Category : Healthcare and Pharmaceuticals | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for centralized patient monitoring system is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and expected to reach the market value of around US$ 26 Bn by 2027.
The centralized patient monitoring system is a smart monitoring management system that connects a series of patient monitors together and back to a central monitor. These systems can also provide data storage and review capabilities, and ensures a complete patient record by facilitating automated patient and data transfer between multiple departments. Some of the other features include arrhythmia detection, full disclosure, graphic, tabular trends, continuous monitoring from low to high acuity, early warning scoring, mobility, and data security. Systems by some of the major players can also provide flexible trending and display capability, advanced alarm management, and virtualized platforms.
Market Dynamics
The rising number of hospital patients admissions coupled with the scarcity of skilled healthcare professionals is driving the market growth. The increased pressure on available healthcare resources due to the growing number of patient admissions, the growing geriatric population, an increasing number of hospital beds, especially in developing regions are accelerating the demand for centralized system for better functionality. Furthermore, ongoing R&D activities and technological advancement are projected to create potential opportunities during the estimated timeframe.
On the other side, the use of central patient monitoring systems is still debatable since it is believed that the hospital personals may pay more attention to the equipment instead of the patient itself. Additionally, the risk of false alarms that can alarm fatigue, as a result, the staff may miss an actually critical patient event are some of the factors likely to hinder the growth to an extent over the forecast period.
Segment Instance
Based on number of patients, more than 64 patients segment is estimated to experience fastest growth over the forecast period
The increasing number of patients in the hospital is primarily supporting the significant growth of more than 64 patients segments in the market. The rising prevalence of chronic diseases that require surgery and hospitalized treatment is bolstering the segmental market growth.
North America is leading the market with maximum revenue share in the market
In 2019, North America is having a potential share in the global market and the region is also projected to maintain its dominance over the forecast period in the centralized patient monitoring system market. The well-established healthcare infrastructure along with the presence of advanced technology solutions is propelling the regional market value. The major developed economies of the region including the US and Canada are bolstering the market value. The presence of major players in the region is another prominent factor propelling the growth.
Asia Pacific is anticipated to experience the fastest growth over the forecast period from 2020 to 2027
The bolstering use of technology solutions in the healthcare sector of the region along with the increased funding is supporting the regional market growth. The developing economies of the region including China and India are contributing to the growth of the Centralized patient monitoring system market. The increasing disposable income, as a result, the spending power of people has increased for taking healthcare solutions is propelling the regional market value.
Key Market Players
The players profiled in the report include Criticare Systems Inc. (US), GE Healthcare (US), Heyer Medical AG (Germany), Hipac, Healthcare Pty Ltd (Australia), Infinium Medical (US), Mediana (South Korea), MindRay (China), Nihon Kohden (Japan), Philips Healthcare (Netherlands), Sunray (US), Universal Medical Instruments, and others.
Market Segmentation
Market By Number of Patients
Upto 16 Patients
17-32 Patients
33-64 Patients
More than 64 patients
Market By End-Users
Hospitals
Ambulatory Surgical Centers
Trauma Centers
Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for centralized patient monitoring system is expected to reach a market value of around US$ 26 Bn by 2027
The centralized patient monitoring system market is expected to grow at a CAGR of around 6.5% from 2020 to 2027.
More than 64 patients is the fastest growing segment by number of patients in the centralized patient monitoring system market.
The rising number of hospital patients admissions, scarcity of skilled healthcare professional, increased pressure on available healthcare resources, growing geriatric population, increasing number of hospital beds, especially in developing regions are some of the factors driving the market growth.
Criticare Systems Inc. (US), GE Healthcare (US), Heyer Medical AG (Germany), Hipac, Healthcare Pty Ltd (Australia), Infinium Medical (US), Mediana (South Korea), MindRay (China), Nihon Kohden (Japan), Philips Healthcare (Netherlands), Sunray (US), Universal Medical Instruments, and others are the prominent players in the centralized patient monitoring system market.
North America held the highest market share in the centralized patient monitoring system market
Asia Pacific is expected to be the fastest growing market over the forecast period
