Patient Monitoring Devices market in terms of revenue was estimated to be worth $48.5 billion in 2024 and is poised to reach $71.1 billion by 2029, growing at a CAGR of 8.0% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.
The patient monitoring market is driven by several factors contributing to its expansion in wireless and predictive analytics in vital sign monitors. These driving factors include the Increasing incidence of chronic disorders and growing demand for advanced patient monitoring products.
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“Blood Glucose monitoring systems segment accounted for the largest share of the patient monitoring market.”
Based on the product segment, the patient monitoring devices market is segmented into – Blood glucose monitoring system, Multi-Parameter Monitoring, Cardiac Monitoring Devices, Respiratory Monitoring Devices, Hemodynamic/ Pressure Monitoring Devices, Weight Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Temperature MonitoringDevices and others. Self-monitoring blood glucose are essential in-patient monitoring because they have the ability to self-manage their diabetes, potentially reducing hospital readmission rates and lowering overall healthcare costs for providers. Continuous glucose monitoring (CGM) systems offer continuous blood sugar data without the need for constant finger pricking. This enhances both patient comfort and data collection efficiency. Seamless integration with smartphones allows for real-time data analysis, trend tracking, and data sharing with healthcare providers. This foster improved diabetes management strategies. The convergence of factors including rising diabetes prevalence, increased awareness of preventative care, and technological advancements are driving significant growth in the blood glucose patient monitoring market. By addressing challenges like data security and adapting to evolving healthcare models, this market is poised for continued expansion, ultimately leading to improved diabetes management and patient outcomes.
“By end user hospitals & clinics accounts for the largest share in 2023.”
The patient monitoring devices market is classified into hospitals & clinics, Ambulatory surgical centers (ASCs) and home care settings and other end users. In 2023, Hospitals and clinics account for the largest market share in the market. The large share of this segment can primarily be attributed to ensuring patient safety, optimizing care delivery, and generating valuable clinical data. Hospitals and clinics prioritize vendors with a strong reputation for customer service and a proven track record in the patient monitoring market.
“North America dominates the patient monitoring market in 2023.”
The patient monitoring devices market is segmented across five prominent regions: North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. In 2023, the North American region emerged as the primary driver of the largest market share in the patient monitoring market. The North American population is experiencing a demographic shift, with a growing number of individuals reaching 65 and above. This age group is more susceptible to chronic diseases and often requires closer monitoring for potential complications. This trend fuels the demand for user-friendly and reliable patient monitoring solutions. North America serves as a hub for technological innovation, and the patient monitoring market reflects this trend. Advancements in key areas are driving market growth, including Wearable Biosensors: These devices offer continuous monitoring of vital signs and physiological parameters outside traditional healthcare settings, promoting preventative care and early disease detection. The convergence of these factors creates a dynamic and expanding market for patient monitoring solutions in North America. The focus on chronic disease management, an aging population, value-based care, and ongoing technological advancements are all propelling market growth.
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Patient Monitoring Devices market major players covered in the report, such as:
This report has segmented the Patient Monitoring market based on Product, and end user.
PATIENT MONITORING MARKET, BY PRODUCT (USD MILLION; 2022—2029) *
PATIENT MONITORING MARKET, BY END USER (USD MILLION; 2021—2029) *
PATIENT MONITORING MARKET, BY REGION
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