Multi-parameter Patient Monitoring Market - Key Research Findings
- The global multi-parameter patient monitoring market size in 2018 – nearly US$ 3.8 Bn.
- FMI anticipates a promising 4.6% CAGR for the multi-parameter patient monitoring market value, during 2018-2028.
- North America and Europe will remain the largest regional markets for multi-parameter patient monitoring
- Most multi-parameter patient monitoring companies are densely concentrated in the North America and Europe regions. However, it is also observed that there is a rise in the number of hospital beds in intensive care units in the developing regions, which is boosting the growth opportunities for the multi-parameter patient monitoring market in these regions.
- The Asia Pacific holds a high growth potential for the multi-parameter patient monitoring market
- The rapidly growing prevalence of chronic diseases, the increasing number of elderly population, and increasing demand for intensive care has majorly contributed to the growth of the multi-parameter patient monitoring market within the Asia Pacific region, particularly in fast-growing economies such as China and India.
- The high acuity level segment will remain most preferred segment of the multi-parameter patient monitoring market
- The rapid diagnosis of certain advanced parameters, such as rSO2, PiCCO, and ScvO2, with maximum accuracy is expected to significantly drive the high acuity level segment of the multi-parameter patient monitoring market.
Top 3 Factors Shaping the Multi-Parameter Patient Monitoring Market
Rising Prevalence of Chronic Diseases Boost Applications of Multi-Parameter Patient Monitoring Systems
The increasing prevalence of chronic diseases, such as diabetes, cancer, asthma, COPD, heart diseases among others, pose an enormous burden on healthcare service resources. Multi-parameter patient monitors enable the capturing of the various parameters of an individual’s health status with chronic conditions.
The multi-parameter patient monitoring systems have emerged as a monitor that offers a flexible solution for varying critical care needs. Multi-parameter patient monitors provide readings such as central venous pressure, heart rate, non-invasive blood pressure, pulse oximetry, ECG, PaCO2, and invasive blood pressure & temperature.
Growing Incidences of Chronic Diseases across the Elderly Population to Trigger Demand
Older persons are usually more susceptible to infections as compared to young adults. Moreover, it is also known that aging is majorly associated with immune dysfunction, particularly in cell-mediated immunity.
The world’s aging population is growing rapidly, and the population aged 60 years and above accounts for over 10%, which is expected to rise to over 20% by 2050. Elderly persons suffer from a variety of chronic disorders, some of which affect the integrity of host resistance to infections.
This increases the demand for the multi-parameter patient monitors for the treatment of various chronic diseases among the elderly population, which is also contributing to the growth of the multi-parameter patient monitoring market growth.
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Adoption of Multi-Parameter Patient Monitors in Intensive Care Units to Surge
Over the past few years, it has been observed that there is a rapid increase in the number of hospital beds in intensive care units as a result of growth in the number of hospital stays, need for emergency care, and medical intensive care services.
According to the Society of Critical Care Medicine, around 5.7 million patients are admitted to intensive care units every year in the U.S. Cardiac, respiratory, and neurological conditions are common in ICU patients, which requires the continuous monitoring of various body parameters.
Therefore, continuous bed-side patient monitoring has become a valuable and necessary tool in intensive care units. This is considered one of the major factors driving the demand for multi-parameter patient monitoring systems over the forecast period.
Multi-Parameter Patient Monitoring Market Structure Analysis
- The global multi-parameter patient monitoring market represents a consolidated competition landscape, wherein Tier 1 companies of the multi-parameter patient monitoring market hold a revenue share of more than 60%.
- Most of the key players maintain a strategic focus on the North America and Europe markets.
- Leading players in the multi-parameter patient monitoring market are also concentrating on the rising handheld/portable medical device trend, whereas cost-competitiveness will remain a strong differentiation strategy.
- Chinese manufacturers, such as General Meditech, Inc. and Mindray Medical International Limited, have been substantially contributing to the revenue growth of the multi-parameter patient monitoring market.
Global Multi-Parameter Patient Monitoring Market: Segmentation
Analysis of Multi-Parameter Patient Monitoring Market by Acuity Level
- High Acuity Level
- Mid Acuity Level
- Low Acuity Level
Analysis Multi-Parameter Patient Monitoring Market by Modality
- Handheld/Portable Multi-Parameter Monitor
- Table Top Multi-Parameter Monitor
Analysis Multi-Parameter Patient Monitoring Market by End User
- Ambulatory Surgical Centres
- Specialty Clinics
- Home Care Settings
Analysis Multi-Parameter Patient Monitoring Market by Region
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa