Transparency Market Research (TMR) has published a new report titled, ‘Multi-parameter Patient Monitoring Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global multi-parameter patients monitoring equipment market was valued at US$ 3.8 Bn in 2018 and is projected to expand at a CAGR of above 3.7% from 2019 to 2027.
- Multi-parameter patient monitors are medical devices used to monitor patients’ vital signs under critical care. Such monitors primarily measure five significant vital signs including heart rate, temperature examination, blood pressure, pulse oximetry, and respiratory rate.
- Various factors such as increasing incidence of chronic diseases, coupled with growing awareness regarding the application of multi-parameter patient monitors have fueled the growth of the global multi-parameter patient monitoring equipment market.
- North America dominated the global multi-parameter patient monitoring equipment market in2018 and the trend is anticipated to continue during the forecast period. Availability of technologically advanced patient monitors and strong government support in terms of investment is boosting the growth of multi-parameter patient monitoring equipment market in North America.
- However, Asia Pacific is likely to be a highly lucrative market for multi-parameter patients monitoring equipment and it is expected to expand at a high CAGR during the forecast period
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Remote and Home Monitoring for Mid-acuity and Low-acuity Patient Monitors Market to Drive Market
- Devices used for health monitoring of patients situated at home or in ambulatory care centers or any premises other than hospitals and health care centers are referred as remote patient monitoring devices.
- Inability of elderly patients to visit health care centers for follow up check-ups and availability of user-friendly and portable devices are cumulatively resulting in increased adoption of home health patient monitoring devices.
- The Annals of Internal Medicine stated in2013 that continuous monitoring of diseases with home medical devices provides more accurate picture of chronic diseases rather than relying on repetitive hospital visits. Thus, these facts and studies have increased demand for home monitoring devices, boosting the growth of the multi-parameter patient monitoring equipment market.
High-acuity Monitors Segment to Dominate Market
- Based on acuity-level, the high-acuity monitors segment accounted for the largest share of the multi-parameter patient monitoring equipment market in 2018, as these devices are driven by increasing admissions to intensive care units due to respiratory and cardiovascular diseases.
- However, the low-acuity monitors are anticipated to expand at the fastest CAGR due to growing need for ambulatory and transport monitoring services.
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Hospital to be Highly Lucrative Segment
- Based on end-users, the hospitals segment held the largest share of the market in 2018due to increase in the number of critically ill patients as well as rising number of hospitals beds globally.
- Furthermore, huge budgets of hospitals allow them to cater to the demands of patients for better quality outcomes. On the other hand, the home health care segment is estimated to grow rapidly during the forecast period due to greater awareness regarding the convenience and cost-effectiveness of portable and easy-to-use patient monitors.
- In addition, the growth of the home health care end-user segment has also been fostered by the rapidly aging population and growing physician acceptance of home care.
North America to Dominate Global Market
- In terms of region, the global multi-parameter patient monitoring equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global multi-parameter patient monitoring equipment market in2018, followed by Europe.
- North America accounted for major share of the global multi-parameter patient monitoring equipment market in 2018, as the region has always been on the leading edge of medical device technology and adoption.
- Key players are investing to expand their reach and strengthen their market position in North America market through new product development and approvals.
- The global multi-parameter patient monitoring equipment market is fragmented in terms of number of players. Key players in the global market include CAS Medical Systems, Inc., Contec Medical Systems Co., Ltd., Dragerwerk AG & Co. KGaA, GE Healthcare, Guangdong Biolight Meditech Co., Ltd., Mindray Medical International Limited, Nihon Kohden Corporation, Philips Healthcare, Schiller AG, and Spacelabs Healthcare among others among others
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