Foremost industry growth driver is advancement in technology. Significant changes in technology altered the mode of analyzing patient’s health and revolutionized it with wireless technology. Along with convenience and ease, it has accuracy that will cause an upward shift in demand for the monitoring devices exerting a positive impact on market growth.
Increasing population and lifestyle changes due to sedentary work life have given rise to diabetes, high blood pressure, obesity and other health issues. This has increased percentage of individuals having higher risks for cardiovascular diseases supporting multiparameter patient monitoring market. Awareness amongst youth and increase in healthcare expenditure has given rise to increasing demand for portable monitoring devices.
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However, stringent regulations, reliance on low-tech devices and affordability issues due to high price will hamper growth. Developing countries may have device adoption issues due to higher prices charged for the multiparameter monitoring devices that may have an impact on the market growth.
Patient monitors is the major business segment showing growth due to the ability shown by the monitors to analyses multiple parameters that allows efficient time management. Accuracy and efficient results given by these monitors have elevated the demand for the multiparameter patient monitoring devices. Portable monitors that can analyze various parameters are in demand due to growing awareness about health issues.
Increasing number of hospitals has been a major factor contributing to growth of these devices. As these devices help in time management by analyzing multiple parameters at a single time, it’s adoption has increased amongst the doctors. Ease of operating and the monitoring devices with minimum complications further increases the demand for multiparameter patient monitoring devices.
Growing incidences of cardiac diseases have helped this market to show lucrative growth. Major lifestyle changes due to sedentary work life have caused healthcare issues that are needed to be monitored on daily basis leading to an increase in demand for the multiparameter monitoring devices.
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U.S. will drive the North America market due to the consistent advancements in technology. The healthcare industry witnessed around 43 IT acquisitions in 2017 that has favored technological advancements. Internet of medical things has driven the healthcare industry supporting the technological advancements in artificial intelligence in healthcare that will enhance the remote monitoring of patients. Increasing healthcare expenditures will further help in market development.
China will witness significant growth rate in coming years owing to presence of large patient pool and skilled labor available for operating the devices. Increased capacity to invest in developing new technology will promote market growth. Growing prevalence of respiratory diseases due to increases in pollution have supported the market development in China.
Some of the key industry players include CAS Medical Systems, GE Healthcare, Mindray Medical International, Medtronic, Philips Healthcare, Roche, Schiller, Spacelab Healthcare. Key players are making improvisations in multiparameter monitoring devices that will increase efficiency and make business segment more opportunistic for growth. In November 2016, Philips Healthcare entered into a partnership with Masimo. This business partnership will add value to services provided to patients through health monitoring on various parameters by devices and integrating advanced technology that will generate revenue for Philips.
Multiparameter Patient Monitoring Market by Device, 2013-2024 (USD Million)
- Patient monitors
- Clinical decision supports systems
- Surveillance & networking
- Wireless monitoring
- Cable less measurement
Multiparameter Patient Monitoring Market by Target area, 2013-2024 (USD Million)
- Fetal & neonatal
Multiparameter Patient Monitoring Market by End-use, 2013-2024 (USD Million)
- Home healthcare
- Ambulatory care centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa