Monday, March, 18, 2019 06:39:34

The Multiparameter Patient Monitoring Market is set to exceed USD 11 billion By 2025; according to a new research report by Global Market Insights. Increasing geriatric population suffering from chronic diseases and requiring critical monitoring will surge demand of multiparameter patient monitors devices rendering positive impact on industry growth. According to WHO, World’s population over 60 years will get double from 12% to 22% between 2015 to 2050. Majority of the geriatric population suffers from chronic ailments. For instance, prevalence of heart diseases is high due to diabetes in elderly people. Multiparameter monitoring devices are highly preferred as they provide accurate monitoring results. Thus, high adoption of such superior quality multiparameter patient monitoring devices in treating the geriatric population will augment the industry growth.

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Increasing awareness regarding availability of technologically advanced multiparameter patient monitors in developing countries such as India and China will surge the industry growth in foreseeable future. Government in developing countries undertake several initiatives that improves the awareness level amongst the doctors regarding the availability of efficient multiparameter monitoring devices allowing faster patient recovery. Also, developing regions are price sensitive and hence, government and regulatory authorities undertake several initiatives to lower the price of multiparameter monitors that resolves affordability issues and proves beneficial for the industry growth. However, stringent regulatory landscape may hamper the multiparameter market growth up to some extent.

Fixed multiparameter patient monitors will witness growth of 4.0% from 2019 to 2025. Some of the well-established industry players such as GE Healthcare and Medtronic have developed technologically advanced multiparameter patient monitors that enables accurate analysis and efficient detection of various parameters. Recently developed multiparameter patient monitoring devices enable accurate analysis on various parameters such as ECG, SpO2, IBP, NIBP, RESP and temperature that improves surgical performance thereby, fostering the segmental growth over upcoming years.

High acuity multiparameter patient monitors segment was valued at 3.8 billion in 2018 and will have significant revenue size over the coming years. Integration of advanced technology within the high-acuity multiparameter patient monitors have fostered its adoption in intensive care units and hospitals that helps in treatment of several chronic diseases.

Pediatric segment will grow at 4.1% throughout the analysis period owing to growing number of complications in new-borns increasing the number of neonatal intensive care unit admissions. Moreover, new-borns and pediatric population is prone to infections that surges the preference for multiparameter patient monitors in treating pediatric population that triggers the segmental growth.

North America multiparameter patient monitoring market currently dominates the global industry with revenue USD 3.3 billion in 2018 and the scenario is likely to remain so over the forecast period. High awareness level regarding availability of technologically advanced multiparameter patient monitoring devices triggers the regional growth. Moreover, favourable regulatory scenario for multiparameter patient monitoring market that enables superior quality of monitors enhances industry growth in forthcoming years.

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Key industry players in multiparameter patient monitoring market includes Epsimed, KizlonMedical, Mediana, Medion Healthcare, Medtronics, Mindray, Masimo, Opto India, OSI Systems, Philips Healthcare, Skanray Technologies, Spacehealth Labs and VOTEM. Prominent industry players adopt strategies including acquisitions, mergers, distribution agreements and innovative product launch to strengthen product portfolio and garner higher market share. For instance, in November 2018, Mindray launched BeneVision N1 Patient monitor, with enhanced data analysis that improves patient monitoring. Introduction of new products will foster company’s revenue generation.

Multiparameter Patient Monitoring Market, By Acuity Level (USD million)

High-acuity multiparameter patient monitors
Mid-acuity multiparameter patient monitors
Low-acuity multiparameter patient monitors