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Physiological Monitors Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033
Physiological Monitors Market
According to The Business Research Company's, The physiological monitors market size has grown rapidly in recent years. It will grow from $92.32 billion in 2023 to $103.11 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to aging population, chronic disease management, patient-centric healthcare, integration with electronic health records (ehr), iot and connectivity.
The physiological monitors market size is expected to see rapid growth in the next few years. It will grow to $158.62 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to ai and data analytics integration, focus on preventive healthcare, telehealth expansion, home healthcare trends, global health challenges. Major trends in the forecast period include wearable technology adoption, technological miniaturization, remote patient monitoring. advancements in healthcare technology, non-invasive monitoring technologies.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the physiological monitors market going forward. A chronic disease is a health issue or condition with long-lasting symptoms lasting for at least a year. Physiological monitors aid in managing the prevalence of chronic diseases by providing real-time health data, enabling timely interventions and personalized care for individuals with chronic conditions. For instance, in January 2023, according to the National Institutes of Health (NIH), a US-based government agency, the prevalence of chronic diseases among the U.S. population aged 50 years and older is projected to increase by 99.5%, reaching 142.66 million individuals by 2050, reflecting a significant increase from the 71.522 million reported in 2020. Therefore, the rising prevalence of chronic diseases drives the growth of the physiological monitors market.
Major companies operating in the physiological monitors market are increasing their focus on developing advanced solutions, such as wireless patient monitoring systems, to gain a competitive edge in the market. A wireless patient monitoring system is a technological advancement that eliminates the need for wires or cables to continuously monitor a patient's vital signs, including blood pressure, heart rate, oxygen levels, and more. For instance, in June 2022, GE Healthcare Technologies Inc., a US-based medical technology company, launched Portrait Mobile. This system is designed to help clinicians detect patient deterioration earlier and improve patient outcomes. Portrait Mobile uses wearable sensors placed on the patient's body to collect data on their vital signs, such as heart rate, blood pressure, oxygen levels, and respiration rate. It provides continuous monitoring of a patient's vital signs, which can help clinicians detect changes in a patient's condition more quickly.
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Major Key Players of the Market:
Major companies operating in the physiological monitors market report are F. Hoffmann-La Roche Ltd., Panasonic Corporation, Abbott Laboratories, Honeywell International Inc., Medtronic plc, Siemens Healthineers, Fresenius Medical Care AG & Co. KGaA, Becton Dickinson and Company (BD), Philips Healthcare, General Electric Company (GE Healthcare), Baxter International Inc., Boston Scientific Corporation, OMRON Healthcare Co. Ltd., Edwards Lifesciences Corporation, Mindray Medical International Ltd., Smiths Medical, Hill-Rom Holdings Inc., Masimo Corporation, Nihon Kohden Corporation, OSI Systems Inc., Spacelabs Healthcare, Kontron AG, Welch Allyn, Natus Medical Incorporated, A&D Company Limited, Owlet Baby Care, Nonin Medical Inc., CAS Medical Systems Inc.
Physiological Monitors Market 2024 Key Insights:
• The physiological monitors market is expected to grow to $158.62 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Rising Prevalence Of Chronic Diseases Fuels Growth In The Physiological Monitors Market
• Technological Advancements Drive Growth In Physiological Monitors Market
• North America was the largest region in the physiological monitors market in 2023
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