Home Healthcare monitoring Device Market Size, Share, Growth, and Industry Growth, By Type (Blood Pressure Monitors, Blood Glucose Monitors, Pulse Oximeters, Peak Flow Meters, Heart Rate Monitors, Fetal Monitoring Devices and Others.) By Application (Rehabilitation, Infusion Therapy, Unskilled Care, Respiratory Therapy and Others), Regional Forecast By 2031

Updated On: 22 April 2024

Home Healthcare monitoring Device Market Report Overview

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The global home healthcare monitoring device market size is USD 14870 million in 2021. As per our research, the market is projected to touch USD 69523.91 million by 2031, exhibiting a CAGR of 16.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the home healthcare monitoring device market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Healthcare monitoring devices, as the name signifies, are medical devices used to monitor the health of people suffering from one or more ailments. Rising healthcare expenses, particularly in hospital settings, have turned emphasis to alternative means of treatment, such as home healthcare, in recent years. As a result, there is an increased demand for effective home-use equipment such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and foetus monitors. The industry's growth can be due to an increase in demand for monitoring equipment used to measure, distribute, record, and display a variety of biometric data, such as blood pressure, temperature, and blood oxygen saturation level.

COVID-19 Impact: The COVID-19 Underlying Condition Uplifted the Market Growth

The COVID-19 epidemic had a substantial influence on the patient monitoring device market. Because of the increasing number of COVID-19 cases that require continuous patient monitoring, the demand for patient monitoring equipment has increased significantly during the COVID-19 pandemic. Moreover, during the COVID-19 epidemic, industries expanded their production of crucial or necessary medical devices. COVID-19 has had and will continue to have a diverging impact on home healthcare monitoring device market share. It also claimed that in fiscal year 2022, there will be a continued acceptance and expansion in patient monitoring, headed by the Nellcor pulse oximetry sensors and SonarMed Airway Monitoring System for the NICU. As a result, the COVID-19 pandemic had a good impact on the home healthcare monitoring device market growth, and the market is increasing rapidly and is expected to continue to rise during the forecast period.

LATEST TRENDS

"The Product Launches and Technological Advancements to Attract the Market Share"

To remain competitive in the industry, companies are creating sophisticated technologies, obtaining regulatory approvals, releasing new goods, and forming strategic alliances with market participants. The Sleepiz One+ monitors three critical vital signs of a patient: pulse rate, blood oxygen saturation, and breathing rate. Product launches for tracking fitness are also expected to drive segment growth. Wearable patient monitoring devices, biosensors, and smart implants are used for a number of applications, including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. The Internet of Things technology is embedded into next-generation wearable gadgets. Wearable biosensors collect vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG), which are then communicated to a central server via mobile wireless networks.

Home Healthcare monitoring Device Market Segmentation

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• By Type

Based on type the home healthcare monitoring device market is classified into  blood pressure monitors, blood glucose monitors, pulse oximeters, peak flow meters, heart rate monitors, fetal monitoring devices and others.

The blood pressure monitors is the leading part of the type segment in the market.

• By Application

Based on application the home healthcare monitoring device market is classified as rehabilitation, infusion therapy, unskilled care, respiratory therapy and others"."

The rehabilitation accounted for the leading application in the market.

DRIVING FACTORS

"The Geriatric Population and the Increase in Chronic Diseases to Enhance the Market Growth"

The rising prevalence of chronic diseases as a result of lifestyle changes, the growing inclination for remote and home healthcare monitoring device, and the ease of use and portability of devices are the primary factors driving the market. Remote patient monitoring improves patient responsibility, chronic disease management, and other benefits, which are driving its widespread usage and, as a result, contributing to market growth. Furthermore, the senior population, which is more susceptible to chronic diseases, is expected to drive demand for advanced patient monitoring devices over the projection period. In 2021, India had 138 million senior people, and this figure is predicted to rise to roughly 56 million by 2031. As a result, the growing elderly population, combined with a growth in chronic diseases, is predicted to drive the home healthcare monitoring device market.

"Rising Obesity and the Fitness Monitoring to Reinforce the Market Growth"

Because of the rising prevalence of obesity, the weight management and fitness monitoring segment is predicted to develop significantly throughout the forecast period. For example, according to the Global Obesity Observatory's 2022 figures, India now has 6.3% obese women and 4.7% obese males. It also claimed that the percentage of obese boys and girls in the country in 2022 will be 1.8% and 0.9%, respectively. As a result, the rising number of obesity cases in the population is likely to raise demand for weight monitoring devices that aid in weight management, hence supporting home healthcare monitoring device market growth.

RESTRAINING FACTORS

"The Expensiveness of Devices and Lack of Understandings to Hamper the Market Share"

The market is being constrained by worries over the expensiveness of the devices. Despite the numerous benefits provided, the high cost of technology is likely to stifle market expansion for home healthcare monitoring device over the projection period. However, development barriers include a lack of understanding about the benefits of real-time health monitoring equipment and a reluctance to disclose data about one's health, among other things.

Home Healthcare monitoring Device Market Regional Insights

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"North American Region to Rule Out With Rising Chronic Diseases and Advanced Technological Devices"

North America dominated the market during the forecast period, accounting for more than a quarter of total revenue. Some of the factors driving regional growth include the increasing frequency of chronic conditions, the presence of advanced technology, and the desire for wireless and portable devices designed to reduce out-of-pocket payments. Furthermore, prominent market players such as GE Healthcare, Edward Lifesciences, Masimo Corporation, and Natus Medial are investing in research and development for more advanced patient monitoring device facilities, which will drive the home healthcare monitoring device growth.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Philips Healthcare (Netherlands)
• Kindred Healthcare (U.S.A)
• Linde Group (Germany)
• Almost Family Inc. (U.S.A)
• Abbott Laboratories (U.S.A)
• LHC Group (U.S.A)
• A&D (Japan), Amedisys (U.S.A)
• Fresenius (Germany)
• Omron (Japan)
• McKesson (U.S.A)
• BAYADA Home Health Care (U.S.A)
• Kinnser Software, Inc. (U.S.A)
• Roche (Switzerland).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.