Emerging Patient Monitoring Devices Market Trends: Innovative Lorawan-Powered Remote Patient Monitoring Devices Revolutionize Healthcare Access Worldwide Shaping the Future of the Industry

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Patient Monitoring Devices Market Size Growth Forecast: What to Expect by 2025?
The market size for patient monitoring devices has seen a significant increase in the past few years. It is projected to expand from $24.26 billion in 2024 to about $26.08 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%. Factors contributing to this growth during the historic period include an aging population, regulatory compliance, management of chronic diseases, healare reimbursements, and a trend towards home-based hospital care.

How Will the Patient Monitoring Devices Market Size Evolve and Grow by 2029?
The market for patient monitoring devices is projected to significantly expand in the foroming years, with it reaching a valuation of $35.32 billion by 2029, boasting a compound annual growth rate (CAGR) of 7.9%. This rapid growth during the prediction period can be linked to the rise in telemedicine and remote observation, integration of artificial intelligence (AI), the emergence of personalized and interconnected healare, growth in emerging markets, and the shift towards value-based care. Key trends during this forecast period encompass wearable health trackers, remote monitoring of vital signs, the proliferation of mobile health applications, predictive data analysis, and home health observation kits.

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What Drivers Are Propelling the Growth of Patient Monitoring Devices Market Forward?
The escalating occurrence of chronic diseases is projected to spur the expansion of the patient monitoring device market. Chronic health problems are enduring ailments that are usually incurable but manageable. Such chronic ailments can be efficiently managed with the help of patient monitoring devices. For instance, in February 2024, the World Health Organization, an intergovernmental organization based in Switzerland, predicted that by 2050 there will be over 35 million new cases of cancer, indicating a 77% rise compared to the estimated 20 million cases in 2022. Consequently, the escalating occurrence of chronic diseases is anticipated to spur the expansion of the patient monitoring device market.

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What Are the Key Trends Driving Patient Monitoring Devices Market Growth?
Leading enterprises in the patient monitoring devices market are turning their focus toward pioneering technologies like remote patient monitoring (RPM) equipment empowered by LoRaWAN technology, to boost their market revenues. LoRaWAN represents a wireless communication protocol built upon the LoRa radio modulation method. To illustrate, in January 2023, Senet, a US firm that offers cloud-based software and service platforms, and Telli Health, a US company offering remote patient monitoring devices, debuted the first RPM equipment powered by LoRaWAN technology. This advancement will allow health providers to broaden their reach to a larger patient demographic, particularly those in remote and underprivileged areas, such as indigenous communities worldwide, thereby promoting healare equality and inclusiveness. The RPM device can link to a private LoRaWAN network exclusively, providing an estimated coverage distance of 10 miles and only requiring a straightforward dial-up modem to transfer health data.

What Are the Key Segments in the Patient Monitoring Devices Market?
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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Who Are the Key Players Shaping the Patient Monitoring Devices Market's 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, inson 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 Healare LLC, Nonin Medical Inc., OSI Systems Inc., Schiller AG, Welch Allyn Inc., OMRON Healare Co. Ltd.

What Geographic Markets Are Powering Growth in the Patient Monitoring Devices Market?
Asia-Pacific was the largest region in the global patient monitoring devices market in 2024. 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.

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