Major Market Shift in Patient Monitoring Devices Industry: Innovative Lorawan-Powered Remote Patient Monitoring Devices Revolutionize Healthcare Access Worldwide

What Is the Forecasted Market Size and Growth Rate for the Patient Monitoring Devices Market?
The market size of patient monitoring devices has seen robust growth in the past years. It is expected to increase from $24.76 billion in 2024 to $26.95 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. Factors contributing to the growth during the historical period include an aging population, compliance with regulations, management of chronic diseases, healthcare reimbursements, and the trend of home-based hospitals.

The market for patient monitoring devices is anticipated to experience robust expansion in the coming years. The market is predicted to reach $36.76 billion in value by 2029, with a compound annual growth rate (CAGR) of 8.1%. This growth during the projected period can be credited to factors such as telemedicine and remote monitoring, the incorporation of artificial intelligence (AI), customized and connected healthcare, growth in emerging markets, and value-based care. Key trends expected in the forecast period incorporate wearable health monitors, remote monitoring of vital signs, mobile health applications, predictive analytics, and home health monitoring kits.

What Factors Are Propelling the Expansion of the Patient Monitoring Devices Market?
The growth of the patient monitoring device market is anticipated to be driven by the escalating prevalence of chronic diseases. These are persistent health conditions that, while typically incurable, can be managed over time. Patient monitoring devices are instrumental in the control of these conditions. The World Health Organization, an intergovernmental organization based out of Switzerland, projected in February 2024 that there would be over 35 million new cases of cancer by 2050, marking a 77% increase from the projected 20 million cases in 2022. Consequently, it is anticipated that the rising prevalence of chronic diseases will spur the growth of the patient monitoring device market.

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Which Businesses Are at the Forefront of Patient Monitoring Devices Market Development?
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.

What Are the Latest Innovations in the Patient Monitoring Devices Market?
Leading businesses in the patient monitoring devices market are zeroing in on creating unique technologies such as remote patient monitoring (RPM) devices based on LoRaWAN technology to boost their market revenue. LoRaWAN is essentially a wireless communication protocol layered over the LoRa radio modulation technique. To illustrate, Senet, a US firm specialized in cloud-based software and services platforms, in conjunction with Telli Health, an American medical remote patient monitoring devices provider, unveiled the first RPM device that uses LoRaWAN technology in January 2023. This technological innovation paves the way for health practitioners to cater to a larger patient base in remote and underprivileged locations, such as indiginous societies worldwide, encouraging greater healthcare equality and diversity. The RPM device can be linked to a dedicated private LoRaWAN network that can provide coverage across roughly 10 miles and necessitates merely a straightforward dial-up modem to send health reports.

How Is the Patient Monitoring Devices Market Segmented?
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:
1) By Fetal And Neonatal Monitoring Devices: Fetal Dopplers, Fetal Monitors, Neonatal ICU Monitors
2) By Weight Monitoring And Body Temperature Monitoring Devices And Equipment: Digital Scales, Thermometers (Digital, Infrared, And Mercury-Free), Body Temperature Monitors
3) By Vital Parameter Monitoring Devices And Equipment: Blood Pressure Monitors, Pulse Oximeters, ECG/EKG Monitors, Cardiac Monitors, Respiratory Rate Monitors
4) By Remote Patient Monitoring Devices And Equipment: Telemedicine Devices, Wearable Monitoring Devices, Home Health Monitoring Devices

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Where Is the Patient Monitoring Devices Market Growth Most Prominent?
Asia-Pacific was the largest region in the global patient monitoring devices market in 2023. North America was the second-largest region in the global patient monitoring devices market. The regions covered in the patient monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Is Covered In The Patient Monitoring Devices Global Market Report?

- Market Size Analysis: Analyze the Patient Monitoring Devices Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Patient Monitoring Devices Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Patient Monitoring Devices Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Patient Monitoring Devices Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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