Global Patient Monitoring Device Market Expected to Reach USD 48.85 Billion by 2030
The global patient monitoring device market is projected to grow at a significant rate, with a CAGR of 5.1% from 2022 to 2030, according to a report by VynZ Research. The increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and respiratory disorders, is the key factor driving the growth of the patient monitoring device market.
In addition, the rising geriatric population, the growing demand for home-based and remote patient monitoring, and the increasing awareness about the benefits of patient monitoring devices are also contributing to market growth. Furthermore, technological advancements in patient monitoring devices, such as wireless and wearable devices, are anticipated to provide lucrative growth opportunities for the market players.
Based on product type, the cardiac monitoring devices segment is expected to hold the largest market share during the forecast period. This can be attributed to the increasing incidence of cardiovascular diseases and the growing demand for advanced cardiac monitoring devices. The respiratory monitoring devices segment is also expected to witness significant growth, owing to the rising prevalence of respiratory disorders, such as asthma and chronic obstructive pulmonary disease (COPD).
North America is expected to dominate the patient monitoring device market during the forecast period, due to the presence of well-established healthcare infrastructure, increasing healthcare expenditure, and rising adoption of advanced healthcare technologies. Asia-Pacific is also expected to witness significant growth, owing to the growing geriatric population and increasing investments in healthcare infrastructure by the governments in the region.
Some of the key players operating in the global patient monitoring device market include Abbott Laboratories, GE Healthcare, Medtronic, Nihon Kohden, Philips Healthcare, and Siemens Healthcare. These companies are adopting various strategies, such as mergers and acquisitions, partnerships, and collaborations, to strengthen their market position and expand their product portfolio.
In conclusion, the global patient monitoring device market is poised for significant growth, driven by the increasing prevalence of chronic diseases, technological advancements, and rising demand for home-based and remote patient monitoring. With the growing adoption of healthcare technologies and increasing investments in healthcare infrastructure, the market is expected to reach USD 48.85 billion by 2030.
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