Global Multi-Parameter Patient Monitoring Equipment Market – Comprehensive Study, Trends, Growth, Size, Share, and Forecast to 2028
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Global Multi-Parameter Patient Monitoring Equipment Market Overview:
“The global Multi-Parameter Patient Monitoring Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Multi-parameter patient monitoring equipment have been developed in order to obtain a number of patients’ vital information such as heart rate, central venous pressure, electrocardiogram (ECG), blood pressure, temperature, respiration rate, and overall saturation level using a single equipment to understand patient’s condition.
This equipment provides multiple information on a single screen which helps the caregiver o healthcare professional to provide better healthcare services to the patients, primarily to patients in Intensive Care Units (ICUs) and post-surgery patients to constantly monitor health of the patient. According to a report, in the US, approximately 4 Mn patients are admitted in ICUs, with an average mortality rate of 8 – 19% per year.
Increasing geriatric population, rising incidence of chronic diseases and disorders such as cardiovascular diseases, neurological disorders, hypertension, and chronic respiratory diseases and disorders are some of the major factors that are expected to continue to drive growth of the global multi-parameter patient monitoring equipment market. In addition, increasing demand for home-based monitoring devices for remote monitoring patients is another prominent factor propelling growth of the target market.
One of the prominent features of the equipment is that it provides periodic reports and emergency alerts when there are any drastic changes in the vital signs of patients which is expected to help the healthcare professionals to act accordingly and quickly.
Moreover, increasing trend of telehealth or telemedicine and rapidly growing medical tourism industry are expected to result in higher demand for these equipment, thereby driving growth of the target market.
However, high initial cost, and possible chances of low accuracy of equipment, coupled with recent product failures and product recalls are major factors hampering growth of the global multi-parameter patient monitoring equipment market. In addition, stringent regulatory framework is another factor that could challenge growth of the target market to a certain extent.
By Device Type:
Among the device type segments, the portable device segment is expected to maintain a dominant position and register highest revenue growth rate in the global market. Increasing development and adoption of customized portable multi-parameter monitoring equipment is one of the major trends observed currently in the global multi-parameter patient monitoring equipment market. Moreover, continuous technological advancements in these equipment, and rising need for remote patient monitoring and telehealth are expected to drive revenue growth of this segment in the global market.
By Acuity Level:
Among the acuity level segments, the high acuity level segment is expected to account for comparatively higher revenue share than that of the other two segments in the global multi-parameter patient monitoring equipment market.
By End User:
The hospital end user segment is estimated to dominate in the global market and register highest growth rate in terms of revenue over the forecast period, owing to increasing number of admissions in the ICUs, casualty department, and emergency department. In addition, rising development of hospitals infrastructure in various developed and developing countries with advanced medical devices is expected to drive demand for multi-parameter patient monitoring equipment in the hospitals and drive the segment growth.
On the basis of region, the North America market is expected to dominate in the global market, and is projected to continue to dominate over the forecast period, owing to high prevalence of lifestyle-related chronic diseases, and well-developed healthcare infrastructure. The Europe market is estimated to register second-highest revenue share in the global multi-parameter patient monitoring equipment market. The Asia Pacific market is projected to register highest growth rate in terms of revenue owing to large number of elderly population suffering from age-related diseases and rising medical tourism industry in countries such as India and China.
The Middle East & Africa market and Latin America market are expected to account for moderate revenue share in the global market, however, these markets can prove to be as an opportunity for players operating in the target market.
Global Multi-Parameter Patient Monitoring Equipment Market Segmentation
Segmentation by Device Type:
- Portable device
- Fixed device
Segmentation by Acuity Level:
- High Acuity Level
- Medium Acuity Level
- Low Acuity Level
Segmentation by End User:
- Home care
- Ambulatory care hospital
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Medtronic plc
- GE Healthcare Ltd.
- Hoffmann-La Roche AG
- Nihon Kohden Corporation
- Abbott Laboratories
- Johnson & Johnson
- Omron Healthcare Co. Ltd.
- Koninklijke Philips N.V.
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