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Remote Patient Monitoring Devices Market Analysis

The India Patient Monitoring Market size is estimated at USD 1.76 billion in 2024, and is expected to reach USD 2.54 billion by 2029, growing at a CAGR of 7.67% during the forecast period (2024-2029).

The outbreak of COVID-19 impacted the patient monitoring devices market significantly. The demand for patient monitoring devices has witnessed significant growth during the COVID-19 pandemic due to the increasing number of COVID-19 cases which require continuous patient monitoring. Furthermore, companies increased their manufacturing of critical or essential medical devices during the COVID-19 pandemic. For instance, ResMed produced approximately 150,000 ventilators in response to the global pandemic since the start of the year 2020, more than tripling its output of this potentially life-saving equipment compared to the same period in 2019. As per Medtronic's 2022 annual report, COVID-19 is having and will continue to have a significant impact on patient monitoring. It also stated that there is a continuous acceptance and growth in patient monitoring, led by the Nellcor pulse oximetry sensors and SonarMed Airway Monitoring System for the NICU in the fiscal year 2022. Hence, the COVID-19 pandemic had a positive impact on the market growth and the market is growing significantly and is likely to grow over the forecast period.

The key factors propelling the market are the rising incidences of chronic diseases due to lifestyle changes, growing preference for home and remote monitoring, and ease of use and portability of devices. Remote patient monitoring provides increased patient accountability, chronic condition management, and other benefits that are leading to its widespread adoption, thereby contributing to market growth. India is among the top three countries with a high incidence of diabetes. According to the International Diabetes Federation, the estimated number of diabetes patients in the 20-79 age group was 74.2 million in 2021 and is expected to increase to 124.8 million by 2045. Furthermore, the elderly population who is more prone to chronic diseases is also likely to create demand for advanced patient monitoring devices over the forecast period. For instance, according to the Report of the Technical Group on Population Projections for India and States 2011-2036, there were 138 million elderly persons in India in 2021 and is further expected to increase by around 56 million elderly persons by 2031. Thus, this increase in the geriatric population along with the increase in chronic diseases is expected to drive the patient monitoring market.

Additionally, according to an article published by HT Digital Streams Ltd, in March 2022, with the use of an AI-powered triaging system, Apollo Hospitals has introduced an intelligent in-patient room automation system that continually tracks a patient's respiration rate, heart rate, and other clinical indicators from a distance. Apollo has also set up IoT-enabled smart health kiosks for screening and diagnosing different health parameters at several places. Furthermore, in March 2022, Manipal hospital also started using the Fitbit-ConnectedLife solution in Bengaluru but plans to expand it to all its tier-1 branches across Delhi, Pune, and Goa. Thus, the growing preference advaned remote monitoring solutions in hospitals is expected to drive market growth.

However, the high cost of technology is expected to hinder market growth over the forecast period.

Remote Patient Monitoring Devices Market Trends

This section covers the major market trends shaping the India Patient Monitoring Market according to our research experts:

The Respiratory Segment is Expected to Witness High Growth Over the Forecast Period

Remote Patient Monitoring Devices Industry Segmentation

As per the scope of this report, patient monitoring consists of devices and equipment that are used to continuously monitor a patient's vital parameters using a medical monitor and collect medical and other forms of health data. The India Patient Monitoring Market is Segmented By Device Type (Hemodynamic Monitoring Device, Neuro-monitoring Device, Cardiac Monitoring Device, Respiratory Monitoring Device, Multi-parameter Monitors, and Other Device Types), Target Area (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Monitoring, Remote Monitoring, Weight Management, and Fitness Monitoring, and Other Target Areas), and End Users (Home Healthcare, Hospitals and Clinics, and Other End Users). The report offers the value (in USD million) for the above segments.