Patient Monitoring Market Set to Reach USD 77 Billion by 2030, Driven by Rising Chronic Diseases, Aging Population, and Technological Advancements

Patient Monitoring Market Set to Reach USD 77 Billion by 2030, Driven by Rising Chronic Diseases, Aging Population, and Technological Advancements

According to Next Move Strategy Consulting, the global Patient Monitoring Market is poised for significant growth, with a projected market size of USD 77 billion by 2030. This growth represents a Compound Annual Growth Rate (CAGR) of 9% by 2030. The increasing demand for continuous health surveillance, especially among individuals suffering from chronic diseases and the aging population, combined with advancements in medical technology, is driving the market's expansion.

Download Free Sample: https://www.nextmsc.com/patient-monitoring-market/request-sample

Market Overview
Patient monitoring refers to the continuous or intermittent tracking of a patient's vital signs and overall health status using various medical devices. This essential process is critical in healthcare settings such as hospitals, outpatient clinics, intensive care units, and home healthcare. Devices monitor key parameters like heart rate, blood pressure, oxygen saturation, respiratory rate, and temperature, providing valuable insights for healthcare providers to make informed decisions and improve patient outcomes.

Rising Prevalence of Chronic Diseases
The growing prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and respiratory illnesses, is a significant driver of the patient monitoring market. According to a World Health Organization (WHO) report from April 2021, non-communicable diseases (NCDs) are responsible for 71% of global deaths, highlighting the critical need for advanced patient monitoring solutions to manage these widespread conditions.

Technological Advancements and EHR Integration
The integration of patient monitoring systems with Electronic Health Records (EHRs) is also fueling market growth. This integration allows healthcare providers to access real-time patient data, streamlining workflows, and enhancing care coordination. Furthermore, the use of artificial intelligence (AI) and machine learning in patient monitoring systems is expected to create significant opportunities for growth, enabling early detection of health issues through data analysis. Notably, in March 2023, Zephyr AI, Inc. and KangarooHealth, Inc. partnered to develop an AI-assisted remote patient monitoring platform to support predictive solutions for clinicians.

Aging Population and Growing Demand for Monitoring Solutions
The global aging population is another major contributor to the market’s growth. Elderly individuals often experience age-related health conditions, necessitating regular monitoring. The World Health Organization (WHO) reports that the number of people over 60 years old is expected to rise from 1.4 billion in 2020 to 2.1 billion by 2050, further amplifying the need for effective patient monitoring systems to manage chronic conditions and prevent adverse health outcomes.

Inquire Before Buying: https://www.nextmsc.com/patient-monitoring-market/inquire-before-buying

Regional Insights
North America currently dominates the patient monitoring market and is expected to maintain this leadership position throughout the forecast period. The presence of key market players such as GE Healthcare, Abbott Laboratories, and Honeywell International Inc. in the region, along with the adoption of advanced healthcare technologies, is contributing to this dominance. Recent product innovations, like Honeywell’s real-time health monitoring system introduced in April 2023, are advancing the market.

Asia-Pacific is also experiencing substantial growth, driven by an increasing elderly population and significant government initiatives to improve healthcare technologies, including telemedicine and AI-driven healthcare solutions. Notably, India’s integration of the eSanjeevani telemedicine app and other technology-driven initiatives are helping advance patient monitoring solutions in the region.

Challenges and Market Restraints
Despite these advancements, high costs associated with patient monitoring devices and systems remain a challenge. The expense of equipment makes it difficult for resource-limited healthcare settings to access and implement these technologies, which may restrain the market's growth potential in certain regions.

Competitive Landscape
Key players in the global patient monitoring market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Nihon Kohden Corporation, Abbott Laboratories, Masimo Corporation, Hill-Rom Holdings, Inc., Biotronik SE & Co. KG, and Honeywell International, Inc. These companies are focused on strategic initiatives such as product launches, technological innovations, and strategic partnerships to strengthen their position in the market.

For instance:

  • In August 2023, GE Healthcare launched its innovative wireless and wearable monitoring solution, Portrait Mobile, which received FDA clearance for real-time patient monitoring, particularly beneficial in post-surgery and ICU recovery.
  • In June 2023, Royal Philips and Masimo announced FDA clearance for the activation of advanced brain function and oxygenation monitoring solutions within Philips Patient Monitors.

Conclusion
The patient monitoring market is experiencing rapid growth, driven by the increasing prevalence of chronic diseases, technological innovations, and the aging population. The integration of AI and machine learning into monitoring systems, along with the rise in healthcare infrastructure investments in key regions, is set to propel the market forward. However, high device costs continue to present challenges that need to be addressed to ensure broader accessibility.

Also, Browse Related Reports:   

For more information, please contact:

Next Move Strategy Consulting

E-Mail: info@nextmsc.com

Direct: +1-217-650-7991

Website: www.nextmsc.com

Follow Us: LinkedIn | Twitter | Facebook | Instagram | YouTube

About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

Back to blog