Global Patient Monitoring Market Expected to Double by 2030

The next eight years will be prosperous ones for the worldwide patient monitoring market.

A report published by Next Move Strategy Consulting estimates the sector generated $36.45 billion in 2021, and predicts it will more than double by 2030, growing 8.7% annually to reach $77.56 billion. Growth drivers include the prevalence of chronic and infectious diseases, changes in lifestyle, and an overall preference for remote monitoring. A rise in wearable device adoption also will move the market forward. 

However, growth could be inhibited by monitoring devices’ high costs. 
 
“There is a surge in demand for remote patient monitoring devices in non-hospital settings. In addition, the investments in healthcare IT are increasing considerably,” said a lead analyst for the Semiconductor & Electronics category at Next Move Strategy Consulting. “These factors offer significant opportunities in the coming years.”
 
Based on product, the report sub-classifies the market into cardiac monitoring devices, hemodynamic/pressure monitoring devices, blood glucose monitoring systems, respiratory monitoring devices, multi-parameter monitoring devices, fetal and neonatal monitoring devices, temperature monitoring device, weight monitoring devices, neuromonitoring devices, and others devices. Based on type, the research bifurcates the market into conventional and wireless. 
 
Based on geography, the research divides the market into North America, Europe, Asia-Pacific, and RoW. According to the report, North America held the highest market share in 2021, and will maintain its top position through 2030 due to a sensor-based patient monitoring systems R&D, an increase in acceptance of mHealth apps, and more investments. Asia-Pacific will experience a rapid growth during the forecast period thanks to increasing adoption of remote patient monitoring devices and the rise in heart- and lung-related diseases. 
 
The key market players analyzed in the report include Koninklijke Philips, Medtronic, GE Healthcare, Abbott Laboratories, Mindray Medical, Edwards Lifesciences Corporation, Hill-Rom Holdings Inc., Masimo Corporation, OMRON Corporation, and Bio-Medical Electronics Co. Ltd. They adopted various strategies such as joint ventures, expansion, new product launches, collaborations, and others to strengthen their market stakes.