Patient Monitoring Equipment Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast 2023-2027

Patient Monitoring Equipment Market Forecast 2023-2027

The Patient Monitoring Equipment Market size is estimated to grow by USD 20.39 billion at a CAGR of 8.48% between 2022 and 2027. 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.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

This market report extensively covers market segmentation by end-user (hospitals, clinics, and ambulatory care services), type (bed-side patient monitoring equipment and remote patient monitoring equipment), and geography (North America, Europe, Asia, and the Rest of World (ROW)). 

By End-user

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 12.59 billion in 2017. 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.

By Type 

Bed-side patient monitoring equipment

The bedside patient monitoring equipment segment is used to measure and display vital parameters including heart rate, blood pressure, respiratory rate, and oxygen saturation levels. In addition, these devices often include a combination of non-invasive sensors, such as ECG electrodes, blood pressure cuffs, and pulse oximeters. Moreover, with the continuous advancements in medical technology, there is a growing emphasis on patient safety. Furthermore, they play a crucial role in tracking the vital parameters of patients and providing real-time data related to this information to healthcare professionals, which allows them to make informed decisions and provide appropriate care to patients. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Remote patient monitoring equipment

The remote monitoring equipment segment represents a paradigm shift in healthcare, extending patient care beyond traditional clinical settings. For instance, some examples include wearable devices, mobile health applications, and telehealth platforms. In addition, wearable devices, such as smartwatches and fitness trackers, can continuously monitor various physiological parameters and activities. Moreover, mobile health apps enable patients to track and share health information with healthcare providers, fostering proactive management of chronic conditions. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

By Region

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North America is estimated to contribute 44% 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.

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Key Market Players 

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.

•  Analog Devices Inc.,
• BIOTRONIK SE and Co. KG,
• 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 NV,
• Masimo Corp.,
• Medtronic Plc,
• Mindray Bio medical Electronics Co. Ltd.,
• Nihon Kohden Corp.,
• OMRON Corp.,
• Siemens AG,
• Smiths Group Plc,
• Compumedics Ltd.,
• Natus Medical Inc.

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.

Market Dynamics and Customer Landscape

The market is witnessing significant growth, driven by the increasing prevalence of chronic conditions and the need for continuous monitoring in hospitals and home care settings. These devices, including biometric data and blood oxygen saturation level monitors, are crucial for managing conditions like Alzheimer's Dementia and Chronic Obstructive Pulmonary Disease. Companies like Boston Scientific Corporation are at the forefront, offering innovative solutions such as battery-powered and Bluetooth low-energy radio devices. Competitive benchmarking and integration of highly integrated silicon systems are key strategies in this market, aimed at providing accurate and efficient monitoring for healthcare providers and clinicians. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

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. 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.

Significant Market Trends

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.

Major Market Challenges

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.

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Key Market Customer Landscape

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

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

•  End-user Outlook
  • Hospitals
  • Clinics
  • Ambulatory care services
• Type Outlook
  • Bed-side patient monitoring equipment
  • Remote patient monitoring equipment
• Geography Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World (ROW)
    • Australia
    • Argentina
    • Brazil

Market Analyst Overview

The market is experiencing rapid growth, driven by the demand for accurate and timely disease detection and monitoring systems. Advanced technology, including digitalization and wireless and portable systems, has enabled the development of lower-cost devices that benefit both healthcare providers and patients. The market includes a wide range of devices, such as Cardiac Monitoring, Neuromonitoring, and Respiratory Monitoring Devices, catering to various patient treatment modes. Manufacturers like GE Healthcare and Terumo Corporation are at the forefront of producing these devices with reliable data and portability features. The market's expansion is supported by factors like the rising volume of procedures, complex healthcare environments, and the need for advanced technology in hospital care and home situations.

Moreover, the market is evolving with advancements in monitoring device design and the development of next-generation therapeutic solutions. Ambulatory surgical centers and hospitals are benefiting from accurate monitoring systems that improve patient care and lower healthcare costs. In the Cardiology Segment, devices like Multi-Parameter Monitors and Dexcom G6 are crucial for managing conditions such as Heart Failure and Ischemic Heart Disease. The market in North America, including Canada, is competitive, with companies like HexaHealth and Stasis Health offering innovative solutions. Despite challenges like the pandemic and rising out-of-pocket expenses, the industry is driven by the need for low-cost and effective monitoring devices for various conditions, including Cancer, COPD, and Type II diabetes.

Market Scope
Report Coverage	Details
Page number	170
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 8.48%
Market growth 2023-2027	USD 20.39 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	7.27
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 44%
Key countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Abbott Laboratories, Analog Devices Inc., BIOTRONIK SE and Co. KG, 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 NV, Masimo Corp., Medtronic Plc, Mindray Biomedical Electronics Co. Ltd., Nihon Kohden Corp., OMRON Corp., Siemens AG, Smiths Group Plc, Compumedics Ltd., and Natus Medical Inc.
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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