Patient Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Patient Monitoring Market is Segmented by Type of Device (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Multi-parameter Monitors, Respiratory Monitoring Devices, and Other Types of Devices), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Devices), End User (Home Care Settings, Hospital and Clinics, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.

Market Snapshot

Patient Monitoring Market Summary
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 8.97 %
Patient Monitoring Market Major Players

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Market Overview

The Patient Monitoring Market was valued at USD 37,115.97 million in 2021, and it is expected to register a CAGR of 8.97% during the forecast period of 2022 to 2027.

Globally, the COVID-19 pandemic resulted in enormous pressures on the healthcare systems and hospitals as most of the healthcare settings were understaffed and overworked. Patient monitoring devices, such as ventilators, helped in the monitoring critically ill COVID-19 patients, which allowed the measurements of physiological reserves and indications of the effectiveness of therapeutic interventions during the pandemic, showing a positive impact on the market. Furthermore, the companies increased their manufacturing of critical and essential medical device products. For instance, in March 2020, Royal Philips ramped up the production of certain critical care products and solutions that help in detecting and providing treatment for patients with COVID-19. The product line included patient vital signs monitors, medical consumables for non-invasive and invasive ventilation, and portable ventilators to treat respiratory conditions. Thus, owing to the aforementioned factors, the market experienced a positive impact during the pandemic phase.

Furthermore, the growth of the patient monitoring market is attributed to the rising burden of chronic diseases due to lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring, and the ease of use of portable devices. For instance, as per the World Health Organization in 2020, the major chronic disorders such as cancer, chronic obstructive pulmonary disease, cardiovascular diseases (CVD), and diabetes were estimated to account for 73% of all deaths and 60% of the global burden of diseases in 2020.

Also, according to Globocan 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 worldwide, with 9,958,133 deaths due to cancer globally. Among all cancers, breast cancer accounted for 2,261, 419 new cancer cases, followed by lung (2,206,771), prostate (1,414,259), and colon (1,148,515) new cases in 2020. Patient monitoring technologies come into play and identify small changes in the patient’s physiological data, promoting self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations, decreases the number of unnecessary trips to the doctor’s office, and reduces travel-related expenses. With the proper implementation, patient monitoring technologies can expand access to quality healthcare and save time and money.

Additionally, initiatives such as expansion and product launches are other factors responsible for the growth of the market. For instance, in September 2021, the Indian subsidiary of Medtronic partnered with Stasis Health to expand access to Statis Monitor, a connected care bedside multi-parameter monitoring system across India. Similarly, in July 2021, Terumo Corporation launched the Dexcom G6 continuous glucose monitoring system in Japan. Dexcom, Inc., based in the United States, manufactures the product, and Terumo holds the exclusive distribution agreement in Japan. Such developments altogether are likely to bolster the growth of the patient monitoring market over the coming years. 

However, resistance from healthcare industry professionals toward the adoption of patient monitoring systems and the high cost of technology is likely to hinder the market growth.

Scope of the Report

As per the scope of this report, patient monitoring devices are monitoring devices that continuously monitor the patient’s vital parameters, like blood pressure and heart rate, by using a medical monitor and collecting medical (and other) data from individuals. The patient monitoring market is segmented by type of device (hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, remote patient monitoring devices, and other types of devices), application (cardiology, neurology, respiratory, fetal and neonatal, weight management and fitness monitoring, and other devices), end user (home care settings, hospital and clinics, and other end users), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above-mentioned segments.

By Type of Device
Hemodynamic Monitoring Devices
Neuromonitoring Devices
Cardiac Monitoring Devices
Multi-parameter Monitors
Respiratory Monitoring Devices
Other Types of Devices
By Application
Cardiology
Neurology
Respiratory
Fetal and Neonatal
Weight Management and Fitness Monitoring
Other Applications
By End User
Home Healthcare
Hospitals and Clinics
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Cardiology Application Segment is Expected to Grow Fast Over the Forecast Period

In cardiology, patient monitoring devices are used to diagnose and monitor various disorders or abnormalities of the heart and the overall cardiovascular system. The major factor driving the growth of the segment is the rising incidence and prevalence of cardiovascular diseases, as this will increase the adoption of these devices in cardiac monitoring. For instance, according to the article published in Cureus Journal of Medical Science in 2020, Ischemic Heart Disease is one of the leading causes of death worldwide. Ischemic heart diseases affect around 126 million individuals (1,655 per 100,000) globally, which is approximately 1.72 percent of the world population. The global prevalence of ischemic heart disease is expected to exceed 1,845 per 100,000 by the year 2030.

Amid the pandemic, the virus posed a particular risk to people who have underlying medical conditions, including cardiovascular disease and hypertension. In March 2020, a study was conducted by JAMA Cardiology among 100 COVID-19 patients, wherein 60 showed some signs of cardiovascular disorders. Likewise, in 2020, doctors at Edinburgh University examined echocardiograms from more than 1,200 COVID-19 patients across 69 countries and found cardiac problems in 55%, with 1 in 7 exhibiting signs of severe abnormalities. This led hospitals to implement a patient monitoring system to keep track of a patient’s health, thereby positively influencing the segment's growth.

Furthermore, the market players in the cardiac monitoring space are actively advancing product technologies and increasing the adoption of these devices, which is likely to fuel the growth of this segment. For example, in June 2020, Boston Scientific received Food and Drug Administration clearance for its LUX-Dx Insertable Cardiac Monitor (ICM) System. Similarly, mergers and acquisitions are other factors for the growth of the market segment. For instance, in January 2021, Boston Scientific Corporation acquired PreventiceSolutions, Inc., a privately held company offering remote and wearable cardiac monitors for adults and pediatric patients. The acquisition will establish a strong footprint for Boston Scientific Corporation in the implantable cardiac monitor market. It is an implantable diagnostic device for detecting arrhythmias. Therefore, the overall scenario of the cardiac application in the market studied is expected to witness significant growth over the forecast period.

Patient Monitoring Market: Number of Persons Aged 65 Years or Over (In Billions), Global, 2020 - 2050

North America Region Holds the Large Market Share Over the Forecast Period

The North American patient monitoring market dominated the global market, and it is estimated to show a similar trend during the forecast period. The increasing geriatric population, rising incidences of chronic diseases, growing demand for wireless and portable systems, and the presence of sophisticated reimbursement structures aimed at cutting out-of-pocket expenditure levels are the major factors attributed to its large market share.

North American countries have faced a huge threat from coronavirus since the onset of the pandemic, and thus, patient monitoring became crucial in combating the adverse effects of the virus. According to an article published by the Center for Disease Control and Prevention in February 2020, 19% of patients who contracted COVID-19 had conditions severe enough to require hospitalization. Thus, the COVID-19 pandemic unsurprisingly escalated the demand for patient monitoring devices in the region, in turn driving the market growth. Moreover, in October 2020, the United States Food and Drug Administration issued a new policy that helped to expand the availability and capability of non-invasive remote monitoring devices to facilitate patient monitoring while reducing patient and healthcare provider contact and exposure to COVID-19 during the public health emergency.

In addition, key players are implementing strategic initiatives to gain a higher market share within the regional market. For instance, in July 2021, Abbott introduced Jot Dx, an insertable cardiac monitor. It is designed to reduce data burden and diagnose abnormal heart rhythms.

Thus, owing to the launch of innovative products and the rising prevalence of chronic diseases in the North American region, the market is expected to witness a high growth rate over the forecast period.

Patient Monitoring Market - Growth Rate by Region

Competitive Landscape

The patient monitoring market is moderately competitive and consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, that help strengthen their market position. The key players in the market are Abbott Laboratories, Baxter International Inc., Boston Scientific Corporation, Becton, Dickinson and Company, General Electric Company (GE Healthcare), and Johnson & Johnson, among others.

Major Players

  1. Abbott Laboratories

  2. Boston Scientific Corporation

  3. GE Healthcare

  4. Johnson & Johnson

  5. Becton, Dickinson and Company

Patient Monitoring Market Concentration

Recent Developments

  • In January 2022, MDLIVE launched patient health monitoring to drive health improvements for people living with chronic conditions. This digital-first program aims to improve health outcomes for people living with chronic health conditions like diabetes, heart disease, or high blood pressure.
  • In January 2022, Omron Healthcare launched heart-focused remote patient monitoring. This launch would expand digital health services to consumers and monitor risks of heart disease and other ailments.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Burden of Chronic Diseases due to Lifestyle Changes

      2. 4.2.2 Growing Preference for Home and Remote Monitoring

    3. 4.3 Market Restraints

      1. 4.3.1 Resistance from Healthcare Industry Professionals Toward the Adoption of Patient Monitoring Systems

      2. 4.3.2 High Cost of Technology

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value – USD million)

    1. 5.1 By Type of Device

      1. 5.1.1 Hemodynamic Monitoring Devices

      2. 5.1.2 Neuromonitoring Devices

      3. 5.1.3 Cardiac Monitoring Devices

      4. 5.1.4 Multi-parameter Monitors

      5. 5.1.5 Respiratory Monitoring Devices

      6. 5.1.6 Other Types of Devices

    2. 5.2 By Application

      1. 5.2.1 Cardiology

      2. 5.2.2 Neurology

      3. 5.2.3 Respiratory

      4. 5.2.4 Fetal and Neonatal

      5. 5.2.5 Weight Management and Fitness Monitoring

      6. 5.2.6 Other Applications

    3. 5.3 By End User

      1. 5.3.1 Home Healthcare

      2. 5.3.2 Hospitals and Clinics

      3. 5.3.3 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Abbott Laboratories

      2. 6.1.2 Baxter International Inc.

      3. 6.1.3 Boston Scientific Corporation

      4. 6.1.4 Becton, Dickinson and Company

      5. 6.1.5 General Electric Company (GE Healthcare)

      6. 6.1.6 Johnson & Johnson

      7. 6.1.7 Masimo Corporation

      8. 6.1.8 Medtronic PLC

      9. 6.1.9 Omron Corporation

      10. 6.1.10 Koninklijke Philips NV

      11. 6.1.11 Drägerwerk AG & Co. KGaA

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments
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Frequently Asked Questions

The Global Patient Monitoring Market market is studied from 2019 - 2027.

The Global Patient Monitoring Market is growing at a CAGR of 8.97% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, Johnson & Johnson, Becton, Dickinson and Company are the major companies operating in Global Patient Monitoring Market.

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