Patient Monitoring Market Size is Projected to Reach USD 112.47 Billion by 2033, Growing at a CAGR of 7.3%: Straits Research

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27-01-2025

The global patient monitoring market size was valued at USD 55.60 billion in 2024 and is projected to reach from USD 59.66 billion in 2025 to USD 112.47 billion by 2033, growing at a CAGR of 7.3% during the forecast period (2025-2033).
New York, United States, Jan. 27, 2025 (GLOBE NEWSWIRE) -- A set of instruments known as a patient monitoring system enables medical professionals to monitor a patient's health. These gadgets—remote physiologic monitoring—are routinely used for remote patient monitoring. Utilizing digital technology, they gather and track patient health data, transmit it electronically to healthcare specialists, and use it to aid in condition evaluation, diagnosis, and treatment. This technology alters how healthcare is delivered in the US by reducing costs and improving patient outcomes. Patient monitoring systems are easier to define in terms of their uses.
One well-known example of a patient monitoring system is electrocardiography (ECG), which records the heart's electrical activity. Hypertensive patients use monitoring tools to keep an eye on their blood pressure. People with diabetes utilize glucose monitoring equipment to assess blood glucose levels and prevent potentially dangerous consequences. Patients with chronic obstructive pulmonary disease (COPD), asthma, and other respiratory conditions also require monitoring equipment.
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Market Dynamics
Growing Adoption of Remote Patient Monitoring Drives the Global Market
Recent years have seen a significant increase in the usage of patient monitoring devices for continuous vital sign monitoring and analysis, particularly during the COVID-19 outbreak. Patient monitoring systems enable medical personnel to monitor patients' health remotely or at home. Healthcare can become more digitalized to lower costs and boost revenue for medical practices. Additionally, remote monitoring equipment that provided medical treatment in a comfortable setting and permitted remote monitoring from patients' homes was helpful for non-COVID-19 patients who needed chronic care. This increased the number of beds and other important clinical resources available in hospitals and other healthcare facilities for patients who required immediate on-site care.
Due to stringent government regulations and favorable laws for patient monitoring equipment, it is anticipated that many organizations will be motivated to develop novel pharmaceuticals for treating chronic diseases like cardiovascular and respiratory diseases, cancers, diabetes, and chronic respiratory diseases. The widespread use of patient monitoring tools in clinical research trials and the convenience of monitoring is made possible by the market penetration of these tools, which hastens the development of novel medications. The increased prevalence of chronic diseases directly impacts the utilization of ICUs. Due to the benefits offered by patient monitoring devices, such as shorter hospital stays, fewer adverse effects, and speedier recovery times, the market is predicted to grow profitably.
Rising Demand in Non-Hospital Creates Tremendous Opportunities
The sustainability of the current healthcare system is a serious worry for governments worldwide. Due to escalating healthcare expenditures, particularly in hospital settings, the focus has recently switched to alternative treatment modalities, including home healthcare. In addition, the frequency of hospital readmissions has dramatically decreased since the introduction of remote and home monitoring technology. There is consequently a growing demand for effective home medical devices, such as fetal and neonatal monitors, ECG recorders, temperature monitors, pulse oximeters, and event monitors.
Regional Analysis
North America is the most significant patient monitoring market shareholder and is estimated to exhibit a CAGR of 8.1% over the forecast period. 42.7% of the market for patient monitoring devices was in North America. This results from several things: its well-established healthcare infrastructure, high healthcare spending, monopolistic market participants, and the rapid adoption of cutting-edge technologies. North America has the most developed medical equipment market worldwide. The market is anticipated to be driven by the quick adoption of patient monitoring and homecare devices for routine, continuous, and long-term patient monitoring and reducing the number of hospital visits during the projected period.
Additionally, favorable payment terms are expected to accelerate market expansion. Additional factors anticipated to drive market expansion include the rise in accidents, sports injuries, and health problems associated with lifestyle. Increased emergency care needs and increased usage of mobile surgery centers are expected to drive the market during the forecasted period.
Europe is anticipated to exhibit a CAGR of 8.4% over the forecast period. Europe accounted for 25.1% of the global market for patient monitoring devices in 2020. Europe's market includes countries including Germany, France, Italy, Spain, and the United Kingdom. The increasing demand for patient monitoring devices and central data management systems for accurate information and medical services is expected to boost the market. Market expansion is fueled by the prevalence of diseases and the growing older population. In 2020, more than one-fifth of people in Europe were over 65.
In Europe, the leading cause of illness and mortality is chronic disease. The requirement for patient monitoring devices has increased due to the number of patients admitted to healthcare facilities. The COVID-19 pandemic has increased the usage of patient monitoring devices and remote monitoring to assess and analyze vital signs in healthcare settings. To obtain more exact and accurate results economically, advanced patient monitoring devices are constantly being developed and presented by various market participants. As a result, the market for patient monitoring devices is anticipated to grow during the period in question.
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Key Highlights
The global patient monitoring market size was valued at USD 55.60 billion in 2024 and is projected to reach from USD 59.66 billion in 2025 to USD 112.47 billion by 2033, growing at a CAGR of 7.3% during the forecast period (2025-2033).
Based on the product, the global patient monitoring market is bifurcated into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal neonatal monitoring devices, neuromonitoring devices, weight monitoring devices, other. The blood glucose segment dominates the global market and is projected to exhibit a CAGR of 9.1% over the forecast period.
Based on end-users, the global patient monitoring market is divided into Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others. The hospital segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 8.2% over the forecast period.
North America is the most significant global patient monitoring market shareholder and is estimated to exhibit a CAGR of 8.1% over the forecast period.
Competitive Players
Abbott
Boston Scientific
Medtronic
Philips
Nihon Kohden Health Anywhere Inc.
Koninklijke Philips N.V.
G.E. Healthcare
MASIMO CORPORATION
Smiths Medical
Bosch
Biotronik
Intel
Welch Allyn
Recent Developments
In June 2023, With the introduction of its Generation (Gen) 1 device, medical diagnostic company Know Labs provides the first non-invasive glucose monitor. The Generation (Gen) 1 gadget prototype uses radio waves and machine learning algorithms to measure blood sugar levels through the skin.
In May 2023, Royal Philips, a global leader in health technology, and Masimo, a global medical technology company, announced FDA clearance for SedLine® Brain Function Monitoring, Regional Oximetry (O3®), and CO2 measurements in Philips Patient Monitors – IntelliVue MX750 and MX850. The latest extension will let clinicians make quick and informed judgments without additional monitoring equipment.
Segmentation
By Product
Blood Glucose Monitoring Systems
Cardiac Monitoring Devices
Multiparameter Monitoring Devices
Respiratory Monitoring Devices
Temperature Monitoring Devices
Hemodynamic/Pressure Monitoring Devices
Fetal and Neonatal Monitoring Devices
Neuromonitoring Devices
Weight Monitoring Devices
By End-User
Hospitals
Ambulatory Surgery Centers
Home Care Settings
By Region
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
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About Straits Research Pvt. Ltd.
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