Patient Monitoring Accessories Market Size, Share & Trends Analysis Report By Product (SpO2 Sensors, BMS Sensors, BP Cuffs, NMT Sensors, Temperature Sensors, CO2 Absorbers, ECG Leadwires), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global patient monitoring accessories market size was valued at USD 7.83 billion in 2023 and is projected to grow at a CAGR of 9.0% from 2024 to 2030. Some of the key factors driving the market growth include technological advancements, growing incidence of chronic diseases, aging population, increasing home care monitoring devices, and shift to preventive healthcare. The COVID-19 pandemic accelerated the adoption of these accessories, and it is continuously growing.

The prevalence of chronic diseases such as cardiovascular diseases, diabetes, and chronic respiratory diseases requires frequent assessment of the patient’s health. This creates a demand for accessories that would enable the monitoring of a patient’s health all the time. In addition, there are technological advancements that have ensured the invention of better and more accurate monitoring tools for patients. These innovations improve the healthcare treatment of patients, contributing to the consumption of related accessories.

As the geriatric population increases all over the world, there is a requirement of constant health supervision to deal with the illnesses associated with aging. In addition, there is a trend towards the use of home care solutions in families due to the convenience and cost factors. Patient monitoring accessories help people to track their health status from the comfort of their homes, thus ensuring early diagnosis and management of their conditions.

Healthcare organizations have shifted their focus towards prevention of diseases in order to decrease future healthcare costs and improve health before it gets late for the individual. Monitoring related accessories is crucial in the concept of preventive medicine since it allow for early detection of various health signs.

Product Insights

The SpO2 sensors segment dominated the market and accounted for a revenue share of 52.6% in 2023 and is expected to retain its dominance over the forecast period. This growth can be attributed to its importance in patient care, diversified use, technological advancements, rising incidence of respiratory diseases, and the growing inclination toward home healthcare and tele monitoring solutions. Advanced types of sensors provide better results, long product life and compatibility with multiple monitoring equipment.

SpO2 sensors are applied in different healthcare facilities such as hospitals, clinics, ambulatory healthcare centers, and home healthcare facilities. Pulse oximetry is another vital monitor to patients which is used to assess the SpO2 levels in the body. This information is crucial during the evaluation of a patient’s respiratory status and general health.

The Neuromuscular Transmission Sensors (NMT Sensors) segment is expected to grow at the fastest CAGR of 12.9% during the forecast period. This growth can be attributed to the use of technology, the rising incidence of diseases, the shift to patient-centric care and integration with digital health systems.

There is a rising need for better and more accurate monitoring systems for patients with neuromuscular transmission disorders. These sensors work to measure muscle activity, nerve impulse transmission, and blockade of nerve impulses that occur during surgical procedures and other times of intensive care. The sensors of neuromuscular transmission are being incorporated into digital health solutions as well as electronic medical records systems, allowing efficient data capture, analysis and sharing among healthcare providers.

Regional Insights & Trends

North America patient monitoring accessories market held a revenue share of 40.4% in 2023. It is attributed to increasing chronic diseases, technological advancements, well-developed healthcare facilities, availability of healthcare professionals and increasing investment in the healthcare sector by different organizations.

U.S. Patient Monitoring Accessories Market Trends

The patient monitoring accessories market in the U.S. dominated the North America market in 2023 due to the well-established healthcare infrastructure and increasing prevalence of chronic diseases such as diabetes, cardiovascular disorders and respiratory conditions. Moreover, awareness and early detection of diseases propel the adoption of patient monitoring accessories for continuous monitoring and timely intervention.

Europe Patient Monitoring Accessories Market Trends

Europe patient monitoring accessories market was identified as a lucrative region in 2023 due to increasing chronic diseases and early detection. In addition, increasing investment in healthcare infrastructure and technology development is driving the market growth.

The UK patient monitoring accessories market is expected to grow significantly in the coming years due to a rise in healthcare awareness and growing emphasis on preventive healthcare measures aimed at early detection and intervention to prevent serious health complications.

The Germany patient monitoring accessories market held a substantial market share in 2023 owing to increasing investment in the healthcare segment and technology. Continuous product innovation and increasing competitiveness are expected to drive the market growth.

Asia Pacific Patient Monitoring Accessories Market Trends

Asia Pacific patient monitoring accessories market is anticipated to witness the fastest CAGR in the coming years. This growth is owing to the significantly increasing investments in healthcare facilities.

Patient monitoring accessories market in India is expected to grow rapidly from 2024 to 2030 due to the rising prevalence of chronic diseases due to lifestyle changes, growing preference for remote and home monitoring and portability of devices.

The Japan patient monitoring accessories market is expected to grow rapidly in the coming years due to the rise in healthcare awareness and the increasing geriatric population which requires extensive healthcare and continuous monitoring.

Key Patient Monitoring Accessories Company Insights

Some of the key companies in the patient monitoring accessories market include Welch Allyn Warehouse; LifeScan IP Holdings, LLC; Honeywell International Inc.; Koninklijke Philips N.V.; OMRON Corporation and F. Hoffmann-La Roche Ltd. Organizations in the market are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Honeywell International Inc. is a provider of a range of patient monitoring accessories. Honeywell’s offerings include SpO2 sensors, ECG leads, and other essential components used in patient monitoring systems.

Recent Developments

• In June 2024, Masimo partnered with Cleveland Clinic to launch hospital-based remote patient monitoring. The collaboration integrates Masimo’s Hospital Automation platform with Cleveland Clinic’s central patient monitoring platforms.

• In October 2023, Ricoh USA, Inc. announced the launch of managed services offering, RICOH Remote Patient Monitoring (RPM) Enablement, which is designed to assist in sustainable & efficient Remote Patient Monitoring (RPM) workflows, thereby improving care delivery team and patient experience.

Patient Monitoring Accessories Market Report Scope

Global Patient Monitoring Accessories Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global patient monitoring accessories report based on product and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • SpO2 Sensors

    • Disposable

    • Reusable

  • Blood Pressure Cuffs

    • Disposable

    • Reusable

  • Brain Monitoring System Sensors

  • Neuromuscular Transmission Sensors

  • Temperature Sensors

    • Adult

    • Pediatric

  • CO2 Absorbers/Amsorb Filters

  • ECG Leadwires

    • Disposable

    • Reusable

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait