The patient monitoring devices market is expected to register substantial growth by 2027 due to rapid technological advancements in the patient monitoring sector.

Patient monitoring devices are vital pieces of equipment that are used to monitor physiological parameters that determine a patient’s health. Medical practitioners may employ either conventional or remote (non-invasive) monitoring devices. The ongoing COVID-19 outbreak has accelerated the demand for remote and wearable patient monitoring devices that record specific physiological parameters to evaluate patients’ health and wirelessly transmit patient information to the concerned healthcare provider, which has been favorable for business growth during the pandemic.

Notably, industry players are employing lucrative strategies to accommodate the rising demand for advanced monitoring devices in the telehealth and ambulatory surgical centers segment, thereby enhancing the global market outlook. For instance, in March 2021, Mindray North America, a leading manufacturer of medical devices, launched its versatile wearable monitoring device, dubbed BeneVision TM70 Telemetry platform, in the U.S. market. The BeneVision TM70 utilizes telemetry technology to support continuous monitoring of ambulatory patients.

The patient monitoring devices market has been bifurcated based on type, product, end-use, and region. With respect to product, the market has further been segregated into anesthesia monitor, cardiac monitoring devices, multiparameter devices, hemodynamic monitoring devices, fetal and neonatal monitoring, neuromonitoring devices, respiratory monitoring devices, and others.

The multiparameter devices sub-segment exceeded a valuation of USD 10 billion in 2020 and is projected to showcase robust growth over the forecast period. High preference for portable multiparameter devices among the geriatric patient pool in homecare settings due to their ease and convenience is estimated to foster segmental expansion over the forthcoming years.

On the basis of type, the market has been divided into wireless and conventional. In 2020, the conventional sub-segment held a market value of over USD 14 billion and is anticipated to progress at a notable pace over 2021-2027. Conventional systems continuously monitor SpO2 levels. Increasing number of patients suffering from respiratory failures has fueled the demand for continuous monitoring of SpO2, which is likely to bolster product demand over the review period.

In terms of end-use, the market has been categorized into homecare settings, hospitals, and ambulatory surgical centers (ASCs). The patient monitoring devices market from the ambulatory surgical devices (ASCs) sub-segment is speculated to observe significant expansion by 2027, delivering around 6.9% CAGR over the analysis timeframe. Increasing inclination of a large portion of the patient population towards ASCs as they are a cost-effective alternative to hospital-based treatment is set to drive segmental uptake over the assessment period.

From the regional perspective, the Latin America patient monitoring devices market accounted for nearly 6.5% of the overall industry revenue in 2020 and is slated to witness optimistic growth through the projected timeline. Rising incidences of different disorders across several countries in LATAM are speculated to foster regional market growth in the future.