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What Are the Projected Market Size and Growth Rates for the Patient Monitoring Devices Market From 2025 To 2029?
The market size of patient monitoring devices has seen robust expansion in the last few years. It is projected to scale up from $24.76 billion in 2024 to $26.95 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.8%. Several factors such as an increase in the senior population, regulatory compliance, management of chronic illnesses, healthcare reimbursement, and the emerging trend of home-based hospital care have contributed to this upward trajectory during the historical period.
What Is the Projected Market Size of the Patient Monitoring Devices Market?
We can anticipate a considerable expansion of the patient monitoring devices market in the upcoming years, with expected growth to $36.76 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.1%. This projected growth during the forecast period could stem from the increased utilization of telemedicine and remote monitoring, the incorporation of artificial intelligence (AI), the rise of personalized and interconnected health services, the evolution of emerging markets, and a focus on value-based care. Predicted trends within the forecast period include the surge in popularity of wearable health monitors, remote monitoring of vital signs, mobile health applications, predictive analytics, and home health monitoring kits.
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Who are the Major Competitors in the Patient Monitoring Devices Market Outlook?
Major companies operating in the patient monitoring devices market include General Electric Company, Koninklijke Philips NV, Dragerwerk AG & Co KGaA, Cardinal Health Inc., Masimo Corporation, Medtronic plc, Edwards Lifesciences Crop., Flex Ltd., Nihon Kohden Corporation, Abbott Laboratories, Johnson & Johnson, Siemens Healthineers AG, Becton, Dickinson and Company, Cardinal Health Inc., Baxter International Inc., Boston Scientific Corporation, Danaher Corporation, 3M Company, Hill-Rom Holdings Inc., Terumo Corporation, Smith & Nephew plc, B. Braun Melsungen AG, ResMed Inc., Dexcom Inc., Fresenius Medical Care AG & Co. KGaA, Getinge, Mindray Medical International Limited, Nihon Kohden Corporation, Spacelabs Healthcare LLC, Nonin Medical Inc., OSI Systems Inc., Schiller AG, Welch Allyn Inc., OMRON Healthcare Co. Ltd.
What Is Fueling Growth in the Patient Monitoring Devices Market?
Rise in chronic health conditions is predicted to boost the growth of the patient monitoring device market. Such conditions are long-term health issues that are generally not curable, but can be managed. Patient monitoring devices have a significant role to play in controlling these enduring illnesses. To illustrate, World Health Organization, a Switzerland-based intergovernmental body, projected that by 2050, there would be over 35 million fresh cancer cases, an increase of 77% compared to the estimated 20 million cases in 2022, according to their report from February 2024. Consequently, this increase in chronic diseases is likely to stimulate growth in the patient monitoring device market.
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Which Patient Monitoring Devices Market Segments Are Growing the Fastest?
The patient monitoring devices market covered in this report is segmented –
1) By Type: Fetal And Neonatal Monitoring Devices, Weight Monitoring And Body Temperature Monitoring Devices And Equipment, Vital Parameter Monitoring Devices And Equipment, Remote Patient Monitoring Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
Subsegments:
1) By Fetal And Neonatal Monitoring Devices: Fetal Dopplers, Fetal Monitors, Neonatal ICU Monitors
2) By Weight Monitoring And Body Temperature Monitoring Devices And Equipment: Digital Scales, Thermometers (Digital, Infrared, And Mercury-Free), Body Temperature Monitors
3) By Vital Parameter Monitoring Devices And Equipment: Blood Pressure Monitors, Pulse Oximeters, ECG/EKG Monitors, Cardiac Monitors, Respiratory Rate Monitors
4) By Remote Patient Monitoring Devices And Equipment: Telemedicine Devices, Wearable Monitoring Devices, Home Health Monitoring Devices
Which Industry Trends Are Shaping the Future of the Patient Monitoring Devices Market?
Leading firms in the patient monitoring devices market are concentrating on introducing novel technologies like remote patient monitoring (RPM) hardware leveraging LoRaWAN technology, in order to heighten their market profit. LoRaWAN is a radio communication standard based on the LoRa modulation technique. For example, in January 2023, cloud-based software and services platforms provider Senet, in tandem with Telli Health, a medical remote patient monitoring devices provider, both based in the U.S., released the first RPM hardware utilizing LoRaWAN technology. This innovation will facilitate healthcare providers to broaden their services to a higher volume of patients situated in remote, underserved areas, inclusive of indigenous communities globally, thereby promoting healthcare parity and inclusivity. The RPM unit can link to a specific private LoRaWAN network, with a coverage scope of around 10 miles, necessitating just a straightforward dial-up modem to transmit health measurements.
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Which Countries Are Leading the Patient Monitoring Devices Market?
Asia-Pacific was the largest region in the global patient monitoring devices market in 2023. North America was the second-largest region in the global patient monitoring devices market. The regions covered in the patient monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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This Report Delivers Insight On:
1. How big is the patient monitoring devices market, and how is it changing globally?
2. Who are the major companies in the patient monitoring devices market, and how are they performing?
3. What are the key opportunities and risks in the patient monitoring devices market right now?
4. Which products or customer segments are growing the most in the patient monitoring devices market?
5. What factors are helping or slowing down the growth of the patient monitoring devices market?
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