Patient Monitoring Devices and Accessories Market - 2024-2031

Overview

The global patient monitoring devices and accessories market reached US$ 47.4 billion in 2023 and is expected to reach US$ 82.01 billion by 2031, growing at a CAGR of 7.2% during the forecast period 2024-2031.

A patient monitoring device is a medical device that measures and displays a patient's vital signs, such as heart rate, blood pressure, and temperature, to help ensure quality patient care. Patient monitors are also known as medical monitors, physiological monitors, or displays. Patient monitors can help prevent diagnosis errors and assist in future medical research. They can also help medical teams respond quickly to emergencies, such as when a patient's blood pressure drops too low or gets too high.

The patient monitoring device is used to measure various medical parameters such as blood pressure, blood glucose level, oxygen levels, heartbeat pattern, fetal growth, neonatal parameters, anesthesia levels, body temperature, brain electrical activity, etc. These patient-monitoring devices are very important medical devices in analyzing the health condition and treatment response of a patient.

Market Dynamics: Drivers

Increasing prevalence of chronic diseases

The rising prevalence of propels the market growth. For instance, according to the World Health Organization, about 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades.

Moreover, according to an article published by the Institute for Health Metrics and Evaluation in June 2023, The latest and most comprehensive calculations show the current global prevalence rate is 6.1%, making diabetes one of the top 10 leading causes of death and disability. At the super-region level, the highest rate is 9.3% in North Africa and the Middle East, and that number is projected to jump to 16.8% by 2050. The rate in Latin America and the Caribbean is projected to increase to 11.3%.

Moreover, according to the CDC, Coronary heart disease is the most common type of heart disease. It killed 371,506 people in 2022. About 1 in 20 adults age 20 and older have CAD (about 5%). In 2022, about 1 out of every 5 deaths from cardiovascular diseases (CVDs) was among adults younger than 65 years old.

Restraints

Factors such as risks associated with invasive monitoring devices, high costs associated with the monitoring devices, lack of reimbursement programs, and stringent regulatory requirements are expected to hamper the market.

Segment Analysis

The global patient monitoring devices and accessories market is segmented based on product type, end-user, and region.

The segment hemodynamic monitoring devices accounted for approximately 49.6% of the global patient monitoring devices and accessories market shares

The hemodynamic monitoring devices segment is expected to hold the largest market share over the forecast period. In this segment, the increasing prevalence of diabetes, and technological advancements would drive this market.

For instance, in June 2024, Prevounce Health, a leading provider of remote care management software, devices, and services, announced the launch of its first remote blood glucose monitoring device Pylo GL1-LTE. The blood glucose meter is clinically validated and connects to multiple cellular networks to better ensure reliable data transmission throughout the United States. The GL1-LTE is available for use with the Prevounce remote care management platform and can integrate with other health software via the Pylo cloud API.

Geographical Analysis

North America accounted for approximately 42.8% of the global patient monitoring devices and accessories market share

North America region is expected to hold the largest market share over the forecast period. The rising incidence of chronic diseases, and technological advancements, in this region, help to propel the market.

For instance, according to the Centers for Disease Control and Prevention (CDC), in November 2023, it is estimated that, estimates that 136 million adults are living with diabetes or prediabetes in the United States. For both men and women, the prevalence of diagnosed diabetes was highest among American Indian and Alaskan Native adults (13.6%), followed by non-Hispanic Black adults (12.1%), adults of Hispanic origin (11.7%), non-Hispanic Asian adults (9.1%), and non-Hispanic White adults (6.9%). Adults with a family income above 500% of the federal poverty level had the lowest prevalence of diabetes for both men (6.3%) and women (3.9%), compared to families with a family income at or below the poverty level (13.1%).

Moreover, according to the CDC, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups. One person dies every 33 seconds from cardiovascular disease. In 2022, 702,880 people died from heart disease. That's the equivalent of 1 in every 5 deaths. Moreover, in February 2024, ResMed announced today that it launched its AirCurve 11 series bilevel positive airway pressure devices in the U.S. ResMed describes the AirCurve 11 series as its newest range of bilevel devices that use two levels of support. They use inspiratory positive airway pressure (IPAP) and expiratory positive airway pressure (EPAP). Combined with digital technology, AirCurve 11 was designed to help providers treat sleep apnea while patients start and stay on therapy.

Market Segmentation

By Product Type

Respiratory Monitoring Devices

Hemodynamic Monitoring Devices

Blood Glucose Monitoring

Blood Pressure Monitoring

Blood Gas and Electrolyte Analysis

Cardiac Monitoring Devices

Temperature Monitoring Devices

Anaesthesia Monitoring Devices

Neuromonitoring Devices

Fetal and Neonatal Monitoring Devices

By End-User

Hospitals and Clinics

Diagnostic Centers

Outpatient facilities

Homecare

Others

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Spain

Italy

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Middle East and Africa

Competitive Landscape

The major global players in the global patient monitoring devices and accessories market include Medtronic, Abbott, Dexcom Inc., GE HealthCare, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Edwards Lifesciences Corporation, Baxter, Boston Scientific Corporation, Compumedics Limited among others.

Key Developments

In October 2023, Boston Scientific launched the LUX-Dx II+ Insertable Cardiac Monitor (ICM) System, a next-generation insertable monitor for long-term monitoring of arrhythmias associated with conditions such as atrial fibrillation (AF), cryptogenic stroke, and syncope.

In April 2024, NeuroVigil launched its iBrain personal brain monitor an investigational portable device that can noninvasively record the brain's electrical activity in people with neurological conditions in the U.S. iBrain is based on electroencephalogram (EEG) technology, commonly used to measure brain electrical activity and identify evidence of neurological changes.

In March 2024, Medtronic announced U.S. Food and Drug Administration (FDA) 510(k) clearance for the BIS(TM) Advance monitor. The new BIS(TM) Advance monitor delivers the clinically validated BIS(TM) algorithm with a completely redesigned interface that is easy to configure and use.

Why Purchase the Report?

To visualize the global patient monitoring devices and accessories market segmentation based on product type, end-user, and region as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development

Excel data sheet with numerous data points of global patient monitoring devices and accessories market level with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping is available in Excel consisting of key products of all the major players.

The global patient monitoring devices and accessories market report would provide approximately 51 tables, 54 figures, and 181 Pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies