This study analyzes several patient monitoring devices, such as blood pressure monitors, fetal and maternal monitors, multiparameter monitors, pulse oximeters, and spirometers. It addresses critical questions such as industry size, growth rates, growth opportunities, strategic imperatives, technology impact, and new business models. Regional coverage includes North America, Europe, Asia-Pacific, and Latin America, the Middle East, and Africa.
Frost & Sullivan observes that the shift to home care settings and the rapid implementation of remote monitoring solutions will be the key trends driving the patient monitoring industry during the forecast period. New vendors that offer innovative solutions, including wearables and contactless monitoring solutions, are rapidly entering the industry. Moreover, connected devices and supporting digital platforms are driving industry growth. Several multinational, regional, and start-up companies operate in the patient monitoring industry, driving the competitive intensity. Vendors offer innovative technologies to solve several healthcare challenges, including the high care costs and the growing healthcare workforce burden, thereby gaining competitive advantages.
The study period is from 2021 to 2029, the base year is 2023, and the forecast period is from 2024 to 2029.
Revenue Forecast
The revenue estimate for the base year 2023 is $27,714.8 Million with a CAGR of 5.8% for the study period 2023–2029.
The Impact of the Top 3 Strategic Imperatives on the Patient Monitoring Industry
Disruptive Technologies
Why
- Technologies such as wearables, contactless monitoring, and remote monitoring platforms compete with traditional patient monitoring products and hinder their adoption, especially in low-acuity settings.
- Investments in supporting digital platforms and AI-based algorithms will drive adoption.
Frost Perspective
The abovementioned technologies will drive the growth of the patient monitoring industry in the next 5 years.
- Leading vendors, such as GE Healthcare and Philips Healthcare, have started investing in these advanced technologies.
Transformative Megatrends
Why
- Patient care is rapidly shifting to out-of-hospital settings to contain the growing healthcare costs and reduce the hospital workforce burden.
- Home care settings are also becoming a preferred care mode due to cost savings.
Frost Perspective
Patient monitoring solutions with supporting digital platforms that help to reduce hospital burden and provide out-of-hospital continuous patient monitoring will take center stage in the next 5 years.
Competitive Intensity
Why
- Many new wearables and contactless monitoring companies are entering the patient monitoring industry.
- In addition, consumer technology companies, such as Apple and Fitbit, are trying to enter the continuous patient monitoring space.
Frost Perspective
Scope of Analysis
- This patient monitoring study analyzes patient monitoring devices.
- Market estimates for multiple parameter devices cover standard multiparameter patient monitors, OEM sensors and accessories (with the equipment), and related data management solutions. The multiparameter consumables segment covers consumables’ and accessories’ revenue generated through repeated purchasing. Service revenue considers revenue generated by OEM vendors’ spending on servicing their equipment and healthcare facilities’ spending on servicing multiparameter monitors.
- The study discusses wearables and contactless monitoring trends and impact; however, it does not include market size and forecasts for these solutions.
Segmentation
Patient Monitoring Devices – Product
Multiparameter Monitors
• Covers low-, mid-, and high-acuity-level monitoring devices
• Sub-segments
- Devices
- Consumables (includes sensors, cuffs, and lead wires)
- Services
Blood Pressure Monitors
• Covers sphygmomanometers (aneroid, digital, and ambulatory monitors)
Fetal and Maternal Monitors
• Covers the fetal and maternal monitoring devices used in obstetrician-gynecologist (OB-GYN) departments
• Also covers ultrasound, electronic maternal monitors, fetal electrodes, fetal doppler devices, uterine contraction devices, accessories, consumables, and wearable monitoring devices
Pulse Oximeters
• Covers fingertip and handheld pulse oximeters
Spirometers
• Covers handheld and tabletop devices
Hospitals
• Includes devices used in hospitals, ambulatory surgical centers, and clinics
Home Care
• Covers devices used in home settings
Competitive Environment
| Category | Details |
|---|---|
| Number of Competitors | >75, with a revenue greater than $1.0 million |
| Competitive Factors | Cost, performance, support, technology, reliability |
| Key End-user Industry Verticals | Hospitals and home care |
| Leading Competitors | Philips Healthcare, GE Healthcare, Medtronic, Mindray |
| Revenue Share of Top 8 Competitors (2023) | 32.2% |
| Other Notable Competitors | Omron, Nihon Kohden, Masimo |
| Distribution Structure | OEMs, retail sales, direct sales |
| Notable Mergers and Acquisitions | Omron Healthcare acquired Luscii Healthtech in April 2024 |
Key Competitors by Region
- Acculab
- Bionet America, Inc.
- Baxter, Hill-Rom Holdings Inc.
- GE Healthcare
- Infinium Medical, Inc.
- IRadimed Corporation
- Masimo
- Medtronic
- Oricare
- Spacelabs Healthcare
- Dräger
- Meditec England
- MESI
- Philips Healthcare
- Progetti Medical
- Rudolf Riester
- Schiller Healthcare
- Seca
- SternMed GmbH
- UTAS
- Zug Medical Systems
- BPL Medical Technologies
- Clarity Medical
- Creative Medical
- Contec Medical
- EDAN Instruments
- Fukuda Denshi Co., Ltd.
- General Meditech Inc.
- Mindray Medical
- Nihon Kohden
- Omron Healthcare
- Shenzhen Comen Medical Instruments
- Skarnay Technologies
- Votem
- Wuhan Zoncare Biomedical Electronics
- Yonner Medical
- Okuman Medikal Sistemler A.S.
- Olidef
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Patient Monitoring Industry
Scope of Analysis
Segmentation
Segmentation (continued)
Competitive Environment
Key Competitors by Region
Key Competitors by Product
Patient Monitoring Study Summary
Growth Environment
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Considerations
Revenue Forecast
Revenue Forecast by Product
Revenue Forecast by Monitors
Revenue Forecast by End User
Revenue Forecast by Region
Revenue Forecast Analysis
Pricing Trends and Forecast Analysis
Revenue Share
Revenue Share Analysis
Revenue Share Analysis (continued)
Revenue Share Analysis (continued)
Multiparameter Monitor Trends
Multiparameter Monitor Trends (continued)
Fetal and Maternal Monitor Trends
Blood Pressure Monitor Trends
Pulse Oximeter Trends
Spirometer Trends
End-user Trends
Implementation of Digital Solutions is Critical for Growth
Wearable Patient Monitoring Solutions
Emerging Wearables and Contactless Patient Monitoring Companies
Patient Data Insights is a Key Growth Driver
Patient Monitoring Business Models
AI in Patient Monitoring
Growth Metrics
Revenue Forecast
Revenue Forecast by Product
Revenue Forecast by Monitors
Revenue Forecast by End User
Forecast Analysis
Growth Metrics
Revenue Forecast
Revenue Forecast by Product
Revenue Forecast by Monitors
Revenue Forecast by End User
Forecast Analysis
Growth Metrics
Revenue Forecast
Revenue Forecast by Product
Revenue Forecast by Monitors
Revenue Forecast by End User
Forecast Analysis
Growth Metrics
Revenue Forecast
Revenue Forecast by Product
Revenue Forecast by Monitors
Revenue Forecast by End User
Forecast Analysis
Growth Opportunity 1: Digital Platforms and Connected Devices
Growth Opportunity 1: Digital Platforms and Connected Devices (continued)
Growth Opportunity 2: Home Care Settings
Growth Opportunity 2: Home Care Settings (continued)
Growth Opportunity 3: Artificial Intelligence
Growth Opportunity 3: Artificial Intelligence (continued)
Growth Opportunity 4: Asia-Pacific
Growth Opportunity 4: Asia-Pacific (continued)
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
List of Exhibits (continued)
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| Deliverable Type | Market Research |
|---|---|
| Author | Utkarsha soundankar |
| Industries | Healthcare |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | digital patient monitoring devices market |
| Keyword 2 | Patient monitoring market |
| Keyword 3 | Monitoring technology advancements |
| Podcast | No |
| WIP Number | KA80-01-00-00-00 |
Patient Monitoring Market, Global, 2024 2029
Patient Monitoring is Experiencing Transformational Growth Driven by Digital Solutions and Out-of-Hospital Care
02-Jul-2024
Global
Market Research
