Key market players' increased use of company development tactics such as cooperation, agreement, and acquisition is expected to boost the worldwide condition monitoring device market growth during the forecast period. Increased efforts by leading industry players and research institutions to create innovative condition monitoring devices are expected to drive market growth over the forecast period. The inaccuracy of condition monitoring equipment such as oximeters is expected to stymie industry expansion. For example, in February 2021, the United States Food and Drug Administration (FDA) issued a new warning concerning the potential mistakes related with pulse oximeters. The FDA in the United States
According to Coherent Market Insights, the Global Condition Monitoring Device Mrket is estimated to be valued at US$ 1,089.4 million in 2022 and expected to exhibit a CAGR of 7.5% during the forecast period (2022-2030).
Prominent Companies in the Condition Monitoring Device Industry:
1. General Electric Company
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. General Electric Company was incorporated in 1892 and is headquartered in Boston, Massachusetts.
2. Koninklijke Philips N.V.
Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. It operates through Diagnosis & Treatment Businesses, Connected Care Businesses, and Personal Health Businesses segments. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
3. Nihon Kohden Corporation
Nihon Kohden Corporation engages in research and development, production, sale, repair, and maintenance of medical electronic equipment in Japan, Americas, Europe, rest of Asia, and internationally. The company was incorporated in 1951 and is headquartered in Shinjuku, Japan.
4. Braun Melsungen AG
Founded in 1838, headquartered in Melsungen, Germany. The company is Manufacturer of healthcare supplies dedicated to protecting and improving people's health. The company offers products and product systems for anesthesia, intensive care, cardiology, extracorporeal blood treatment and surgeries
5. Abbott
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Abbott Laboratories was founded in 1888 and is based in North Chicago, Illinois.
6. Masimo
Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. Masimo Corporation was incorporated in 1989 and is headquartered in Irvine, California.
7. Smiths Medical
Smiths Medical is a supplier of specialized medical devices and equipment for global markets, focusing on the medication delivery, vital care, and safety devices market segments. The company was incorporated in 1940 and is based in Minneapolis, Minnesota, United States.
8. B Medical Systems
B Medical Systems is a manufacturer and global distributor of medical refrigeration, blood management and vaccine cold chain equipment based in Luxembourg. Founded in 1979.
9. Thermofisher Scientific Inc
Thermo Fisher Scientific is a provider of laboratory information management and scientific data systems. Founded in 1956, headquartered in Massachusetts, U.S.
*Definition- Condition monitoring devices employ digital technology to monitor a person's health-related indicators such as blood glucose levels, oxygen levels, blood pressure, and others.
