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 : June, 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

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.