Patient Monitoring Devices Market Size, Share, and Trends 2024 to 2034

Patient Monitoring Devices Market Size and Forecast 2024 to 2034

The global patient monitoring devices market size accounted for USD 48.18 billion in 2024 and is expected to be worth around USD 107.93 billion by 2034, at a CAGR of 8.4% from 2024 to 2034. The North America patient monitoring devices market size reached USD 19.11 billion in 2023.

Patient Monitoring Devices Market Key Takeaways

• North America contributed more than 43% of revenue share in 2023.
• Asia-Pacific is expected to expand at the fastest CAGR during the forecast period.
• By Product, the blood glucose monitoring device segment has held the major market share in 2023.
• By End-use, the patient monitoring devices segment contributed more than 52% of the market share in 2023.

U.S. Patient Monitoring Devices Market Size and Growth 2024 to 2034

The U.S. patient monitoring devices market size was estimated at USD 13.40 billion in 2023 and is predicted to be worth around USD 33.25 billion by 2034, at a CAGR of 8.6% from 2024 to 2034.

North America is expected to lead the market accounting for largest market share of more than 43% in 2023. The increasing research and developmental activities in this region to develop advanced patient monitoring devices is anticipated to boost the growth of the market. Moreover, the rising infectious disease in the region and the presence major market players in this region will fuel the growth of market.

Asia Pacific region is also estimated to grow significantly over the forecast period due to the adoption of poor lifestyle such as improper diet, physical inactiveness, high sugar consumption and many others that leads to generation of chronic disease such as obesity, diabetics and others among the people in this region. The chronic disease needs regular monitoring in order to prevent them from becoming fatal for the patients. This attribute is estimated to drive the growth of the market in this region.

Patient Monitoring Devices Market Growth Factors

The surge in demand for the patient monitoring devices to be used residentially is the primary factor that is expected to drive the growth of the Patient Monitoring Devices Market. Furthermore, the increasing cardiovascular disease across the globe where constant body monitoring is required by the patients is anticipated to fuel the growth of the market.

During the COVID-19 outbreak, the demand for the patient monitoring devices increased in the local hospitals and the healthcare facilities. To meet this demand the manufacturers of the patient monitoring devices fastened the production process for these equipment’s and this attribute is expected to boost the growth of the patient monitoring devices Market. Additionally, the surge in chronic diseases such as cancer, diabetics, cardiac disorders, neurological conditions and others across the world is yet another factor that is anticipated to fuel the growth of the market.

With rapid technological developments, the patient monitoring devices manufacturing companies are innovating new equipment’s that can accurately measure different body parameters. This factor is expected to drive the growth of the market. Furthermore, increasing demand for therapeutic and monitoring devices across the globe is expected to boost the growth of the market.

The surge in older population across the globe is a major factor that is fueling the growth of the patient monitoring devices market. The older generation people usually suffer from chronic diseases that need constant monitoring of their health condition and this boost the demand for the market. Also, the development of technologically advanced patient monitoring devices such as ventilators, nebulizers, oxygen monitors and many othersprovides comfort to the patients and therefore is anticipated to drive the growth of the market.

Market Scope

Product Insights

Based on Product, the market is divided into blood glucose monitoring systems, cardiac monitoring devices, multi-parameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal & neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other. The blood glucose monitoring device has contributed significantly towards the growth of the patient monitoring devices owing the rapid increase in diabetics where the constant monitoring of blood sugar level is required.

The cardiac monitoring devices also amounted for a significant revenue share of over 20.1% in 2023 due to increase in cardiovascular disease across the world leading to stroke and heart attack. Furthermore, technological developments, Government initiative, regional expansion and the presence of major market players are estimated to boost the growth of the market.

End-use Insights

On the basis on End-use, the patient monitoring devices market is categorized into hospitals, ambulatory surgery centers, home care settings and other. The hospital segment is estimate to contribute the largest markets share of about 52% in 2023. The surge in demand for availing better quality medical service and effective diagnosis of the disease in the hospitals has fueledthe growth of the market.

Furthermore, the home care segment is also witnessing a significant demand for the monitoring devices owing to a increase in chronic disease that needs regular monitoring of the patients. This entire factor is expected to drive the growth of the market.

Patient Monitoring Devices Market Companies

• Abbott Laboratories
• Hill-Rom Holdings, Inc.
• Drägerwerk AG & Co. KGaA
• Edwards Lifesciences Corporation
• OMRON Corporation
• Masimo Corporation
• Compumedics Limited
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Nihon Kohden Corporation
• Natus Medical
• Medtronic plc (Ireland)
• Koninklijke Philips N.V.
• GE Healthcare
• Getinge AB
• Boston Scientific Corporation
• Dexcom, Inc.
• Nonin
• BIOTRONIK
• SCHILLER
• BioTelemetry, Inc.

Segments Covered in the Report

By Product

• Cardiac Monitoring Devices
  • ECG Devices
  • Implantable Loop Recorders
  • Event Monitors
  • Mobile Cardiac Telemetry Monitors
  • Smart/Wearable ECG Monitors
• Blood Glucose Monitoring Systems
  • Self-monitoring Blood Glucose Systems
  • Continuous Glucose Monitoring Systems
• Multi-parameter Monitoring Devices
  • Low-acuity Monitoring Devices
  • Mid-acuity Monitoring Devices
  • High-acuity Monitoring Devices
• Temperature Monitoring Devices
  • Handheld Temperature Monitoring Devices
  • Table-top Temperature Monitoring Devices
  • Wearable Continuous Monitoring Devices
  • Invasive Temperature Monitoring Devices
  • Smart Temperature Monitoring Devices
• Respiratory Monitoring Devices
  • Pulse Oximeters
  • Spirometers
  • Capnographs
  • Peak Flow Meters
• Hemodynamic/Pressure Monitoring Devices
  • Hemodynamic Monitors
  • Blood Pressure Monitors
  • Disposables
• Fetal& Neonatal Monitoring Devices
  • Fetal Monitoring Devices
  • Neonatal Monitoring Devices
• Neuromonitoring Devices
  • Electroencephalograph Machines
  • Electromyography Machines
  • Cerebral Oximeters
  • Intracranial Pressure Monitors
  • Magnetoencephalograph Machines
  • Transcranial Doppler Machines
• Weight Monitoring Devices
  • Digital
  • Analog
• Other Patient Monitoring Devices

By End-use

• Hospitals
• Home Care Settings
• Ambulatory Surgery Centers
• Others

By Geography

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Russia
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific 

• LAMEA
• Latin America
• Middle East
• Africa