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Patient Monitoring Devices Market Report 2024: Strategies And Recent Developments | General Electric Company, Koninklijke Philips NV, Dragerwerk AG & Co KGaA, Cardinal Health Inc
Patient Monitoring Devices Market Size
The Business Research Company offers in-depth market insights through Patient Monitoring Devices Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The patient monitoring devices market size has grown strongly in recent years. It will grow from $26.24 billion in 2023 to $28.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to aging population, regulatory compliance, chronic disease management, healthcare reimbursement, hospital-at-home trend.
The patient monitoring devices market size is expected to see strong growth in the next few years. It will grow to $40.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to telemedicine and remote monitoring, artificial intelligence (AI) integration, personalized and connected healthcare, emerging markets growth, value-based care. Major trends in the forecast period include wearable health monitors, remote vital signs monitoring, mobile health apps, predictive analytics, home health monitoring kits.
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Market Segmentation:
The main types of patient monitoring devices market are fetal and neonatal monitoring devices, weight monitoring and body temperature monitoring devices and equipment, vital parameter monitoring devices and equipment, and remote patient monitoring devices and equipment. Fetal and neonatal monitoring devices measure the heart rate and rhythm of the baby (fetus). This lets the healthcare providers see how the baby is doing. The type of expenditure is public and private. The products used are instruments/equipment and disposables. The end-users are hospitals and clinics, diagnostic laboratories, and others.
Major Driver - Rising Chronic Disease Prevalence Drives Surge In Patient Monitoring Devices Market
The increasing prevalence of chronic diseases is expected to propel the growth of the patient monitoring device market. Chronic conditions are long-lasting health conditions that usually cannot be cured but can be controlled. Chronic illnesses are enduring conditions that are typically not curable but manageable, and the management of these conditions is significantly aided by patient monitoring devices. For instance, in January 2023, according to a report published by the National Library of Medicine, a US-based agency, the number of individuals aged 50 years and older with one or more chronic illnesses is projected to rise by 99.5%, reaching 142.66 million by 2050, up from 71.522 million in 2020 in the United States. Therefore, the increasing prevalence of chronic diseases is expected to propel the growth of the patient monitoring device market.
Competitive Landscape:
Major companies operating in the patient monitoring devices market include General Electric Company, Koninklijke Philips NV, Dragerwerk AG & Co KGaA, Cardinal Health Inc., Masimo Corporation, Medtronic plc, Edwards Lifesciences Crop., Flex Ltd., Nihon Kohden Corporation, Abbott Laboratories, Johnson & Johnson, Siemens Healthineers AG, Becton, Dickinson and Company, Cardinal Health Inc., Baxter International Inc., Boston Scientific Corporation, Danaher Corporation, 3M Company, Hill-Rom Holdings Inc., Terumo Corporation, Smith & Nephew plc, B. Braun Melsungen AG, ResMed Inc., Dexcom Inc., Fresenius Medical Care AG & Co. KGaA, Getinge, Mindray Medical International Limited, Nihon Kohden Corporation, Spacelabs Healthcare LLC, Nonin Medical Inc., OSI Systems Inc., Schiller AG, Welch Allyn Inc., OMRON Healthcare Co. Ltd.
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Top Trend - Innovative Lorawan-Powered Remote Patient Monitoring Devices Revolutionize Healthcare Access Worldwide
Major companies operating in the patient monitoring devices market are focused on developing innovaties technologies, such as remote patient monitoring (RPM) hardware powered by LoRaWAN technology, to increase their profitability in the market. LoRaWAN is a wireless communication protocol built on top of the LoRa radio modulation technique. For instance, in January 2023, Senet, a US-based provider of cloud-based software and services platforms and Telli Health, a US-based provider of medical remote patient monitoring devices, launched the first remote patient monitoring (RPM) hardware powered by LoRaWAN technology. This technology will enable healthcare providers to extend their services to a greater number of patients living in distant and underserved regions, including indigenous communities around the world. This will enhance healthcare equity and inclusivity. The RPM device can be connected to a dedicated private LoRaWAN network, which can offer an approximate coverage range of 10 miles and requires only a simple dial-up modem for transmitting health readings.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Patient Monitoring Devices Market Characteristics
3. Patient Monitoring Devices Market Trends And Strategies
4. Patient Monitoring Devices Market - Macro Economic Scenario
5. Patient Monitoring Devices Market Size And Growth
…..
27. Patient Monitoring Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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