The fetal and neonatal monitoring devices market accounted for the largest share of the patient monitoring devices market in 2018 at almost 45% of the market. A major driver of the market during the historic period was the rising healthcare expenditure. With increasing prevalence of chronic diseases, increasing aging population, and increasing disposable income, the expenditure on healthcare is increasing in both developed and developing nations. In developed nations such as the USA, healthcare spending increased by almost 6% over the past few years, and the per capita expenditure in 2016 was around $10,000.

The smallest segment, which was the remote patient monitoring devices and equipment market, grew from almost $1 billion in 2014 to nearly $1.5 billion in 2018. Though remote patient monitoring devices and equipment market held the smallest market share during the historic period, it is expected to be the fastest-growing segment going forward. Faster growth of the market in the forecast period than in the historic one can be attributed to the expected continued economic growth, leading to an expected increase in per capita healthcare expenditure, and increasing prevalence of chronic diseases.

The patient monitoring devices market is segmented by type into fetal and neonatal monitoring devices, vital parameter monitoring devices and equipment, weight monitoring and body temperature monitoring devices and equipment, and remote patient monitoring devices and equipment.

Increasing adoption of remote patient monitoring is expected to drive the overall patient monitoring devices market during the forecast period. Remote patient monitoring (rpm) technology allows patients to be monitored away from conventional clinical settings. RPM uses digital technologies to collect patients’ medical data from one location and electronically transmit it to healthcare providers based in a different location for assessment and treatment recommendations. RPM also enables patients to be continuously monitored in the comfort of their home. The number of patients monitored remotely is likely to increase to approximately 20 million by 2018 from about 3 million in 2013.

Medical device manufacturers, technology companies and other investors have invested heavily in health monitors, glasses, wearables segments and mobile apps. In 2015, Google launched the prototype of a wearable watch that will test blood sugar levels in a patient’s blood without the use of a needle or lancet. In 2015, DexCom received the US FDA approval for Dexcom G5 mobile continuous glucose monitoring (CGM) system. This is a small, flexible, bandage-like, wearable device that monitors glucose levels in a patient’s blood and provides accurate, real-time glucose readings every five minutes to their smart device.

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