Acumen research and consulting estimates that the global multiparameter patient monitoring systems market is anticipated to reach market size of around US$ 13,590 Mn by 2028 and is anticipated to grow at a CAGR of around 3.2% in terms of revenue during the forecast period 2021 - 2028.
Multi-parameter patient monitoring device is a special device which is used to monitor the essential signs of healthy patients. In general, this patient monitoring device is used to track patients in their beds in different hospital departments. Blood pressure, temperature and breathing rate as well as other data are calculated.
The increase in the prevalence in developed as well as emerging regions of chronic diseases like cancer and diabetes is increasing demand for patient care instruments with multi parameters. According, for instance, the WHO has globally diagnosed about 18 million new cancer cases since 2018. Moreover, in developing economies particularly, the prevalence of endocrine disorders, such as diabetes and hyperthyroidism, results in chronic conditions requiring surgery and critical control of vital parameters. In fact, favorable economic developments such as the increasing contagious and disease-prone geriatric population have had a positive effect on the development of the market. Increases awareness tools in developing countries such as India and China will boost industry growth in the foreseeable future in terms of the accessibility of technologically advanced multi parameter monitoring systems. Government programs in developing countries increase doctors' understanding of the availability of effective multiparameter monitoring equipment to enable faster patient recovery. The government in developing countries Developing regions are therefore cost responsive and therefore policy and regulatory authorities take a range of steps to lower the price of multi-parameter monitors to address the issue of affordability and to support market production. However, strict regulatory conditions can in certain ways hinder the growth of the multiparameter market.
Multi-parameter patient monitoring devices have a number of recalls of recent products that are a significant constraint for the world market. Every product recall has raised the sense of brand uncertainty for customers and has contributed to several major corporations being disqualified. With greater penetration into developed economies worldwide, the growth rate of the multiparameter patient monitoring market is maintained.
Government Initiatives to Raise Awareness Regarding Advanced Multiparameters Drives the Market Growth
Increasing recognition of the availability in emerging countries such as India and China of innovative patient tracking technologies promotes business growth. In order to enable patients to recover more quickly, governments in developed countries are introducing many programs to increase doctor awareness about the availability of effective multiparameter monitoring instruments. Developing regions are market-sensitive, with many measures pursued by government and regulators to reduce the price of multiparameters. Strict regulatory conditions, however, impede business development.
In 2020, North America was the largest market and represented 41.0% of its market share. The strong presence in the region of leading companies, including Masimo Corporation and Medtronic plc. In addition, the high prevalence of chronic diseases, in particular in the United States, can boost demand for the product. In the forecast period, Asia Pacific is expected to record the fastest CAGR. The increased demand for online patient control and associated facilities is projected to fuel business growth due to rising public healthcare expenses. China is also the leading supplier of inexpensive electronic chips and products, which will draw buyers, adding to the growth of the industry.
Impact of COVID-19
The humanitarian crisis of COVID-19 has impacted nearly three million people around the world, with hundreds of thousands losing their lives. Contact us for more information. With an unprecedented demand for different multiparameter patient monitoring equipment, the COVID-19 crisis put the medical devices industry at the top of the list. The dramatic drop in the supply chain also affects the market for patient monitoring devices. There is provision for an increase in demand for some of the patient monitoring devices, such as respiratory control equipment.
Major players included in this report are KizlonMedical, Epsimed, Mediana, Medion Healthcare, Mindray, Medtronics, Opto India, OSI Systems, Skanray Technologies, Philips Healthcare, Spacehealth Labs, VOTEM, and others. Multiparameter patient monitoring market was introduced in the 1960s and has grown significantly over the past few years, despite the introduction of physiological control. At the beginning of the '60s, patient monitors were introduced in ICU rooms which were able to analyze main parameters. Technicon Information Medical System was developed for the first time in 1965. Subsequently, key players in industry such as Medtronic, Philips and GE Healthcare incorporated advanced technology into multiparameter patient monitoring devices which allowed accurate and efficient patient monitoring on a variety of parameters. Organizations also have complementary tools and applications for the interpretation of monitors' knowledge. While the market is maturing, in this industry, companies are trying to innovate by creating product distinction. This scenario also helped replacing traditional tracked single parameter systems with modern technically innovative patient tracking devices, which proved to be helpful to the development of the industry.
The global multiparameter patient monitoring systems market is segmented as below:
Multiparameter Patient Monitoring Systems Market By Product
Intracranial Pressure Monitor
Cardiac Defibrillator Monitors
Multiparameter Patient Monitoring Systems Market By Acuity Level
High Acuity Level
Medium Acuity Level
Low Acuity Level
Multiparameter Patient Monitoring Systems Market By Target Area
Fetal & Neonatal
Multiparameter Patient Monitoring Systems Market By End User
Multiparameter Patient Monitoring Systems Market By Geography
The market value of multiparameter patient monitoring systems is anticipated to be around US$ 13,000 Mn in 2027.
It is anticipated to grow around 3% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Rising incidences of chronic diseases in developed as well as developing regions is expected to drive the growth of the multiparameter patient monitoring systems market.
Stringent regulatory framework is a major factor expected to restraint the growth of the market.
KizlonMedical, Epsimed, Mediana, Medion Healthcare, Mindray, Medtronics, Opto India, OSI Systems, Skanray Technologies, Philips Healthcare, Spacehealth Labs, VOTEM, and others are the prominent players in the multiparameter patient monitoring systems market.