Market Size of Patient Monitoring Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 47.05 Billion |
Market Size (2029) | USD 67.19 Billion |
CAGR (2024 - 2029) | 7.39 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Patient Monitoring Market Analysis
The Patient Monitoring Market size is estimated at USD 47.05 billion in 2024, and is expected to reach USD 67.19 billion by 2029, growing at a CAGR of 7.39% during the forecast period (2024-2029).
The outbreak of the pandemic impacted the patient monitoring market. During the pandemic, the demand for patient monitoring devices such as neuromonitoring, respiratory, and cardiac devices drastically increased due to the need for constant monitoring of COVID-19 patients. For instance, according to the NCBI study published in October 2022, wearable respiratory sensors were widely used during the pandemic as they can monitor biomechanical signals, such as the abnormities in respiratory rate and cough frequency caused by COVID-19, as well as biochemical signals, such as viral biomarkers from exhaled breaths. Thus, the market witnessed healthy growth during the pandemic and is expected to maintain an upward trend over the forecast period.
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, according to the June 2022 update of the Centers for Disease Control and Prevention (CDC), one or more chronic diseases, such as diabetes, cancer, heart disease, and stroke, affect six out of ten Americans. These and other chronic illnesses are the main contributors to health care costs and the significant causes of death and disability in the United States. Similarly, according to the data published by the NCBI in April 2022, an estimated 6.5 million Americans aged 65 and older were living with Alzheimer's dementia in 2022. The number is expected to grow to 13.8 million by 2060. Thus, such a high burden of chronic diseases is expected to increase the demand for patient monitoring devices as these diseases require constant monitoring, in which patient monitoring devices come into play. In addition, constant monitoring reduces readmission rates, 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. Thus, considerable market growth is expected over the forecast period due to such factors.
Additionally, initiatives such as expansion and product launches are other factors responsible for the market's growth. 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 Japan's Dexcom G6 continuous glucose monitoring system. Dexcom, Inc., based in the United States, manufactures the product, and Terumo holds the exclusive distribution agreement in Japan. Such developments are likely to bolster the growth of the patient monitoring market over the forecast period.
However, resistance from healthcare industry professionals toward adopting patient monitoring systems and the high cost of technology will likely hinder the market growth over the forecast period.