As indicated by Acumen Research and Consulting, the global multiparameter patient monitoring market size is evaluated to grow at CAGR around 12% over the estimate time frame. Multiparameter patient monitoring system is a solution that helps healthcare centres to enhance and improve clinical performance. Growing incidences of dangerous diseases such as diabetes and cancer, rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions, increasing geriatric population and several initiatives taken by governments have boosted the growth of the global multiparameter patient monitoring market. The North America market is likely to grow at remarkable CAGR due to the escalating demand for high acuteness multiparameter patient monitors in intensive care units and rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions.
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Geriatric is Anticipated to Witness a High Demand over the Forecast Period
On the basis of age group, the multiparameter patient monitoring market is segmented into adult, pediatric and geriatric. Geriatric segment is expected to dominate the global multiparameter patient monitoring market and show substantial growth rate during the forecast period owing to the huge elderly population base. This growth is mainly attributed to the rapidly growing demand for recently developed moveable multiparameter patient monitoring devices. Geriatric population is vulnerable to various chronic diseases such as diabetes, cancer and respiratory infections and also needs uninterrupted monitoring. Portable multiparameter patient monitors are easy to operate and are very accurate that boosts the demand for multiparameter patient monitoring devices in the treatment of elderly population base. Additionally, the aged patients cannot connect with healthcare centres regularly, thereby impelling the interest for multiparameter patient monitoring devices. The growth in the remote patient observing, homecare social insurance administrations and remote gadgets and rise n the adoption of Wi-Fi and cloud networks is propelling the growth of the global multiparameter patient monitoring market. Furthermore, occurrences of endocrine diseases such as hyperthyroidism and diabetes are exclusively high in emerging countries and these diseases consequence in chronic conditions that needs critical monitoring and surgeries of vital parameters. Also, constructive trends such as increasing geriatric population vulnerable to diseases and various infections have positively influenced the global multiparameter patient monitoring market growth.
North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global multiparameter patient monitoring market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is expected to accumulate highest market share in the global multiparameter patient monitoring market. North America is expected to grow at ample growth rate over the forecast period owing to the escalating demand for high acuteness multiparameter patient monitors in intensive care units and rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions. Huge demand for multiparameter patient monitoring systems presence of modern medical technology and high quality healthcare system in the region are also expected to increase the growth of the regional market. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the rapid growth of healthcare industry and ever-increasing government initiatives towards developing technologically advanced multiparameter patient monitoring devices in emerging economies. Multiparameter patient monitoring devices are increasingly being used to remotely monitor the physiological parameters of the patients due to the ongoing advancement in wireless technology. The rapid development of the healthcare industry in developing economies such as China and India is also supplementing the regional growth. Furthermore, factors such as increasing demand for home based monitoring devices and growing healthcare expenditure are boosting the regional market growth.
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Medtronic, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson and Abbott Laboratories, are Likely to Continue to Lead the Global Multiparameter patient monitoring Market
The multiparameter patient monitoring market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Medtronic, Inc., F. Hoffmann-La Roche Ltd., Siemens Healthcare, Biotronik, Lifewatch AG, Masimo Corporation, Care Innovations, LLC., Nihon Kohden Corporation, GE Healthcare Ltd., Johnson & Johnson, Abbott Laboratories Koninklijke Philips N.V., Omron Healthcare Co. Ltd., Honeywell International Inc., St. Jude Medical, Inc. and Smiths Medical.
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