The Evolution of Clinical Decision Support in the Patient Monitoring Market

Publication Date: 15/08/2023

Signify Research has recently updated its analysis of the global patient monitor market. Valued at just under $5 billion in 2022, annual revenues are projected to increase by just over $0.5 billion by 2027. Following the surges in demand for monitoring solutions during the COVID-19 pandemic, the market has reached saturation in many regions. However, pockets of opportunity exist as demand for digital and connected systems continues and vendors further develop innovative solutions that aim to help soften the impact of overstretched and under resourced healthcare facilities. This insight delves deeper into the market developments and trends impacting the patient monitor market that will be important as the market evolves.

The calm after the storm

The patient monitor market continues to see market revenues elevated above those prior to the COVID-19 pandemic. The need for sufficient patient monitoring facilities was more than apparent during the pandemic and provided the impetus to improve patient monitoring in the ICU and beyond. Digitalisation initiatives drove the necessary stimulus funds to uplift the level of connected solutions in many countries, maintaining overall demand for patient monitoring, particularly in the Americas and Asia Pacific region in 2022. However, revenues fell in Western Europe as stimulus funds diminished and saturation started to take hold.

The market is continuing to see a pivot in investment toward monitoring provision outside of the high-acuity settings. The need to ensure patients are continuously monitored whilst requiring fewer interactions with healthcare staff is becoming more imperative as healthcare resource numbers continue to dwindle. The movement of patients out of high-cost settings earlier in their care pathway is also further driving the need for solutions that can ensure patient deterioration is detected quickly to minimise its impact.

The Mobile Continuous Devices segment is fast becoming the most interesting product within the patient monitor market, with a global CAGR of 13.1% projected from 2022-2027. Mobile Continuous Devices are often small in size and portable. As such, they are an ideal solution for use in monitoring recovery in lower-acuity settings and in the patient’s home. Several countries are now starting to move patients out of the ICU earlier in their patient pathway, generating an appetite for mobile continuous solutions that capture the core patient parameters. Many of the larger monitoring vendors have launched new solutions in this segment to help capture the growth spurred on by this trend. Masimo, Mindray and GE Healthcare are starting to bat their balls in this direction with the launch of their own wearable solutions targeted at this growing segment. It is expected that this segment will see additional product developments in the coming years intensifying competition. However, the necessary infrastructure and reimbursement policies required to fully establish this segment in the home will be a barrier to worldwide adoption initially.

Data analytics just got serious

The COVID-19 pandemic has also further accelerated the acceptance of additional analytical tools and software that can ultimately improve patient care. Despite initial hesitancy, clinicians are now starting to see the benefits that analytics can offer to aid in prediction of patient outcomes in time-critical decisions, ensuring high-risk patients are monitored appropriately. The patient monitor market has also seen a flurry of developments in the last few years, including new alarming solutions in addition to supporting analytical clinical decision support tools to help prioritize patients. Some of these are highlighted below.


Future Outlook

Despite the market reaching some level of saturation, the need for newer innovative solutions that improve care provision will remain a key factor in product development. Patient monitor vendors are spearheading the development of the market by providing solutions that attempt to meet the growing demands of healthcare facilities that are increasingly overstretched. Despite this, the market will be strained in the short-term, as financial budgets fall in light of the recent economic turmoil. With software becoming an increasingly important part of new solution development, the need to further develop purchasing strategies is likely to hold up full potential growth globally in the short-term. However, once established in more regions, the market is likely to respond with additional uptake. Vendors will continue to take the driving seat to further develop the need for a revamp in purchasing strategies to enable more flexible care provision.

Related Research

Signify Research has recently published its “Patient Monitors – World – Interim Report – 2023” report, which builds on its 2022 edition of the report. The report provides a data-centric and global outlook of the market. The report blends primary data collected from in-depth interviews with healthcare professionals and technology vendors to provide a balanced and objective view of the market. Signify Research has also updated its analysis of the “High-Acuity Clinical Information Systems – 2023 – Report”. This report provides a deep-dive analysis into the supporting information systems, analytics and AI-based applications that support the high-acuity care settings.

About Kelly Patrick

Kelly joined Signify Research in 2020 as a Principal Analyst. She has over 15 years’ experience covering a range of healthcare technology research at IHS Markit/Omdia. Kelly’s core focus has been on the clinical care sector, including patient monitoring, diagnostic cardiology, respiratory care, and infusion and associated IT solutions. Kelly holds a BSc degree with honours in Pharmacology from the University of Leeds.

About the Clinical Care Team

The clinical care team provides market intelligence and detailed insights on the clinical care equipment and IT markets. Our areas of coverage include patient monitoring, diagnostic cardiology, infusion pumps, ventilators, anaesthesia and high-acuity IT. Our reports provide a data-centric and global outlook of each market with granular country-level insights. Our research process blends primary data collected from in-depth interviews with healthcare professionals and technology vendors, to provide a balanced and objective view of the market.

About Signify Research

Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.

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