Patient Monitoring Devices Industry – Impact of Emerging Trends on Future Growth
Patient Monitoring Devices Market in terms of revenue was estimated to be worth $48.5 billion in 2024 and is poised to reach $71.1 billion by 2029, growing at a CAGR of 8.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The expansion of the patient monitoring market is propelled by several synergistic factors, including increasing demand for wireless monitoring solutions, biosensors, the presence of key market players in developing regions, rising public-private investments to support for the clinical research, increasing geriatric patient population, and escalating chronic disorder prevalence.
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Blood Glucose Monitoring systems segment to register a significant growth rate over the forecast period of 2024-2029.
Based on the product, the patient monitoring market is segmented into Blood glucose monitoring system (self-monitoring, continuous glucose monitoring, wearable glucose monitoring), Cardiac Monitoring Devices, Multi-Parameter Monitoring, Respiratory Monitoring Devices, Hemodynamic/ Pressure Monitoring Devices, Weight Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Temperature Monitoring Devices and others. It is primarily driven by the exacerbating global prevalence of diabetes. Alarming increases in risk factors like obesity, physical inactivity, and unhealthy dietary habits are leading to a rapid rise in Type 2 diabetes diagnoses worldwide. This translates to a larger population requiring effective blood sugar management solutions. Furthermore, Regular blood glucose monitoring enables the early detection of hyperglycemia (high blood sugar) and hypoglycemia (low blood sugar) episodes. This facilitates timely interventions that can prevent serious and potentially life-threatening complications associated with diabetes.
North America to account for a significant market share in the patient monitoring market in 2023.
Based on region, The patient monitoring market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with North America dominating the market share in 2023. This dominance in North America is propelled by factors such as a growing burden of chronic diseases like diabetes, heart disease, and respiratory illnesses. These conditions require continuous monitoring to manage effectively, leading to increased demand for patient monitoring systems. Furthermore, There’s a growing shift towards preventative healthcare in North America. Patient monitoring systems play a crucial role in early disease detection and prevention, leading to improved patient outcomes and reduced healthcare costs in the long run.
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Patient Monitoring Devices Market Dynamics:
Drivers:
- Increase adoption of wireless monitoring devices
Restraints:
- High cost of patient monitoring
Opportunities:
- Artificial Intelligence (AI) Integration – growth opportunities
Challenge:
- Technical expertise
Key Market Players of Patient Monitoring Devices Industry:
As of 2023, prominent players in the patient monitoring market are Medtronic (Ireland), Nihon Kohden Corporation (Japan), Mindray Medical International Ltd. (China), GE Healthcare (US), Abbott Laboratories (US) and Boston Scientific Corporation (US), among others.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–40%, Tier 2–30%, and Tier 3– 30%
- By Designation: C-level– 27%, Director-level–18%, and Others–55%
- By Region: North America–50%, Europe-20%, Asia Pacific–15%, Latin America–10%, and the Middle East & Africa–5%
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Patient Monitoring Devices Market – Key Benefits of Buying the Report:
The report will help the new entrants/ market leaders/smaller firms in this market with investment evaluation viability within the patient monitoring market through a thorough analysis of comprehensive data, thereby facilitating robust risk assessment and enabling well-informed investment determinations. Benefit from meticulous market segmentation encompassing end-user, and regional dimensions, affording tailored insights for precise segment targeting. The report also provides an all-encompassing evaluation of encapsulating pivotal trends, challenges, growth catalysts and prospects, thereby empowering strategic decision-making with astute discernment.
The report provides insights on the following pointers:
- Analysis of key drivers (rising prevalence of chronic disorder diseases, aging population, Increased Focus on Early Detection and Intervention), restraints (high cost of monitoring systems, Resource-constrained settings in developing countries), opportunities (advancements in manufacturing and miniaturization of components can potentially lead to more affordable patient monitoring solutions, growth of medical tourism), and challenges (unskilled professionals) influencing the growth of the patient monitoring market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the patient monitoring market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the patient monitoring market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the patient monitoring market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Medtronic (Ireland), GE Healthcare (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), among others.
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