With the increased prevalence of chronic disorders, multi-parameter patient monitors are undergoing rapid and innovative technological advancement in order to establish an effective treatment platform for monitoring disease progression. Factors such as growing geriatric population, and increasing awareness of the global population with regards to treatment of chronic diseases are driving the growth of the global multi-parameter patient monitoring equipment market. Furthermore, worldwide increase in the number of hospitals and ambulatory care centers is another key factor anticipated to support the growth of the multi-parameter patient monitoring equipment market. However high cost and frequent recalls of these multi-parameter patient monitors is anticipated to tug the growth of market.
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Based on acuity-levels, the global multi-parameter patient monitoring equipment market has been segmented into high-acuity, mid-acuity and low-acuity monitors. The high-acuity monitors segment accounted for the largest share of the multi-parameter patient monitoring equipment market in terms of revenue in 2014. Rising incidence of life-threatening conditions and increasing number of hospital beds across the globe are the major factors attributed to the leading position of the segment. However, low-acuity monitors segment is expected to grow at the highest CAGR during the forecast period as these patient monitors are reasonably priced and can be used in home-care settings with maximum positive outcome.
The end-user segment in the multi-parameter patient monitoring equipment market has been categorized into hospitals and home health care. Hospitals was witnessed as the largest segment in terms of revenue in 2014. The dominance of hospitals end-user segment was majorly witnessed due to increasing admission of patients in the ICUs and emergency departments. In addition, multi-parameter patient monitoring devices function as decision-making tools for further treatment of underlying diseases in hospitals, thereby accentuating the growth of hospitals end-user segment. However, the home health care segment is expected to foresee the fastest growth rate during the forecast period from 2015 to 2023 due to greater adoption of multi-parameter patient monitors by the geriatric population, coupled with lower hospital readmission costs.
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Geographically, North America accounted for the largest share of the global multi-parameter patient monitoring equipment market in 2014. Factors attributed to the dominant position of North America in multi-parameter patient monitoring equipment market are growing geriatric population, better technological platforms, and intense governmental regulations in the region. However, Asia Pacific is anticipated to witness the highest growth during the forecast period. Fastest growth rate in this region is anticipated to emerge due to high prevalence of chronic diseases, presence of large patient pool, and improving healthcare infrastructure. Moreover, easy market penetration and skilled workforce in developing economies would further boost the growth of the multi-parameter patient monitoring equipment market in Asia Pacific.
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The global multi-parameter patient monitoring equipment market is fragmented due to the presence of numerous established as well as emerging players. The prominent companies operating in the multi-parameter patient monitoring equipment market includes 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, and Schiller AG.
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