Thriving Dynamics: Patient Monitoring Devices Market Insight 2024-2033

The patient monitoring devices market has witnessed substantial growth, surging from $26.24 billion in 2023 to $28.77 billion in 2024, indicating a commendable compound annual growth rate (CAGR) of 9.6%. The trajectory remains robust, with an anticipated patient monitoring devices market size of $40.65 billion by 2028, sustaining a CAGR of 9.0%.

Chronic Disease Surge Drives Market:
The patient monitoring devices market is significantly influenced by the escalating prevalence of chronic diseases, driving the adoption of patient monitoring devices. Chronic conditions, prevalent among individuals aged 50 and older, are projected to rise by 99.5% in the United States by 2050. Patient monitoring devices play a pivotal role in managing these enduring health conditions, propelling market growth.

Healthcare Workforce Shortage Boosts Demand:
The shortage of healthcare professionals, as highlighted by Mercer's report projecting a need for 2.3 million new healthcare workers in the U.S. by 2025, intensifies the demand for patient monitoring devices. These devices enable remote patient tracking, offering a solution to bridge the gap caused by the scarcity of healthcare personnel.

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Market Leaders and Major Players:
Key players shaping the patient monitoring devices market landscape include General Electric Company, Koninklijke Philips NV, Medtronic PLC, Abbott Laboratories, and Johnson & Johnson. These industry giants contribute significantly to market innovations, product development, and overall profitability.

Low Disease Awareness Challenges:
The market faces challenges stemming from low disease awareness globally. For instance, the Indian Council of Medical Research reported that only 43.2% of individuals are aware of chronic diseases like diabetes. This lack of awareness restricts the diagnosis and treatment pool, impeding market growth for patient monitoring devices.

Revolutionary LoRaWAN-Powered Devices:
Major companies are at the forefront of innovation, developing technologies like remote patient monitoring (RPM) hardware powered by LoRaWAN. Senet and Telli Health's RPM hardware leverages LoRaWAN technology, enabling healthcare providers to extend services to distant and underserved regions. This revolutionary approach enhances healthcare equity and inclusivity.

Customized Multi-Parameter Monitors (MPMs):
Manufacturers are responding to the growing patient pool by offering customized MPMs tailored to individual health parameters. Infinium Medical's Omni series monitors, for instance, can be configured with various health trackers to monitor critically ill patients comprehensively.

Regional Landscape:
Asia-Pacific leads the global patient monitoring devices market, securing the largest share in 2023. North America follows as the second-largest region. The comprehensive report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Segmentation Overview:
The patient monitoring devices market covered in this report is segmented -
1) By Type: Fetal And Neonatal Monitoring Devices, Weight Monitoring And Body Temperature Monitoring Devices And Equipment, Vital Parameter Monitoring Devices And Equipment, Remote Patient Monitoring Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables

Subsegments Covered: Fetal Monitoring Devices, Neonatal Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices, Cardiac Monitoring Devices, Neuromonitoring Devices, Respiratory Monitoring Devices, Hemodynamic Monitoring Devices, Multiparameter Monitoring Devices, Cardiac Monitors, Respiratory Monitors, Hematological Monitors, Vital Parameter Monitors And Other End Users

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Patient Monitoring Devices Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Patient Monitoring Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on patient monitoring devices market size, patient monitoring devices market drivers and trends, patient monitoring devices market major players, patient monitoring devices market competitors' revenues, patient monitoring devices market positioning, and patient monitoring devices market growth across geographies. The patient monitoring devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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