by The rising demand for early identification and treatment of chronic illnesses, as well as the high demand for real-time patient monitors in CCUs (critical care units) are likely to bolster growth of the global multi-parameter patient monitoring equipment market. The need to make smarter clinical decisions on the spot, and the need to record variations in a patient’s condition at every phase, are all expected to drive sales in the global market. The coronavirus pandemic wreaked havoc on markets throughout the world, plunging countries into financial meltdown.
Multi-parameter patient monitors are commonly utilized in both in-patient wards as well as intensive care units (ICU) to improve healthcare quality. Critically sick patients require constant monitoring, particularly in emergency rooms, because the physiological response to severe illness is significantly connected to the prognosis. The use of multi-parameter monitors to track critically sick patients enables for the evaluation of physiological reserves as well as the efficiency of treatment measures.
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The advancements in wearable devices as well as medical telemetry wireless communication technologies have broadened the spectrum of monitoring solutions for patients both inside and outside the hospital. These technical improvements allow for the rapid recording and transmission of data from a patient’s device to a healthcare practitioner, reducing the time required for diagnoses and management. Such breakthroughs are expected to work in favor of the global multi-parameter patient monitoring equipment market in the years to come.
The development of wireless networks in the healthcare industry, such as Medical Body Area Networks (MBAN) and Radio Frequency Identification (RFID), has transformed patient health diagnostic processes sans any inconvenience due to its wireless architecture. This is used to keep track of body temperature, blood pressure, heart rate, and oxygen levels.
Single-use portable gadgets have expanded patient freedom while also lowering the expense of frequent hospital visits. The need for such portable, easy-to-use gadgets is growing on the back of growing demand for home-based medical treatments for the senior population.
Furthermore, the increasing incidence of chronic illnesses and the implementation of supporting reimbursement systems are key drivers of market expansion in North America region.
The global multi-parameter patient monitoring equipment market for the historical period 2017–2018 and forecast period 2019–2027. The global multi-parameter patient monitoring equipment market is driven by increase in prevalence of chronic pain, and rise in demand for home monitoring.
According to the report, the global multi-parameter patient monitoring equipment market was valued at US$ 3.8 Bn in 2018 and is anticipated to expand at a CAGR of 3.7% from 2019 to 2027
Constant Rise in Incidence of Chronic Diseases: Key Driver
Increasing incidence of chronic conditions across the world is one of the key drivers of the growth of the multi-parameter patient monitoring equipment market, as conditions such as asthma, hypertension, diabetes, and other cardiovascular and respiratory diseases demand regular and continuous monitoring. Early diagnosis and monitoring of patients is essential to identify, treat, and control the severity of these diseases. Therefore, rising base of target patient population would act as a driver of the market.
According to the U.S. Census Bureau, around 89 million people would be aged over 65 years in the U.S. by 2050. Furthermore, around 40% people in Japan would be aged over 65 years by 2060. This rapid increase in the geriatric population is likely to more prone towards the chronic diseases.
Frequent Product Recalls Lead to Confusion and Incredulity: Restraints
The multi-parameter patient monitoring equipment market has witnessed several product recalls in the past, due various reasons, such as incorrect readings and defective alarm systems. A number of renowned manufacturers of multi-parameter patient monitors have recalled their products for some technical reasons/shortcomings.
Recently, in May 2015, the U.S. Food and Drug Administration (FDA) issued a notice to Mindray USA for the recall of multi-parameter patient monitor with arrhythmia detection and alarm system. The reason for the recall was the inability of the monitors to display arrhythmia alarms due to communication loss, restart, etc.
Similarly, Phillips Healthcare in U.S. recalled its MX series of patient monitors over the issues of battery and power consumption in March 2018
Global Multi-parameter Patient Monitoring Equipment Market: Competitive Landscape
This report profiles major players operating in the global multi-parameter patient monitoring equipment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global multi-parameter patient monitoring equipment market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global multi-parameter patient monitoring equipment market include
- Philips Healthcare
- GE Healthcare
- Drägerwerk AG & Co. KGaA
- Nihon Kohden Corporation
- Spacelabs Healthcare
- CAS Medical Systems, Inc.
- CONTEC MEDICAL SYSTEMS CO., LTD.
- Guangdong Biolight Meditech Co., Ltd.
- Mindray Medical International Limited
- Schiller AG.
Key Questions Answered in Global Multi-parameter Patient Monitoring Equipment Market Report
- What is the scope of growth of product type companies in the global multi-parameter patient monitoring equipment market?
- What will be the Y-o-Y growth of the global multi-parameter patient monitoring equipment market between 2019 and 2027?
- What is the influence of changing trends in usage patterns on the global multi-parameter patient monitoring equipment market?
- Will North America continue to be the most profitable market for multi-parameter patient monitoring equipment providers?
- Which factors are anticipated to hamper the growth of the global multi-parameter patient monitoring equipment market during the forecast period?
- Which are the leading companies in the global multi-parameter patient monitoring equipment market?
Global Multi-parameter Patient Monitoring Equipment Market – Segmentation
Acuity Level
- High-acuity Monitors
- Mid-acuity Monitors
- Low-acuity Monitors
End-user
- Hospitals
- Home Health Care
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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