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What Factors Are Driving the Anticipated Growth Rate of the Patient Monitoring Devices Market Through 2034?

The market size for patient monitoring devices has experienced a notable expansion in the previous years. The market is predicted to surge from $24.76 billion in 2024 to $26.95 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.8%. The historic period’s growth can be traced back to several factors including an aging population, regulatory compliance, management of chronic diseases, healthcare reimbursement, and the emerging trend of hospital-at-home.

The market for patient monitoring devices is anticipated to experience robust growth in the coming years. By 2029, it is projected to reach a valuation of $36.76 billion, expanding at a compound annual growth rate (CAGR) of 8.1%. Factors contributing to this growth during the forecast period include the rise of telemedicine and remote monitoring, the incorporation of artificial intelligence (AI), personalized and interconnected healthcare, the growth of emerging markets, and the focus on value-based care. Foreseen trends for the forecast period consist of wearable healthcare monitors, remote monitoring of vital signs, mobile health applications, predictive analytics, and home health monitoring kits.

Which Macro and Microeconomic Factors Are Accelerating the Growth of the Patient Monitoring Devices Market?

The rise in chronic diseases is predicted to fuel the expansion of the patient monitoring device market. Chronic diseases, which are typically incurable but controllable, demand long-term management. The use of patient monitoring devices significantly aids in managing these long-standing health conditions. To illustrate, the World Health Organization, a Switzerland-based intergovernmental organization, projected over 35 million new cancer cases by 2050 in February 2024, indicating a 77% rise from the estimated 20 million cases in 2022. Hence, the surging prevalence of chronic diseases is likely to trigger the expansion of the patient monitoring device market.

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Who Are the Major Industry Leaders Accelerating Growth in the Patient Monitoring Devices Market?

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 Top Trends Shaping the Evolution of the Patient Monitoring Devices Market?

Major players in the patient monitoring devices market are concentrating on cultivating new technologies such as remote patient monitoring (RPM) hardware supported by LoRaWAN technology as a means of maximizing their market profits. LoRaWAN is a wireless communication protocol established on the LoRa radio modulation scheme. For example, in January 2023, Senet and Telli Health, US-based firms specializing in cloud-based software/services platforms and medical RPM devices respectively, unveiled the first-ever RPM hardware utilizing LoRaWAN technology. The resulting technology will allow health service providers to reach more patients in remote and underprivileged areas, inclusive of indigenously located populations globally, which will amplify healthcare equality and integration. The RPM device can be linked to an exclusive private LoRaWAN network, providing an estimated range of coverage of 10 miles and necessitating just a basic dial-up modem for the transmission of health data.

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Which Industry Segments Are Leading the Development and Expansion of 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

Which Regions Are Key Players in the Growth of the Patient Monitoring Devices Market?

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.

How Is the Scope and Reach of the Patient Monitoring Devices Market Defined?

Patient monitoring devices are machines that are used to constantly monitor patients through various vital signs and warning systems to detect and record changes in patient health conditions. These devices enable healthcare providers to monitor vital signs like heart rate, blood pressure, oxygen saturation, and respiratory rate continuously, facilitating the swift detection of any abnormalities.

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