Growth Opportunities in the Patient Monitoring Devices Market: Estimated CAGR of 9.1 % by 2027
Patient Monitoring Devices Market is projected to reach USD 65.4 billion by 2027 from USD 42.3 billion in 2022, at a CAGR of 9.1% during the forecast period. The evolution of the market is primarily driven by the rising number of hospitals across major markets, growing cognizance about vital parameter monitoring for treatment and analysis of chronic diseases coupled with the growing adoption of wireless and wearable patient monitoring devices for homecare.
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Patient monitoring devices play a crucial role in the healthcare industry as they help in the early detection of medical conditions, monitoring of chronic diseases, and post-surgical care. These devices can measure various parameters, including heart rate, blood pressure, respiratory rate, temperature, blood oxygen saturation (SpO2), and electrocardiogram (ECG) readings.
The market includes various types of patient monitoring devices, such as:
Blood pressure monitors: These devices measure the pressure of blood against the walls of arteries and are used to diagnose and manage hypertension.
Pulse oximeters: These devices measure oxygen saturation levels in the blood noninvasively and are commonly used to monitor patients’ respiratory function.
ECG monitors: These devices record the electrical activity of the heart and help diagnose cardiac abnormalities.
Temperature monitors: These devices measure body temperature and are used to monitor fever or hypothermia.
Respiratory monitors: These devices track a patient’s respiratory rate, pattern, and depth, and are used to monitor breathing disorders and respiratory distress.
Multi-parameter monitors: These devices integrate multiple parameters, such as heart rate, blood pressure, SpO2, and ECG, into a single unit for comprehensive patient monitoring.
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The hospital end user segment is expected to indicate the highest growth rate during the forecast period.
Based on end users, the patient monitoring devices market has been segmented into hospitals, ambulatory surgery centers, home care settings and other end users,. Dominant market position of the hospitals segment can be be credited to the presence of well equiped emergency wards and ICUs in hospitals and the rising number of surgeries.
North America is likely to lead the global patient monitoring devices market.
North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices. This trend will have a definite impact on the patient monitoring devices market.
Key Market Players
Abbott Laboratories (US), HILL-ROM HOLDINGS, INC. (US), Drägerwerk AG & Co. KGaA (Germany), Edwards Lifesciences Corporation (US), OMRON Corporation (Japan), Masimo Corporation (US), Compumedics Limited (Australia), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), Natus Medical (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (the US),
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