Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period. The growing demand for patient monitoring devices in non-hospital settings is also expected to provide a range of growth opportunities for players in the market. On the other hand, the risks associated with invasive monitoring devices are expected to challenge market growth to a certain extent in the coming years.

The Patient Monitoring Systems Market is projected to reach $31.5 billion by 2023 from $20.2 billion in 2019, at a CAGR of 5.7%.

Market Dynamics

+ Drivers

+ Availability of wireless monitoring devices
+ Rising incidence of lifestyle and chronic diseases

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The integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote monitoring devices, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) devices, ambulatory wireless EEG recorders, and ambulatory event monitors. Advanced devices such as mobile PDA devices enable the real-time transmission of data; for example, real-time Cardiac Monitoring provides continuous (beat-to-beat) outpatient EKG monitoring for periods ranging up to several weeks.

Remote and wireless monitoring devices and technologies can be used for long-term monitoring, such as ambulatory wireless EEG recorders used to detect the epileptiform activity of the patient at home, over a long period of time. These recorders are compact and can store large amounts of data in inbuilt memory cards; they do not restrict the patient’s freedom of movement. Remote patient monitoring solutions help enhance patient care delivery and improve patient outcomes for conditions that need continuous monitoring in hospital and non-hospital settings.

Owing to their features and convenience, the demand for wireless monitoring devices is expected to increase across the globe. This, along with the increasing prevalence of heart, neuro, and breathing diseases, has led manufacturers to develop remote cardiovascular, neurological, and respiratory monitoring devices. Examples of wireless monitoring devices available in the market include Neuron- Spectrum-AM (Neurosoft), aireeg WEE-1200 (Nihon Kohden), Trackit MK3 (Lifelines Neurodiagnostic devices) Xltek LTM devices (Natus Medical), Xhibit (Spacelabs Healthcare), Merlin.net (Abbott), and Vital Sync (Medtronic).

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