Next Generation Patient Monitoring Devices Market

Next Generation Patient Monitoring Devices Market Outlook (2022-2032)

Worldwide demand for next generation patient monitoring devices is expected to increase at a robust CAGR of 8.9% from 2022 to 2032. At present, the global next generation patient monitoring devices market is valued at US$ 4.38 billion and is expected to reach US$ 10.27 billion by the end of 2032.

Next-generation patient monitoring devices are comprised of a wearable component, which includes devices with sensors and non-wearable components, such as monitoring devices. These devices are linked through wireless networks and analytical algorithms to both ends.

Report Attributes	Details
Next Generation Patient Monitoring Devices Market Size (2022E)	US$ 4.38 Billion
Forecasted Market Value (2032F)	US$ 10.27 Billion
Global Market Growth Rate (2022-2032)	8.9% CAGR
North America Market Share (2022)	26.3%
Europe Market Share (2022)	21.5%
Key Companies Profiled	Boston Scientific Corporation Nihon Kohden Corporation Koninklijke Philips N.V. F. Hoffmann-La Roche Ltd. Medtronic Abbott eDevice Isansys Lifecare Ltd. Zywie Inc.

Sales Analysis of Next Generation Patient Monitoring Devices (2017-2021) Vs. Industry Outlook (2022-2032)

“Rising Focus on Health and Well-being Driving Demand for Next Generation Patient Monitoring Devices”

According to Fact.MR, a market research and competitive intelligence provider, demand for next generation patient monitoring devices is expected to rise at a healthy CAGR of 8.9% from 2022 to 2032.

The global next generation patient monitoring devices market is anticipated to experience an exponential rise over the coming years. These monitoring devices are developed to monitor patients who prefer staying away from hospitals or clinics.

These devices are also known to provide certain relief to hospitals which are getting busier these days due to the rise in patients. These devices help the doctor to stay in touch with the patients. Moreover, to improve efficiency and deliver better service to a hospital, uptake of these next generation patient monitoring devices is surging.

Factors such as reduced adverse events, improved patient outcomes, lesser hospital stays, and helping hospitals to improve their efficiency are bolstering the growth of the market. These devices are also known to reduce healthcare costs which are attracting the middle class thus adding more fuel to the growth of the market.

Remote monitoring technology in next generation patient monitoring devices provides access to broader geographical areas, including less-served regions, which reduces the cost of treatment and time of travel.

What’s Driving Next Generation Patient Monitoring Devices Market Revenue?

“Rising Adoption of Next Generation Patient Monitoring Devices for Improving Clinical Performance”

Next generation patient monitoring devices are designed for enhancing patient care and improving clinical performance. The integration of IT in the healthcare system helps in the regular monitoring, timely capturing of patient data, and storing of real-time records, thus, improving patient care. Hospitals are getting busier these days and the number of patients continuously increasing which generated the need for next-generation patient monitoring devices in the hospital environment.

Furthermore, to improve efficiency, better resource utilization, and maintain their level of service, adoption of these next generation patient monitoring devices is increasing. These devices can provide constant and real-time physiological and allied data such as heart activity, body temperature, blood pressure, pulse rate, and other clinical conditions with wireless connectivity to monitor patients better, more closely, and efficiently.

Several advantages of next generation patient monitoring devices in assisting patient care such as reduced adverse events, improving hospital efficiency, improving patient outcomes, real-time data monitoring & storage, lesser hospital stays, etc. supports the adoption and market growth of these devices. Next generation patient monitoring devices also have the potential of minimizing healthcare costs which further fuels their adoption in hospital settings.

How Can Emerging Companies Prosper in This Competitive Landscape?

“New Entrants Gaining Traction with Implementation of Advanced Medical Facilities & Efficient Solutions”

Start-up companies are focusing on developing highly equipped patient monitoring devices for the present as well as future generation patients. Growing demand for advanced medical facilities continues to offer lucrative opportunities for market players. New entrants in the market are engaged in bringing innovations in their offerings to mark their presence.

Shifting focus of healthcare industries to value-based and patient-centric monitoring solutions continues to favor market growth. Integrating advanced technologies in wireless devices is a recent trend in next-generation patient monitoring devices.

New companies should focus on wireless and remote patient monitoring systems, patient data processing applications & equipment, and EMR data transfer equipment to facilitate medical facilities.

• A new entrant in the medical technology industry – Grapheal - supplies advanced sensing thin films that can be used in ultra-sensitive biosensors. The firm focuses on electronic biosensors and wearables connected to IoT and mobile platforms. A portable, low-cost, and quick diagnostic test is being proposed by Grapheal, which uses an antibody-sensitized sensor in conjunction with a mobile application to provide multi-strain screening in saliva.

Which Regions Lead Next-Gen Patient Monitoring Devices Market Growth?

“Advanced Healthcare Infrastructure & Rising Adoption of Medical Services in North America & Europe”

North America accounts for 26.3% share of the global next generation patient monitoring devices market. Geographically, North America leads the market for next generation patient monitoring devices owing to the advanced healthcare infrastructure and the intensity of market players in the region.

With 21.5% market share, Europe is the second-largest regional next generation patient monitoring devices market. More focus on patient care and thus a good rate of adoption are the factors driving the market growth in Europe.

APEJ represents a significant share in the next generation of patient monitoring devices market for the forecast period owing to the rise in chronic disease and improvement in healthcare facilities. Japan also have a significant market share owing to the high geriatric population as well as available government support.

Category-wise Insights

Which End User is Expected to Remain Prominent Going Forward?

“Increasing Importance of Accurate & Early Disease Diagnosis in Hospitals Driving Demand for Next Generation Patient Monitoring Devices”

Based on end users, the next generation patient monitoring devices market is segmented into hospitals, clinics, ambulatory surgical centers, diagnostic centers, and home care settings. Sales of next generation patient monitoring devices in hospitals are expected to rise at the highest CAGR over the forecast period.

The large target patient population base that prefers hospitals, increasing volume of procedures in hospital settings, rising focus on accurate and early diagnosis of diseases in hospitals, and the high budget allocated by hospitals for the introduction of technologically advanced patient monitoring systems are all factors driving demand for next generation patient monitoring devices in these setting.

Competitive Landscape

Next generation patient monitoring device manufacturers are involved in the continuous advancement of their manufacturing technologies to develop innovative solutions with a focus on more precise and low-cost devices.

Next generation patient monitoring device providers are also collaborating with healthcare professionals and various organizations for network building to increase their sales potential.

For instance :

• In 2020, Royal Philips, a global leader in health technology, launched next-generation wearable biosensors for early patient deterioration detection. This is helping clinicians detect risks so that they can intervene earlier and help in improving patients’ health in lower acuity care areas.

Key Segments Covered in Next Generation Patient Monitoring Devices Industry Research

• By Service :

  • MRI Compatible Devices
  • Non-MRI Compatible Devices

• By Component :

  • Wearable Components
  • Non-wearable Components

• By Application :

  • Diagnosis
  • Treatment Monitoring

• By End User :

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Home Care Settings

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa