Market Size of Italy Patient Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 2.04 Billion |
| Market Size (2029) | USD 2.98 Billion |
| CAGR (2024 - 2029) | 7.82 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy Patient Monitoring Market Analysis
The Italy Patient Monitoring Market size is estimated at USD 2.04 billion in 2024, and is expected to reach USD 2.98 billion by 2029, growing at a CAGR of 7.82% during the forecast period (2024-2029).
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 of 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.
According to the World Population Ageing 2021 report, in 2021, 23.4% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen. Thus, an increasing number of the geriatric population who are more prone to chronic diseases is expected to drive the market as this population requires monitoring devices in the management of diseases.
According to the article 'Diabetein Italia, una crescitadel 60 per cento in vent'anni' published in February 2021, more than 3.5 million adults in Italy are diabetic, showing a growth of 60% from 2000 to 2019. The leading cause of diabetes in Italy is the aging population, accompanied by increasingly sedentary lifestyles and an increase in overweight or obesity, thus there is an increasing demand for patient monitoting in the nation.
Additionally, according to the Eurostat healthcare expenditure statistics published in December 2021, Italy spent around EUR 155,249 million in the healthcare sector in the year 2019. Italy was the third highest nation spending on healthcare in Europe in 2019. The large expenditure in the healthcare in the nation are likely to boost the growth of the market over the forecast period.
Thus, owing to the above-mentioned factors it is expected to show significant growth over the forecast period.
