Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Multiparameter Patient Monitoring Systems Market, Global Industry Analysis, Market Size, Opportunities and Forecast, 2021 – 2028”
The global multiparameter patient monitoring systems market is expected to reach the market value of around US$ 13,590 Mn by 2028 and is anticipated to grow at a CAGR of around 3.2% in terms of revenue during the forecast period 2021 – 2028.
The multiparameter patient monitor is an oximetry and capnography device that uses one device to monitor different parameters such as blood pressure, heart rate, body- and skin-time. There are greater care choices for people with cardiovascular or respiratory issues, which require patient monitoring.
North America Dominates the Overall Multi-parameter Patient Monitoring Market
The global multi-parameter market is primarily driven by North America and its domination over the projected period is expected to continue in the region. Due to the high quality of the healthcare system and the country’s modern medical technologies, the multiparameter patient monitoring market in the US had the largest market share in the North America region. Furthermore, a high proportion of the population of older persons in the area would lead to the development of the patient tracking multi-parameter sector. Around 52 million people were aged 65 and older in 2018, according to the US survey office. In fact, the rising risk of morbidity and mortality caused by chronic diseases will have an impact on the patient monitoring multi-parameter market.
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Market dynamics
A growing number of patients with chronic diseases was the primary explanation for the emerging multi-parameter patient monitoring markets. Other important factors, such as incorporating and improving national monitoring and remote spying on people, include a positive rate of change in this market. The follow-up strategy is focused on professional treatment. Basic sign screens transmit patient information centrally and explicitly and allow caution when the information goes beyond the default environment. Patient devices expand the customer base of physical systems and are used widely of rehabilitation, healthcare, and home environments. Patient Surveillance Systems are rejuvenating the market as smaller, leaner, and more remote systems are not so exorbitant. There are greater care choices for people with cardiovascular or respiratory issues, which require patient monitoring.
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Portable Multi-parameter Patient Monitors Hold the Largest Market Share
The increased awareness of healthcare and the growing interest in continuous monitoring of patient health, pre and post-operative parameters should contribute to growth on the market as a whole. Two major types of multiparameter monitors, portable and stable, are expected to dominate the market over the forecast period by the portable monitors. It is attributed to such factors as home healthcare development, simple supervision of post-operative recovery patients, growing outpatient treatment services, and growing the implementation of remote patient surveillance. Furthermore, due to increasing technical advancement, the rivalry among the major market players has increased. Therefore, over the projected period, the section of portable monitors will retain its dominance.
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Technological Advancements and New Product Drive North America Market Growth
Based on the geriatrics, increased prevalence of chronic diseases, the demand for smartphone and Wi-Fi services, and advanced reimbursement mechanisms, North America leads the patient monitoring industry. North America is the leading region. In addition, technological progress and the launch of new products also boost the market growth. Abbott Laboratories, for instance, received the US in October 2017. The first and only insertable cardiac smartphone-compatible device to be sold in the US is FDA approval.
The global multiparameter patient monitoring systems market includes prominent players such as KizlonMedical, Epsimed, Mediana, Medion Healthcare, Mindray, Medtronics, Opto India, OSI Systems, Skanray Technologies, Philips Healthcare, Spacehealth Labs, VOTEM, and others. The leading businesses follow many main approaches, including acquisition & acquisitions, product development, partnership, and cooperation, to continue to be competitive and to achieve full market share.
Recent Developments
- In December 2019, Nihon Kohden Corporation has launched the Life Scope SVM-7200 series for outpatient clinics in the US.
- In March 2020, Masimo Corp. has announced the FDA Clarification for its ongoing RRp monitoring of Radius-7 co-oximeters, radical-7, and radical-97 pediatric and adult patients.
- In May 2018, TruSKAN, a six-channel multi-patient control network, was introduced by Skanray Technologies. Such instruments can monitor SpO2, NIBO, capnography, IBP, ECG, temperature, breathing, and monitoring of arrhythmias.
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