U.S. Patient Monitoring Market by Product (Cardiac Monitoring Devices, Blood Glucose Monitoring Systems, Hemodynamic/Pressure Monitoring Devices, Multi-parameter Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices, and Other Devices), by Type (Conventional and Wireless), and by End User (Home Healthcare, Hospitals & Clinics, and Others) - Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Healthcare | Publish Date: 17-Feb-2024 | No of Pages: 148 | No. of Tables: 110 | No. of Figures: 75 | Format: PDF | Report Code : N/A
Market Definition
The U.S. Patient Monitoring Market size was valued at USD 14.20 billion in 2023, and is predicted to reach USD 23.70 billion by 2030, with a CAGR of 7.3% from 2024 to 2030. Patient monitoring is a critical component of modern medicine, involving the ongoing or regular evaluation of a patient's vital signs, physiological parameters, and general health status throughout their medical care. This process utilizes a variety of medical devices and technologies to gather, record, and analyze data such as blood pressure, heart rate, oxygen saturation, respiratory rate, temperature, and other vital signs.
The patient monitoring market encompasses the healthcare industry segment dedicated to designing, manufacturing, and providing equipment and systems for continuously or intermittently monitoring and recording a patient's vital signs and health parameters. This segment plays a vital role in a variety of healthcare settings, from hospitals and intensive care units to outpatient clinics and home healthcare. This ensures that patients receive the appropriate level of care tailored to their specific medical requirements.
Rising Chronic Disease Fuels Patient Monitoring Demand in the U.S.
The U.S. region is grappling with a surge in chronic diseases, including cardiovascular disorders, diabetes, and respiratory ailments. This escalating health challenge has spurred a heightened demand for patient monitoring solutions. As chronic conditions necessitate continuous supervision, patient monitoring devices have become indispensable tools for healthcare providers. Ranging from wearable sensors to advanced diagnostic equipment, these technologies facilitate real-time tracking of vital signs, early detection of warning signs, and prompt intervention.
Government Initiatives Drives the Growth of Patient Monitoring Devices
The U.S. government plays a crucial role in driving the growth of the patient monitoring market by investing in healthcare infrastructure and promoting the adoption of advanced technologies. Government initiatives often involve providing incentives and creating a favorable regulatory environment to encourage collaboration between the public and private sectors. These efforts aim to improve access to healthcare services, particularly in underserved areas, by deploying mobile health units and telehealth services.
In addition, the government establishes clear regulatory frameworks and conducts public health campaigns to ensure the safe and effective use of patient monitoring technologies while educating the public about the benefits of regular health monitoring.
Connectivity Issues in Patient Monitoring Devices Restrains the Market Growth
One of the significant restraining factors in the patient monitoring market in the U.S. is the connectivity issues which pose a risk to real-time data transmission and communication between devices, impacting the timeliness and accuracy of patient information. Addressing these challenges is crucial for unlocking the full potential of patient monitoring technologies and ensuring their widespread adoption in the healthcare sector.
AI and Machine Learning in Patient Monitoring Systems Creates Ample Growth Opportunities
The emergence of Artificial Intelligence (AI) and Machine Learning (ML) in the U.S. is transforming patient monitoring by enabling the comprehensive analysis of massive datasets. AI algorithms are adept at identifying subtle patterns and anomalies in vital signs and medical history from patient records. This exceptional capability allows for the early detection of potential health issues even before symptoms manifest, paving the way for timely interventions.
Moreover, the integration of AI and ML fosters personalized medicine, enabling treatment plans to be customized to each patient's unique traits and responses. These technologies facilitate risk stratification, assisting healthcare providers in identifying patients at a higher risk of developing specific medical conditions or complications, thereby enabling them to effectively prioritize interventions.
Competitive Landscape
Various market players operating in the U.S. 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.
U.S. Patient Monitoring Key Market Segments
By Product
-
Cardiac Monitoring Devices
-
Mobile Cardiac Telemetry Monitors
-
Electrocardiogram (ECG) Devices
-
Implantable Loop Recorders
-
Event Monitors
-
Smart/Wearable ECG Monitors
-
-
Blood Glucose Monitoring Systems
-
Self-Monitoring Blood Glucose Systems
-
Continuous Glucose Monitoring Systems
-
-
Hemodynamic/Pressure Monitoring Devices
-
Hemodynamic Monitors
-
Blood Pressure Monitors
-
Disposables
-
-
Multi-Parameter Monitoring Devices
-
Low-Acuity Monitoring Device
-
Mid-Acuity Monitoring Devices
-
High-Acuity Monitoring Devices
-
-
Respiratory Monitoring Devices
-
Pulse Oximeters
-
Spirometers
-
Capnographs
-
Peak Flow Meters
-
-
Temperature Monitoring Device
-
Handheld Temperature Monitoring Devices
-
Table-Top Temperature Monitoring Devices
-
Wearable Continuous Monitoring Devices
-
Invasive Temperature Monitoring Devices
-
Smart Temperature Monitoring Devices
-
-
Fetal & Neonatal Monitoring Devices
-
Neonatal Monitoring Devices
-
Fetal Monitoring Devices
-
-
Neuromonitoring Devices
-
Electroencephalograph (EEG) Machines
-
Electromyography Machines
-
Cerebral Oximeter
-
Intracranial Pressure (ICP) Monitors
-
Magnetoencephalography (MEG) Machines
-
Transcranial Doppler (TCD) Machines
-
-
Weight Monitoring Devices
-
Digital
-
Analog
-
-
Others Devices
By Type
-
Conventional
-
Wireless
By End User
-
Home Healthcare
-
Hospitals & Clinics
-
Others
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 14.20 Billion |
|
Revenue Forecast in 2030 |
USD 23.70 Billion |
|
Revenue Growth Rate |
CAGR of 7.3% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
Rising Chronic Disease Fuels Patient Monitoring Demand in the U.S. Government Initiatives Drives the Growth of Patient Monitoring Devices |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
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.
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Speak to Our Analyst
Related Report
Related Blogs
Role Of Companies In Shaping The Blood Gas And Electrolyte Analyzer Market
According to Next Move Strategy Consulting, the global blood...
Analysis of Key Players Operating in the Global Surgical Instrument Industry
Next Move Strategy Consulting forecasts more than 1.7-fold g...
CBCT Industry Is Dominated By Dentsply Sirona, Philips, & Vatech With More Than 45% – Know Why
Next Move Strategy Consulting predicts a significant growth...
