Global Medical Monitoring Devices Market Outlook 2028

Global Medical Monitoring Devices Market Overview

The global medical monitoring devices market reached a market size of USD 140.43 billion in 2023, driven by increasing demand for remote health monitoring and the rising prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular disorders. With the growing aging population, particularly in North America and Europe, the adoption of wearable health technology and remote patient monitoring systems has surged. Major advancements in digital health have further accelerated the market growth.

Major players dominating the global medical monitoring devices market in 2023 include Medtronic PLC, GE Healthcare, Philips Healthcare, Abbott Laboratories, and Siemens Healthineers. These companies lead the market by offering a wide range of monitoring devices such as glucose monitoring systems, ECG monitors, and blood pressure monitors. They invest heavily in R&D to innovate and expand their portfolios, especially in telemedicine and digital healthcare solutions.

On February 8, 2023, Abbott announced its acquisition of Cardiovascular Systems, Inc. (CSI) for approximately $890 million. CSI specializes in innovative atherectomy systems used for treating peripheral and coronary artery diseases. This acquisition is expected to enhance Abbott's vascular device offerings and improve treatment options for complex arterial diseases.

Cities like San Francisco, Boston, and London are key players in the global medical monitoring devices market. San Francisco benefits from its proximity to Silicon Valley, which fosters innovation and technology startups in the medical device sector. Boston, with its prominent academic medical centers and research facilities, is a major hub for advancements in medical technology. London leads in telemedicine, driving growth in the market for medical monitoring devices.

Global Medical Monitoring Devices Market Segmentation

By Product Type: The global medical monitoring devices market is segmented by product type into wearable monitoring devices, implantable monitoring devices, and portable monitoring devices. In 2023, wearable devices such as continuous glucose monitors and fitness trackers captured a significant market share due to their ease of use and growing demand for real-time health data. Companies like Fitbit and Dexcom dominate this segment, driven by advancements in sensor technologies and the increasing adoption of telehealth.

By Region: The global medical monitoring devices market is segmented regionally into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East & Africa (MEA). In 2023, North America dominated the market due to its well-established healthcare infrastructure, high adoption of advanced technologies, and strong government support for digital health initiatives. The presence of major market players and a growing aging population further reinforce the regions leading position.

By End-User: The medical monitoring devices market is segmented by end-users into hospitals, home care settings, and ambulatory surgical centers (ASCs). In 2023, home care settings emerged as a dominant end-user, accounting for a major share of the market. This shift is driven by the increasing preference for remote monitoring technologies that reduce the need for hospital visits and offer real-time health tracking from home. The widespread adoption of wearable health devices and the growing focus on patient convenience have significantly contributed to this trend.

Global Medical Monitoring Devices Market Competitive Landscape

Company

Year of Establishment

Headquarters

Medtronic PLC

1949

Dublin, Ireland

GE Healthcare

1994

Chicago, USA

Philips Healthcare

1891

Amsterdam, Netherlands

Abbott Laboratories

1888

Illinois, USA

Siemens Healthineers

1847

Erlangen, Germany

Medtronic PLC: In 2023, Medtronic announced enhancements to the Guardian Connect system, including better integration with digital health platforms to facilitate remote monitoring by healthcare providers. This allows for more effective diabetes management and timely interventions when necessary.

GE Healthcare: GE HealthCare has already announced its second quarter 2024 financial results on July 31, 2024, rather than being set to announce them on that date. The company reported revenues of $4.8 billion, which remained flat year-over-year, and conducted a conference call and webcast at 8:30 a.m. Eastern Time on the same day to discuss these results.

Global Medical Monitoring Devices Market Analysis

Global Medical Monitoring Devices Market Growth Drivers

Rising Prevalence of Chronic Diseases: The global increase in chronic diseases like diabetes and cardiovascular disorders is driving the demand for medical monitoring devices. As of 2023, around 422 million people have diabetes. The need for constant monitoring of conditions such as glucose and blood pressure fuels market growth. Diabetes cases are expected to rise by over 10% by 2025, further boosting demand for these devices.

Rising Healthcare Expenditure: The global rise in healthcare expenditure reflects increased investments in advanced technologies, driven by the growing burden of chronic diseases. This trend is expected to boost demand for patient monitoring devices, especially in regions with expanding healthcare infrastructure. Enhanced investment will improve patient monitoring capabilities, leading to better outcomes and reduced hospital readmissions.

Government Support and Healthcare Digitization: Governments are increasingly backing digital health solutions. In 2023, the U.S. expanded reimbursement for remote patient monitoring (RPM) services, covering devices such as glucose monitors and blood pressure cuffs. This initiative encourages healthcare providers to adopt and recommend these devices, boosting market growth. By 2024, RPM users in the U.S. are projected to exceed 44 million.

Global Medical Monitoring Devices Market Challenges

High Costs of Advanced Monitoring Devices: The growing demand for medical monitoring devices is hindered by their high costs. In 2023, continuous glucose monitors (CGMs) cost between $1,000 and $1,500, limiting accessibility, particularly in developing regions. Although insurance coverage is improving, it often does not cover the full expense, affecting low-income communities' access to these devices.

Regulatory Approval and Compliance Hurdles: Securing regulatory approvals for medical monitoring devices is often slow and costly. New EU Medical Device Regulations in 2024 have lengthened approval times, with the process now taking up to 36 months. Navigating these complex regulations can delay market entry for new devices.

Global Medical Monitoring Devices Market Government Initiatives

Digital Health Reimbursement in the U.S: In 2023, CMS included Digital Health Applications (DHAs) in a new Level II Healthcare Common Procedure Coding System (HCPCS), which facilitates federal funding for these technologies. However, the reimbursement landscape in the U.S. remains complex, as most DHAs are still reimbursed primarily by commercial payers on a case-by-case basis, and limitations are expected due to the one size fits all approach of the new coding.

Telemedicine and Digital Health Initiatives in China: In 2023, the Chinese National Health Commission launched a telemedicine initiative to enhance digital healthcare services, especially in rural areas. This program included subsidies for remote monitoring devices for hospitals and clinics. The Chinese government is investing significantly to expand digital health infrastructure, which is expected to increase demand for medical monitoring devices in the region.

Global Medical Monitoring Devices Market Outlook

By 2028, the global medical monitoring devices market is poised for significant advancements driven by emerging technologies and evolving healthcare needs. The expanded use of biosensors for real-time health tracking, the transformative impact of 5G connectivity on remote monitoring, and increased focus on regulatory compliance will shape the market's growth trajectory.

Future Trends:

Expanded Use of Biosensors for Real-time Monitoring: By 2028, the global medical monitoring devices market is expected to see widespread adoption of biosensors for real-time health tracking. Advancements in sensor technology and supportive government initiatives will drive this growth, enabling more personalized healthcare solutions in both clinical and home settings.

5G Connectivity to Transform Remote Monitoring: By 2028, 5G connectivity will transform remote patient monitoring, offering faster and more reliable data transmission. This advancement is expected to significantly enhance telemedicine services, especially in rural areas with limited healthcare infrastructure. The integration of 5G will improve the efficiency of healthcare services by enabling real-time data exchange between devices and providers.
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