Patient monitoring devices are revolutionizing the healthcare industry. These devices allow medical professionals to closely monitor a patient's vital signs in real-time, making it easier to detect changes and take appropriate action. Patient Monitoring Devices Market is projected to grow from USD 42.3 billion in 2022 to USD 65.4 billion by 2027, at a CAGR of 9.1% from 2022 to 2027, according to a new report by MarketsandMarkets™.

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The market for patient monitoring devices is being driven by factors such as an increasing prevalence of chronic diseases, a growing awareness about the benefits of remote patient monitoring, and an increasing demand for home healthcare services. Additionally, technological advancements in the field of patient monitoring are also playing a major role in driving the growth of the market.

There are a wide variety of patient monitoring devices available in the market, ranging from basic devices such as thermometers and blood pressure monitors to more sophisticated devices such as multi-parameter monitors, portable patient monitors, and vital signs monitors. These devices are used to monitor a variety of vital signs including blood pressure, heart rate, body temperature, and more.

The patient monitoring device market is divided into two segments: wired and wireless. Wired devices are connected to a computer or other external device, while wireless devices are connected to a wireless network. Wired devices are more expensive than wireless devices, but they offer better accuracy and reliability.

The patient monitoring device market is highly competitive, with several leading players such as GE Healthcare, Philips Healthcare, Medtronic, and Nihon Kohden. These companies are investing in research and development to improve the accuracy and reliability of their products, as well as developing new technologies such as cloud-based patient monitoring.

The future of the patient monitoring device market looks bright, with the potential to revolutionize the healthcare industry. With advancements in technology, these devices are becoming more accurate and reliable, and are providing medical professionals with more information about their patients. This will enable them to make more informed decisions and provide better care for their patients.

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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. (US)

Growth Strategies Adopted:

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in the patient monitoring devices market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.

Medtronic plc (US) has a wide range of product offerings in the patient monitoring devices market, including neuromonitoring, respiratory monitoring devices, cardiac monitoring devices, and blood glucose monitoring products. The company’s flagship product─BIS brain monitoring system–is among the most widely used systems in the patient monitoring devices market.

GE Healthcare (US) is a leader in the global patient monitoring devices market. GE Healthcare is a developer of innovative solutions for patient monitoring devices in fields such as multi-parameter monitoring devices, cardiac monitoring devices, and fetal and neonatal monitoring devices.

North America is expected to dominate the global patient monitoring market

North America, comprising the US and Canada, accounted for the largest share of the patient monitoring devices market. Increasing number of clinical trials validating patient monitoring devices and a growing number of approvals for patient monitoring.

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