SEATTLE, July 26, 2021, (MEDGADGET) — Global Multi-Parameter Patient Monitoring Equipment Market – Insights
The multi-parameter patient monitoring (MPM) system provides a versatile solution for a variety of critical care requirements. The market for multi-parameter patient monitoring is expected to expand due to the growing demand for home-based healthcare device. MPM equipment is a device that displays various pieces of information on a single computer. It monitors body functions such as respiratory rate, blood pressure, body temperature, and pulse rate as well as the operation of different body organs.
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The presence of major players in the multi-parameter patient monitoring (MPM) equipment industry increases competition as new products with cutting-edge technology are introduced. Skanray Technologies, for example, introduced the TruSKAN series of six-channel multi-parameter patient monitoring systems in 2018. TruSKAN includes an integrated pulmonary index (IPI) for fast assessment of a patient’s respiratory condition, as well as a SatSeconds advanced alarm management algorithm that reduces false alarms.
The multi-parameter patient monitoring (MPM) equipment market is expected to develop as a result of the evolving technology of remote patient monitoring. Medical professionals can check on a patient’s condition inside or outside the hospital using the latest remote patient monitoring devices, which are wireless, lightweight, and wearable. These devices help to cut down on hospital stays and costs. For example, using Geneia’s @HOME remote patient monitoring system will save about $8,375 in annual hospital costs per person.
The demand for multi-parameter patient monitoring (MPM) equipment in hospitals for critical treatment of geriatric patients suffering from cardiac, respiratory, mental, or renal disorders is expected to increase, resulting in an increase in market revenue. According to a 2015 study by the American Heart Association, approximately 40 million people over the age of 65 in the United States are affected by cardiovascular disease each year.
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Product failures and recalls is restricting the growth of the multi-parameter patient monitoring (MPM) equipment market. MPM equipment is sometimes recalled by the Food and Drug Administration (FDA) when it does not meet FDA marketing guidelines. For example, in 2014, FDA issued a recall for Mindray DS USA Inc.’s DPM 6 Monitor, which was used to measure ECG, arrhythmia detection, ST segment analysis, heart rate, respiration rate, temperature, pulse oxygen saturation, pulse rate, non-invasive blood pressure, and invasive blood pressure. DPM 6 Monitor included a cardiac ST/Arrhythmia analysis feature, which was not approved for marketing.
Because of the advancement of emerging technology in the healthcare sector and new product releases in the MPM equipment industry, North America dominated the multi-parameter patient monitoring (MPM) equipment market in 2017. For example, Abbott Laboratories introduced the first and only smartphone-compatible insertable cardiac monitor in the United States in October 2017.
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Due to growing geriatric population suffering from any form of age-related disease, Asia Pacific is the fastest-growing region in the multi-parameter patient monitoring (MPM) equipment market size, which directly contributes to growth of the MPM equipment market size. According to the China National Committee on Aging (CNCA), China’s elderly population totaled 241 million in 2018, accounting for 17.3% of the country’s total population.
Table of Content
Global Multi-Parameter Patient Monitoring Equipment Market Research Report
Section 1: Global Multi-Parameter Patient Monitoring Equipment Industry Overview
Section 2: Global Economic Impact on Multi-Parameter Patient Monitoring Equipment Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Multi-Parameter Patient Monitoring Equipment Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Multi-Parameter Patient Monitoring Equipment Market Forecast
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