Close to 71% of the total value of global multi-parameter patient monitoring equipment market in 2014 was taken up by the top three players – Philips Healthcare, GE Healthcare, and Drägwerk AG & Co. KGaA. Product innovation is a key strategy adopted by them and other prominent players in this primarily oligopolistic market.
According to a new publication by Transparency Market Research, the threat of new entrants in the multi-parameter patient monitoring equipment market is expected to remain moderate. While the demand for the equipment is increasing, extremely strict guidelines and high initial costs of the monitors prevail, deterring many new entrants from gaining ground in the market.
Meanwhile, the degree of competition in the market is expected to remain high over the coming years as prominent players keep looking for ways to increase market share.
The revenue generated in the global market for multi-parameter patient monitoring equipment is expected to progress at a CAGR of 4.4% within a forecast period from 2015 to 2023. The revenue is expected to reach US$4.65 mn by the end of 2023 and US$3.47 bn by the end of 2016.
North America has enjoyed being a high development and high demand region for multi-parameter patient monitoring equipment. By the end of 2023, this region’s revenue in the market is expected to reach US$2.39 bn. Meanwhile, the demand for multi-parameter patient monitoring equipment grows faster in the Asia Pacific region.
A large part of the demand for multi-parameter patient monitoring equipment is currently for high-acuity monitors. These monitors are expected to generate a revenue progressing at a CAGR of 5.2% from 2015 to 2023 and is expected to reach close to US$2 bn.
The demand for multi-parameter patient monitoring equipment is growing at a significant pace in the home healthcare segment till 2023. Despite that, the sheer volume of demand for multi-parameter patient monitoring equipment in hospitals is expected to continue leading the market value, reaching US$3.45 bn by 2023.
“One of the greater shifts in the market for multi-parameter patient monitoring equipment that manufacturers need to look out for is the growth in demand for mid- and low-acuity patient monitoring equipment in the coming years,” states a TMR analyst. “Home healthcare services are witnessing an enormous demand and it will continue to increase over the coming years, owing to a growing geriatric population and the advancement of remote monitoring healthcare services,” the analyst adds.
Home healthcare services offer significant advantages such as reducing overall expenses and the number of hospital visits for patients and are therefore in extremely high demand. These are also the same patients that are fall into the brackets of mid- and low-acuity issues.
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There have been multiple recalls of several types of multi-parameter patient monitoring equipment over the recent past owing to several reasons. A key reason for product recalls was the misinterpretation of sensory data to give the wrong reading, thereby leading doctors to make false conclusions.
It is not just medium and small scale manufacturers that have had to issues recalls; several globally prominent entities have also been subject to consumer grievances and large scale product recalls.
The future of multi-parameter patient monitoring equipment could very well lie in emerging economies, as mentioned by the TMR analyst: “Major opportunities lie in the developing regions for the implementation multi-parameter patient monitoring equipment. Nations in Asia Pacific, for instance, are showing a high rate of healthcare evolution and will surely give wide berth to manufacturers of advanced medical equipment.”
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