Multi-Parameter Patient Monitoring Equipment Market Expected to Grow At a CAGR of 5.8% During the Forecast Period

The latest market report published by Credence Research, Inc. “Multi-Parameter Patient Monitoring Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the Multi-Parameter Patient Monitoring Equipment market was valued at US$ 3.10 Bn in 2019, expected to grow at a CAGR of 5.8% during the forecast period from 2019 to 2027. 

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Market Insights: 

“Increasing prevalence of lifestyle diseases along with new FDA approval for portable devices will enhance the market growth globally” 

The global multi-parameter patient monitoring equipment market is growing efficiently from 2019 to 2027 attributed to the rise in incidences of lifestyle diseases, increased hospital admissions, new launch of portable and fixed equipment. Additionally, increased awareness of enhanced applications along with home care in the end user segment will drive market growth. Multiparameter monitoring permits healthcare professionals to utilize significant patient clinical data in providing better-quality patient care.  The upsurge in geriatric population in the developed nations directly funds to the overall market growth of these monitoring devices. 

High acuity monitors further sub-segmented into critical care monitors, MRI compatible monitors, and perioperative monitors. High acuity monitors generated more than 50% of the total market revenue in the product segment. Increased need in critical care or ICUs in the hospitals will drive overall market growth. Increasing awareness for portable devices along with the launch of advanced equipment with integrated solutions are major key factors propelling the growth of the market. 

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The global market mainly driven by increasing prevalence of chronic diseases such as cardiovascular and respiratory related diseases. More than 35 million people are suffering from COPD in Europe, Japan, and the USA. Nevertheless, high cost of advanced equipment, unstructured reimbursement policies for medical care at home and less awareness of these products are one of the key factors limiting the market growth. The U.S. generated maximum revenue in 2018 due to the existence of top manufacturers, enhanced home care patient monitoring, improved R&D and a significant pool of ageing population with chronic conditions. 

Top producers have improved their monitoring applications worldwide mainly in the hospital and home care industry; private and small-scale product manufacturers are also maximizing their business capacity with low-cost equipment sale in the Asia, South America and Eastern Europe region. External factors driving the growth include acquisitions of medical technology companies, new device launch, partnerships, FDA approval, awareness for higher safety & controlled monitoring and activities related to sales, technology expansion, and branding. 

Key Market Movements: 

- Globally, the global market is growing at a CAGR of 5.8% for the period from 2019 to 2027.

- The fast expansion of hospital infrastructure in the developing nations and growing need for advanced equipment with top applications will drive the growth in the Asia Pacific and Latin American nations. For instance, the number of hospitals in Brazil expanded from 6800 in 2015 to 6807 in 2017.

- The noticeable growth factors involve increasing prevalence of chronic disorders, FDA approval of new products in the U.S. market, increasing geriatric population, and enhanced awareness related to patient monitoring analysis.

- Market limitations include high cost, less technology development in the emerging nations, unstructured reimbursement set-up and fewer product penetration in the overall global patient monitoring segment.

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List of Companies Covered: 

- AMD Global Telemedicine

- Medtronic Plc

- General Electric Company

- Nihon Kohden Corporation

- OSI Systems, Inc.

- Masimo Corporation

- Draeger, Inc.

- Mindray Medical International Limited

- Schiller AG

- Contec Medical Systems Co., Ltd.

- General Meditech, Inc.

- Baxter International Inc.

- Philips Healthcare

- Becton, Dickinson and Company

- Bosch Medical

- Others