around 204,000 to 264,000 (8.5% to 11%) in 2020, and this number is projected to reach 637,500 to 825,000 by the year 2050, an increase of 312%.
• Also, according to the International Diabetes Federation (IDF), 11,005 people had diabetes in 2021 Japan. In addition, this number is projected to reach 10,542.7 by 2030. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries.
• This is anticipated to increase the need for monitoring glucose levels, blood pressure, and other activities, which are expected to increase the demand for monitoring devices that can provide data to physicians to help them more effectively evaluate patient conditions and react quickly to any abnormalities, thereby propelling the market growth during the forecast period.
• Various companies have been tracking the patient's vital signs for a long time and developing medication for the same. The key idea behind this is to measure lifestyle-related chronic disease development.
• For instance, in May 2022, a collaborative study effort was begun by Tohoku University's Tohoku Medical Megabank Organization, pharmaceutical companies Daiichi Sankyo and Takeda Pharmaceutical Co., and medical IT business MICIN to track long-term lifestyle patterns to guide the development of new treatments. The companies will provide wearable tracking devices to about 2,000 participants. Over a year, they will collect detailed and objective lifestyle data, such as sleep status, heart rate, and activity level.
• Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the high cost of devices is likely to impede the market growth.