Patient monitoring market is expected to reach USD 77.23 billion by 2030

The rising incidence of chronic diseases is driving the growth of the patient monitoring market.

The Patient Monitoring Market is valued at USD 43.07 billion in 2023, and is expected to reach USD 77.23 billion by 2030, with a CAGR of 8.7% from 2024 to 2030, according to new research by Next Move Strategy Consulting. The rising prevalence of chronic diseases is increasing the demand for patient monitoring devices as it is a pivotal component of modern healthcare infrastructure. Healthcare providers recognize the importance of continuous health surveillance to manage and improve patient outcomes effectively, driving the market growth. 

For example, the World Health Organization (WHO) published a report in April 2021. It revealed that non-communicable diseases (NCDs), which are also referred to as chronic illnesses, are responsible for 41 million annual fatalities, constituting 71% of the global deaths. This concerning data highlights the immediate requirement for efficient patient monitoring solutions to tackle the difficulties presented by these conditions.

In addition, the rising aging population is propelling the growth of the patient monitoring market, due to the higher incidence of age-related health risks among elderly individuals. Patient monitoring devices are crucial in tracking and managing these conditions, ensuring timely interventions, and improving overall healthcare outcomes for this demographic. As the elderly population grows, the need for effective and continuous health monitoring is expected to increase, further fuelling the demand for patient monitoring solutions. According to the latest report published by the World Health Organization in 2022, the number of people above 60 reached 1.4 billion in 2020, and is anticipated to reach 2.1 billion by 2050. 

However, the high cost of patient monitoring systems is restraining the growth of the market. On the contrary, the integration of AI and machine learning into patient monitoring systems to analyze vast amounts of patient data for early detection of health issues is expected to create ample opportunities in the coming years for the market. 

For instance, in March 2023, Zephyr AI, Inc. partnered with KangarooHealth, Inc., a healthcare technology company providing an AI-assisted turn-key remote patient monitoring platform and care management services. The partnership combined Zephyr AI’s industry-leading machine learning technology with KangarooHealth’s proprietary remote monitoring platform to work toward creating a best-in-class predictive solution for clinicians.

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According to the report, the leading market players in the patient monitoring market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers Nihon Kohden Corporation, Abbott Laboratories, Masimo Corporation, Hill-Rom Holdings, Inc., Biotronik SE & Co. KG, Honeywell International, Inc., and others.

For instance, in April 2023, Honeywell introduced a real-time health monitoring system that records patients' vital signs remotely in hospitals.  The system employs sophisticated sensing technology with the help of a skin patch, transmitting essential vital sign information directly to healthcare professionals through mobile devices and an online dashboard in real time.

In addition, in August 2022, Medtronic Plc partnered with BioIntelliSense to grant Medtronic exclusive distribution rights within the U.S. for the BioButton multi-parameter wearable. This wearable particularly focuses on hospital and 30-day post-acute hospital-to-home applications. Through this collaboration, Medtronic's patient monitoring business gains the capability to provide a medical-grade device that offers ongoing monitoring of vital signs for patients receiving general care, both during their hospital stay and after discharge.

Furthermore, in June 2023, Royal Philips and Masimo jointly announced FDA clearance for the activation of SedLine Brain Function Monitoring, Regional Oximetry (O3), and CO? measurements within Philips Patient Monitors, specifically the IntelliVue MX750 and MX850 models. These collaborative efforts between Masimo and Philips aim to empower healthcare professionals to make rapid and well-informed decisions without requiring supplementary monitoring devices. 

Key Insights from the Patient Monitoring Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the patient monitoring market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of key players in the global patient monitoring market along with their competitive analysis are provided in the report.

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