Multiparameter Patient Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Multiparameter Patient Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : November, 2020 | Medical Devices | PPT format

Report Digest


Multiparameter Patient Monitoring Market – Introduction

Multiparameter patient monitoring market is expected to remain under the influence of increasing demographic of an ageing population, increasing adoption of advanced technologies in the healthcare sector and increasing emphasis on improving critical patient care settings. Multiparameter patient monitoring system is a comprehensive system that allows a clinical professional to closely monitor patients with clinical accuracy and at an affordable cost. Multiparameter patient monitoring allows medical professionals to use relevant clinical data in providing improved patient care.

Utilization of multiparameter patient monitoring systems is higher in critical healthcare settings wherein real-time patient monitoring is crucial. The multiparameter patient monitoring marketplace is witnessing the introduction of efficient and advanced designs of patient monitoring systems that aid clinical professionals in carrying out comprehensive patient care while analyzing multiple sets of parameters.

Multiparameter Patient Monitoring Market – Notable Developments

Key players in the multiparameter patient market include Spacelabs Healthcare, Nihon Kohden Corporation, Medtronic, Natus Medical and others.

  • In August 2018, VitalConnect, Inc., a global leader in the multiparameter patient monitoring market launched VistaTabletTM, a multiparameter patient monitoring platform for real-time and at-home patient monitoring.
  • Iron Bow Technologies launched vCLINiC (powered by VidyoTM) a cloud-ready device intended for interactive video communication and patient monitoring in October 2018.
  • In March 2018, Nihon Kohden launched a new NK-HiQ remote patient monitoring system which is a smart and secure platform for data collection and management for hospitals.
  • In May 2018, Skanray launched TruSKAN Series multiparameter patient monitoring systems with the capability to monitor ECG, SpO2, temperature, NIBO, respiration, capnography, arrhythmia detection and two-channel IBP.

Multiparameter Patient Monitoring Market Dynamics

Rise in Ageing Population to Create Opportunities for Multiparameter Patient Monitoring Market

Globally, the increasing population of the age group 60-85 has generated a scenario wherein the world is facing the threat of increasing geriatric population and associated threats. Declining rates of fertility also contribute to the increasing ageing population. With the increased ageing population, global disease burden has risen significantly. Age-associated diseases, in particular, require patient monitoring systems owing to the immobile and critical nature of the patient. Also, homecare settings have increased wherein caregivers take care of patients at home. Under such a scenario, multiparameter patient monitoring systems become extensively helpful to caregivers. Thus, increasing ageing population will directly contribute to the growing adoption of multiparameter patient monitoring systems, thereby fueling the growth of the multiparameter patient monitoring market in the coming years.

Multiparameter Patient Monitoring Market Witnesses Integration of Advanced Technologies

Manufacturers in the multiparameter patient monitoring marketplace are engaged in collaborating with tech giants to integrate advanced technology solutions. Recent devices introduced in the multiparameter patient monitoring market include features such as remote monitoring and greater connectivity through Wi-Fi and cloud technology integration.

With the growing population of aged people who are unable to reach out to the hospital, demand for multiparameter patient monitoring systems with remote monitoring feature has increased significantly. The advanced features also allow medical professionals to deliver improved healthcare to critical patients whether in a hospital or at home.

Multiparameter Patient Monitoring Adoption Witnesses Resistance from Healthcare Professionals

Use of multiparameter patient monitoring systems in the healthcare facilities result in relieving the stress of the hospitalization and follow up care, thereby reducing the revenue of the entire hospital management. Due to this, hospital management professionals are posing resistance to adopt the multiparameter patient monitoring systems. Also, a patient recovering from the critical surgery or some illness entails a need for a sufficient rest which may not require the need for advanced patient care settings such as multiparameter patient monitoring system. Based on this, the adoption of multiparameter patient monitoring systems is facing resistance from healthcare professionals in hospitals, especially tier 2 and tier 3 healthcare facilities.

Multiparameter Patient Monitoring Market – Regional Outlook

Adoption of multiparameter patient monitoring systems is likely to remain higher in the North America region. Advanced healthcare infrastructure and favorable reimbursement policies allow higher adoption of multiparameter patient monitoring systems in the region, wherein the United States accounts for a significant demand. Europe also presents significant adoption of multiparameter patient monitoring systems. Utilization of multiparameter patient monitoring systems is likely to grow at a rapid pace in the countries of Asia Pacific owing to improving healthcare infrastructure and penetration of healthcare facilities.

Multiparameter Patient Monitoring Market – Segmentation

Multiparameter patient monitoring market is segmented based on type, acuity level and application/end-user.

Based on type, multiparameter patient monitoring market is segmented into,

  • Cardiac Defibrillator Monitors
  • Bedside Monitor
  • Intracranial Pressure Monitor
  • DCG Monitor

Based on acuity level, multiparameter patient monitoring market is segmented into,

  • Low-acuity Monitors
  • Mid-acuity Monitors
  • High-acuity Monitors

Based on application/end user, multiparameter patient monitoring market is segmented into,

  • Homecare Settings
  • Hospitals
  • Specialty Clinics

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?