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Next Generation Patient Monitoring Devices Market Is Expected To Increase At A Robust CAGR Of 8.9% by 2032

next-generation-patient-monitoring-devices-market-forecast-2022-2032 (1)

Worldwide demand for next generation patient monitoring devices is expected to increase at a robust CAGR of 8.9% from 2022 to 2032. At present, the global next generation patient monitoring devices market is valued at US$ 4.38 billion and is expected to reach US$ 10.27 billion by the end of 2032. Next-generation patient monitoring devices are comprised of a wearable component, which includes devices with sensors and non-wearable components, such as monitoring devices. These devices are linked through wireless networks and analytical algorithms to both ends.

The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Next Generation Patient Monitoring Devices Market both at worldwide and provincial levels.

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Recent Industry News:

  • Telemedicine Integration: Recent news highlights the integration of next-generation patient monitoring devices with telemedicine platforms. The COVID-19 pandemic accelerated the adoption of telemedicine, and wearable devices are now being used to remotely monitor patients and transmit data to healthcare providers in real time, enhancing virtual care capabilities.
  • Remote Patient Monitoring: The shift towards remote patient monitoring (RPM) has gained momentum, with wearable devices playing a pivotal role. RPM allows healthcare providers to monitor patients’ conditions outside of traditional healthcare settings, reducing hospital readmissions and enabling early intervention for better outcomes.
  • Continuous Glucose Monitoring (CGM): The CGM market has seen significant advancements with the introduction of next-generation devices that provide continuous monitoring of glucose levels for diabetes management. These devices offer greater accuracy, ease of use, and connectivity to mobile apps, improving the lives of individuals with diabetes.
  • AI and Machine Learning Integration: News reports have highlighted the integration of artificial intelligence (AI) and machine learning algorithms into patient monitoring devices. These technologies enable devices to analyze data trends and patterns, providing predictive insights into patient health and enabling timely interventions.
  • Wearable Health Tech: Wearable health technology continues to expand beyond fitness trackers, with devices that can monitor a wide range of health parameters. These include wearable ECG monitors, smartwatches with built-in health features, and smart clothing that tracks vital signs.

Market Players: –

  • Boston Scientific Corporation
  • Nihon Kohden Corporation
  • Koninklijke Philips N.V.
  • F. Hoffmann-La Roche Ltd.
  • Medtronic
  • Abbott
  • eDevice
  • Isansys Lifecare Ltd.
  • Zywie Inc.

“Rising Focus on Health and Well-being Driving Demand for Next Generation Patient Monitoring Devices”

According to Fact.MR, a market research and competitive intelligence provider, demand for next generation patient monitoring devices is expected to rise at a healthy CAGR of 8.9% from 2022 to 2032.

The global next generation patient monitoring devices market is anticipated to experience an exponential rise over the coming years. These monitoring devices are developed to monitor patients who prefer staying away from hospitals or clinics.

These devices are also known to provide certain relief to hospitals which are getting busier these days due to the rise in patients. These devices help the doctor to stay in touch with the patients. Moreover, to improve efficiency and deliver better service to a hospital, uptake of these next generation patient monitoring devices is surging.

Factors such as reduced adverse events, improved patient outcomes, lesser hospital stays, and helping hospitals to improve their efficiency are bolstering the growth of the market. These devices are also known to reduce healthcare costs which are attracting the middle class thus adding more fuel to the growth of the market.

Remote monitoring technology in next generation patient monitoring devices provides access to broader geographical areas, including less-served regions, which reduces the cost of treatment and time of travel.

Competitive Landscape

Next generation patient monitoring device manufacturers are involved in the continuous advancement of their manufacturing technologies to develop innovative solutions with a focus on more precise and low-cost devices.

Next generation patient monitoring device providers are also collaborating with healthcare professionals and various organizations for network building to increase their sales potential.

For instance :

  • In 2020, Royal Philips, a global leader in health technology, launched next-generation wearable biosensors for early patient deterioration detection. This is helping clinicians detect risks so that they can intervene earlier and help in improving patients’ health in lower acuity care areas.

Key Segments Covered in Next Generation Patient Monitoring Devices Industry Research

  • By Service :
    • MRI Compatible Devices
    • Non-MRI Compatible Devices
  • By Component :
    • Wearable Components
    • Non-wearable Components
  • By Application :
    • Diagnosis
    • Treatment Monitoring

Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
  • EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
  • CIS & Russia
  • Japan
  • Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)

Trends Shaping the Market:

  • Home-Based Care: The trend toward home-based healthcare is driving the demand for next-generation patient monitoring devices that patients can use in the comfort of their homes. These devices enable healthcare providers to remotely monitor patients, reducing the need for frequent hospital visits.
  • Data Interoperability: Interoperability of patient monitoring data with electronic health records (EHRs) and other healthcare systems is crucial for efficient care delivery. The market is witnessing efforts to standardize data formats and improve data sharing among healthcare providers and devices.
  • Personalized Medicine: Next-generation patient monitoring devices are enabling personalized medicine by providing continuous, real-time data on patients’ health. Healthcare providers can tailor treatment plans based on individual patient data, leading to more effective and targeted care.
  • Wellness and Preventive Care: Beyond managing chronic conditions, these devices are also used for wellness and preventive care. Consumers are increasingly using wearable health tech to track their fitness, monitor stress levels, and make informed decisions about their health and lifestyle.
  • Telehealth Expansion: The expansion of telehealth services, coupled with the integration of patient monitoring devices, is improving access to healthcare, especially in remote or underserved areas. Patients can now receive specialized care and consultations without geographical limitations.

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