Patient Monitoring Device Market to Exceed $27B by 2025

The patient monitoring device market is set to grow from its current market value of more than $19.5 billion to over $27 billion by 2025; according to a new research report by Global Market Insights Inc.

A rise in the number of patients suffering from critical diseases coupled with rapidly advancing technology will drive the patient monitoring device’s market size over the next few years. Monitoring devices accurately collect and display physiology data on a real-time basis, which is important for the doctors to take immediate and precise course of action. A surge in cardiac disorder patients and increased disposable incomes will push the demand for heart monitoring devices and expand the scope of this medical technology sector.

Evolving digital technologies powering monitoring devices have influenced the operational costs and made them more effective. They have also reduced the need to hire a permanent skilled staff member to interpret data for the customers. According to University in Chicago research, use of continuous glucose monitors (CGM) is extremely cost-effective for adult patients suffering from Type 1 diabetes compared to just using test strips daily. The devices reportedly improve glucose control and result in reduced low blood sugar incidents, endorsing the products offered by patient monitoring device industry players.

Increasing prevalence of heart diseases among patients around the world will help bolster the demand for patient monitoring techniques. According to the American Heart Association (AHA), arrhythmias affect over 4 million patients in the U.S every year. In order to record and interpret the electrical activity of the heart, electrocardiography (ECG) is widely used in the hospitals to detect abnormal heart rhythms. The status of ECG machines has changed over time with the device moving to non-cardiology departments like electrophysiology labs, nursing and emergency departments as well as for respiratory therapy.

Several government initiatives across different countries will influence the patient monitoring device market outlook over the projected timeframe. For instance, India introduced the “Make in India” campaign a few years back to bring in large number of investments into the manufacturing and research sectors. Investments are also being made in the healthcare segment, which will help boost the production and use of patient monitoring devices. This fast-growing startup space in the country stimulated by the influx of capital will encourage added research and development efforts toward building advanced healthcare technologies.

The wireless patient monitoring device market is slated to register a CAGR of 5 percent over the forecast period, as the products help physicians examine several patients simultaneously and remotely. A professor at the Massachusetts Institute of Technology has developed a device called Emerald that analyzes surrounding radio signals via machine learning algorithms. The device can extract several physiological metrics related to mobility, sleep stages, breathing, sleep apnea, gait, and others. The innovation undoubtedly represents a widespread scope for monitoring devices in healthcare.

Development of wireless medical devices can reduce the number of patients needed during clinical studies and shorten the lengths of trials involved. Moreover, it could help reduce repeated clinical site visits, lowering the direct costs to different pharma companies as well as the indirect cost that accrues owing to recruitment difficulties, besides the expenditure on subject site visits. Substantial benefits offered for clinical stage companies and research facilities will lead to escalating adoption of such devices and propel the patient monitoring device industry’s share considerably.

A growing number of patients with acute diseases and a dramatic rise in the number of road accidents that require critical surgeries have increased the demand for anesthesia monitors. Anesthesia monitors are used during surgery to the track vital signs like temperature and blood pressure while patients are heavily sedated. Augmented deployment of anesthesia monitors in hospitals and ambulatory surgical centers will significantly boost the global patient monitoring device’s market size.

According to reports by the U.S. Centers for Disease Control & Prevention, chronic diseases account for close to 75 percent of the entire healthcare expenditure. Among the most prevalent diseases, chronic disorders are the costliest health conditions, with over 45 percent of Americans suffering from various diseases in this category. Hospitals offer major benefits for treatment of such diseases with the help of patient monitoring devices. With a large volume of patients every year needing surgeries and having continuous treatment regimens, the U.S. patient monitoring device industry will witness exponential growth.

Change in lifestyle, increased consumption of junk food, and lack of physical exercise has increased the occurrence of serious health conditions in North America, like endocrine disorders, high cholesterol levels, and cardiovascular diseases. The region will prove to be a lucrative target market for monitoring device manufacturers due to a massive healthcare expenditure and favorable health insurance policies. In fact, the North American patient monitoring device industry’s size is slated to grow by more than 4 percent over the projected years.

An expanding geriatric population, who prefer remote patient monitoring devices owing to general convenience, will help proliferate the advanced healthcare sector in the coming years. Key market players involved in supplying vital patient monitoring products are IBM, Philips, GE Healthcare, OSI Systems, and Honeywell Lifecare Solutions, among others. Increased convenience in deploying IoT technologies will fuel the global patient monitoring device market, which is anticipated to reach annual revenues of over $27 billion by 2025.