NEW YORK 鈥� The global market for vital signs monitoring devices is experiencing significant growth, with its valuation projected to soar from $25,617.24 million in 2022 to an impressive $66,824.03 million by 2030, according to a report from . This expansion, at a compound annual growth rate (CAGR) of 12.7%, is largely fueled by the rising adoption of remote patient monitoring and the increased prevalence of telemedicine, especially since the COVID-19 pandemic.
Key Market Drivers:
Technological Advancements: The market is benefiting from continuous innovations and upgrades in medical technology. Companies are actively competing through frequent product launches and securing regulatory approvals for new devices. For instance, and Honeywell鈥檚 real-time health monitoring system exemplify significant developments in this field.
Segmental Growth: Glucose monitors lead the market share, while pulse oximeters are forecasted to have the fastest CAGR from 2022 to 2030. This trend is attributed to their crucial role in managing diabetes and detecting oxygen saturation, a key indicator in cardiovascular and respiratory diseases.
End-User Preferences: Hospitals and clinics currently dominate the market. However, the home healthcare segment is expected to witness the fastest growth, propelled by the increasing number of healthcare facilities and the rising preference for at-home medical care.
Regional Insights: North America holds the largest market share, driven by a significant rise in respiratory diseases and a large diabetic population. Europe is anticipated to experience the fastest growth, thanks to increased chronic disease incidence, product innovation, and an aging population.
Industry Developments: Recent industry movements include GE HealthCare鈥檚 launch of Portrait Mobile and Omron鈥檚 plan to establish a medical device plant in India, highlighting the sector鈥檚 dynamic nature and global reach.
Competitive Landscape: The market is highly competitive, with key players like Koninklijke Philips NV, Medtronic Plc, and GE HealthCare Technologies Inc. focusing on product innovation and geographic expansion to cater to growing global demand.
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