The global patient monitoring devices market was $25,768.56 million in 2019, and is projected to reach $44,861.56 million by 2027 at a CAGR of 4.4% from 2020 to 2027. Patient monitoring systems are used to measure, record, distribute and display combinations of biometric values such as heart rate, blood oxygen saturation levels (SPO2), blood pressure, and temperature. They are used for monitoring patients regularly, which can help avoid serious problems. Furthermore, according to the IHS (Information Handling Services), more than four million patients are expected to monitor their health conditions remotely by 2020. This is a 34% increase in remote patient monitoring (RPM). Moreover, technological giants such as Google, Apple, and Amazon are tapping into the RPM market; which leads to drastic changes in healthcare.

Though most of the markets are dropping down, COVID-19 outbreak has positively affected various healthcare related markets, one of them being patient monitoring devices. At present, the patient monitoring devices market is witnessing a tremendous growth. As these are playing a crucial role to combat the pandemic and monitor patients. Patient monitoring devices including cardiac monitors, respiratory devices and temperature monitoring devices are facing a huge demand, owing to their immense usage in patient treatment.

The major factors that contribute toward the growth of the market include increase in geriatric population and rise in adoption of remote patient monitoring devices. In addition, surge in prevalence of patients suffering from different lifestyle diseases such as diabetes, cancer, and atherosclerosis also contribute toward uplifting growth of the patient monitoring devices market. Furthermore, collaborations between companies, hospitals, and academic institutions are expected to lead to the launch of new products, which would help to increase the market revenue and boost the market growth. However, cost associated with this technology and lack of awareness among patients hinder the market growth. Moreover, government regulations and reimbursement issues can also hamper growth of the patient monitoring devices market.

The global patient monitoring devices market is segmented on the basis of product type, end user, and region. By product type, it is divided into hemodynamic monitoring, neuromonitoring, cardiac monitoring, fetal & neonatal monitoring, respiratory monitoring, multi-parameter monitoring, remote patient monitoring, weigh monitoring, and temperature monitoring devices. On the basis of end user it is segmented into hospitals, home settings, and ambulatory surgical centers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product type, the cardiac monitoring devices segment dominated the patient monitoring devices market, governing around 26.08% of the global market value in 2019, and its dominance in the market is expected to continue throughout the forecast period. It is estimated to garner $10,256.24 million by 2027, registering a CAGR of 4.8% from 2020 to 2027. This is attributed to rise in prevalence of various cardiovascular diseases such as congestive heart failure and stroke each year across the globe.

As remote patient monitoring devices can be used remotely to monitor critical parameters of patients, the segment is rapidly gaining popularity among patients with chronic diseases such as diabetes, hypertension, and chronic respiratory diseases. Thus, it is expected to be the fastest growing segment, registering a CAGR of 6.3% from 2020 to 2027

By end user, the hospitals segment is expected to occupy majority of the market share, and is expected to retain its market position throughout the forecast period. Owing to the growth in awareness regarding advantages of using remote patient monitoring, the home setting segment is estimated to be the fastest growing segment, registering a CAGR of 5.0% during the forecast period.

In 2019, North America and Europe were the most lucrative regions of the market, where growth is supplemented by factors such as rise in aging population, increase in prevalence and incidences of patients with lifestyle diseases, and well-established reimbursement policies along with high buying power of customers. The growth pattern in North America is characterized by the stage of market maturity, in terms of both penetration and availability of advanced devices. The Asia-Pacific patient monitoring devices market is estimated to account for the fastest growing subsegment globally.

The global patient monitoring devices market is highly competitive, and prominent players have adopted various strategies for garnering maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Medtronic, Inc., Biotronik, F. Hoffmann-La Roche Ltd., GE Healthcare Ltd, Masimo Corporation, Nihon Kohden Corporation, Johnson and Johnson, Omron Healthcare Co. Ltd., Abbott Laboratories, and Koninklijke Philips N.V.

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