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The Patient Monitoring Equipment Market size is estimated to grow by USD 21.3 billion at a CAGR of 8.3% between 2023 and 2028. There has been a rising need for remote monitoring of patients across the world. Remote patient monitoring (RPM) enables healthcare providers to monitor patients outside of traditional healthcare settings, such as in their homes or during remote consultations. In addition, the need for remote patient monitoring has grown significantly, especially in situations where patients prefer to receive care at home or in remote areas with limited access to healthcare facilities. Furthermore, they facilitate remote monitoring by transmitting data related to the patient wirelessly, enabling healthcare providers to monitor the vital parameters and health status of patients remotely from another place. Hence, such factors are positively impacting the market growth. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2017 - 2021, besides analyzing the current market scenario.
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The hospitals segment is estimated to witness significant growth during the forecast period. Hospitals segment are the major end-users of patient monitoring equipment. In addition, the growing demand for these devices in hospitals is fuelled by the need for enhanced patient safety, technological advancements, the rising prevalence of chronic diseases, the growing aging population, the need for cost-effectiveness in healthcare, and the demand for these solutions.
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The hospitals segment was the largest segment and was valued at USD 13.20 billion in 2018. Moreover, these devices contribute to improving patient outcomes, streamlining healthcare delivery, and optimizing resource utilization in hospital settings. In addition, these devices play a vital role in ensuring patient safety by monitoring vital parameters, such as heart rate, blood pressure, oxygen saturation, and respiratory rate, continuously. Furthermore, these devices provide real-time data to healthcare professionals in hospitals, allowing them to detect any abnormalities or changes in a patient's health condition promptly, as the early detection of any anomalies in the patient's vital parameters and necessary, timely intervention can help prevent adverse events and improve patient outcomes. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Technological innovations and the growing geriatric population are among the major factors fuelling the market growth in North America. In addition, the availability of portable homecare devices and the high disposable income and living standards of people will boost the growth of the market in North America. Moreover, North America is known for its advanced healthcare infrastructure and the ready adoption of cutting-edge medical technologies. In addition, patients and healthcare providers in the region often have high expectations in terms of state-of-the-art medical equipment, including these devices, used in healthcare facilities. Furthermore, the demand for advanced features in medical equipment, such as wireless connectivity and data analytics, is particularly strong. Hence, such factors drive the market growth in North America.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers patient monitoring equipment such as the Freestyle Libre continuous glucose monitoring system, which provides real-time glucose readings without the need for finger pricks.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is evolving within the dynamic healthcare landscape, driven by advancements in wireless monitoring devices that enhance patient mobility and care delivery. Traditional patient monitoring methods are being replaced by wireless devices and multi-parameter patient monitoring market, facilitating real-time tracking of health metrics such as blood sugar levels and hemodynamic status. This shift is crucial in managing chronic conditions like COPD (chronic obstructive pulmonary disease), cancer, and Type II diabetes, enabling proactive healthcare interventions. Despite financial barrier and hospital budget cuts, the demand for efficient monitoring solutions persists, supported by the digitalization of medical care and the integration of silicon solutions for enhanced data processing and connectivity. Healthcare organizations are increasingly adopting these technologies to optimize patient outcomes and operational efficiency, ensuring comprehensive care while adapting to the evolving needs of modern healthcare settings. The patient monitoring equipment market is poised for continued growth as innovations drive improvements in patient management and healthcare delivery.
One of the key factors driving the market growth is the rising prevalence of chronic diseases. The growing prevalence of chronic diseases is a major factor driving market growth. Chronic conditions like cardiovascular diseases, diabetes, respiratory disorders, and hypertension are increasingly common worldwide. For example, according to World Health Organization data, noncommunicable diseases (NCDs) are responsible for 41 million deaths annually, accounting for 74% of global deaths.
Further, a particularly concerning statistic is that 17 million people die from NCDs before the age of 70, with 86% of these premature deaths occurring in low- and middle-income countries. These trends highlight the need for solutions such as heart rate monitoring, Hemodynamic Monitoring Devices, and integrated ECG systems, especially in settings like Home Care Settings and hospitals, to monitor human vital parameters and improve healthcare outcomes. These factors contribute to driving market growth during the forecast period.
A key factor shaping the market growth is the advancements in patient monitoring equipment. The advent of wireless and wearable patient monitoring devices has revolutionized the overall provision of healthcare. In addition, these devices can monitor vital signs, activity levels, and other physiological parameters continuously without restricting the patient's mobility. Furthermore, they can transmit data wirelessly to healthcare providers, enabling real-time monitoring and the early detection of any changes or abnormalities.
Moreover, Artificial Intelligence (AI) and Machine Learning (ML) technologies have been incorporated into these to improve their accuracy, automate data analysis, and enable predictive analytics. In addition, these technologies can identify patterns and trends in patient data, thus helping healthcare providers detect early signs of deterioration in the patient's health condition, predict patient outcomes, and personalize treatment plans. Hence, such factors are driving the market growth during the forecast period.
Data privacy issues associated with patient monitoring equipment are one of the key challenges hindering market growth. These need the sharing of a tremendous amount of data associated with personal health and fitness to an unquantifiable audience. In addition, devices are small but can store large amounts of data.
Moreover, the small size of these devices implies that the chance of losing or misplacing the data is high. In addition, these devices use GPS to retrieve location-based information. Furthermore, in some instances, people must share their location to obtain certain information. Therefore, this information can be saved and used by advertisers as well. Hence, such factors are hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market forecasting research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is pivotal in modern healthcare, integrating advanced technologies to enhance patient care and management. From conventional patient monitoring methods to sophisticated hemodynamic monitors and cardiac monitoring devices, the market offers a wide array of solutions. Key devices include multi-parameter monitoring, respiratory monitoring devices, hemodynamic/pressure monitoring devices, weight monitoring devices, and fetal and neonatal monitoring devices, ensuring comprehensive health monitoring across various conditions. Innovations such as Bluetooth low-energy radio and ECG (Electrocardiogram) integration enable seamless data collection and analysis, facilitating timely interventions for patients with conditions like COPD, obesity, and diabetes.
Further, the market supports healthcare personnel in ambulatory surgical centers and hospitals, addressing challenges such as financial barriers while promoting senior care and diabetes prevention awareness. As medical tourism hubs adopt advanced surgical techniques and monitoring technologies, the patient monitoring equipment market continues to expand, driving improvements in healthcare delivery worldwide. The market encompasses a diverse range of technologies crucial for monitoring and managing patient health across various healthcare settings. Key devices include blood glucose monitoring systems, hemodynamic/pressure monitoring devices, neuromonitoring devices, and temperature monitoring devices. These devices play a critical role in the hospital sector, supporting clinicians in monitoring vital signs such as respiration rates and pulse oximetry levels. Multi-parameter patient monitoring devices integrate several functions into a single unit, providing comprehensive data for patient care.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
Market growth 2024-2028 |
USD 21.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.59 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 51% |
Key countries |
US, Germany, UK, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Analog Devices Inc., BIOTRONIK SE and Co. KG, Compumedics Ltd., Contec Medical Systems Co. Ltd., Dexcom Inc., Dragerwerk AG and Co. KGaA, F. Hoffmann La Roche Ltd., Fortive Corp., General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Masimo Corp., Medtronic Plc, Shenzhen Mindray BioMedical Electronics Co. Ltd, Natus Medical Inc., Nihon Kohden Corp., OMRON Corp., Siemens AG, and Smiths Group Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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