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.
Browse in-depth TOC on “Patient Monitoring Devices Market”
349 – Tables
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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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