Patient Monitoring Devices Market Research, 2027
The patient monitoring devices market is projected to reach USD 65.4 billion by 2027 from USD 42.3 billion in 2022, at a CAGR of 9.1% during the forecast period. The development in this market is largely driven by increased funding, research grants, and public-private investments; ongoing technological developments in the field of wearable technologies; sustained government initiatives to expand healthcare infrastructure in major & emerging markets, and the emergence of user-centric patient monitoring devices.
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Patient monitoring devices are medical devices used to track and record various vital signs and physiological parameters of patients in healthcare settings. These devices play a crucial role in monitoring the health status of patients, especially those in critical care, post-surgery recovery, or with chronic illnesses.
Here are some key points and trends related to the patient monitoring devices market:
Technological Advancements: Advances in technology, particularly in wireless and remote monitoring, have been driving innovation in patient monitoring devices.
Remote Monitoring: The COVID-19 pandemic further accelerated the adoption of remote patient monitoring (RPM) solutions. Healthcare providers began using remote monitoring to keep track of patients' vital signs and conditions while minimizing in-person contact.
Home Healthcare: Patient monitoring devices have increasingly moved into the home healthcare market. Patients with chronic conditions can use these devices to monitor their health at home, reducing the need for frequent hospital visits.
Integration with Electronic Health Records (EHRs): Many patient monitoring devices now offer integration with electronic health records, making it easier for healthcare providers to access and analyze patient data.
Types of Monitoring Devices: The patient monitoring devices market includes a wide range of devices, including blood pressure monitors, pulse oximeters, electrocardiography (ECG) devices, glucose monitors, and more.
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Key Market Players
The patient monitoring devices market was dominated by GE Healthcare (US), Medtronic plc (Ireland), Abbott Laboratories (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), and Masimo Corporation (US).
Medtronic plc (US) has a broad range of product offerings in the patient monitoring devices market. Their relevant product portfolio includes respiratory monitoring devices, neuromonitoring, heart monitoring devices, and blood glucose monitoring devices. The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department.
GE Healthcare (US) is among the leading players in the global patient monitoring devices market. GE Healthcare is a pioneer of innovative solutions for patient monitoring devices in various fields such as cardiac monitoring devices, multi-parameter monitoring devices, and neonatal and fetal monitoring products.
North America is likely to lead the global patient monitoring devices market
North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices. This trend will have a definite impact on the patient monitoring device market.
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