The global multiparameter patient monitoring market size was earmarked at USD 4,016.0 million by 2026 and is expected to grow at 4.2% CAGR during forecast period according to a study published by Polaris Market Research.
The prevalence of chronic diseases such as cancer and diabetes in developed and developing regions was prime driver to growth of multiparameter patient monitoring system. Figures of roughly 18 million new cancer-stricken cases in 2018 have been diagnosed. Furthermore, endocrine diseases such as diabetes and hyperthyroidism have been infecting people in emerging economies that lead to chronic conditions requiring governance of vital parameters. Geriatric population is also liable to succumb to diseases such as cancer and diabetes and that portends favorable factors for market growth.
Emerging economies such as India and China are having deep know how of technologically advanced monitoring devices that boosts industry growth in near future. Furthermore, Government has initiated many steps to bring about awareness among doctors relating to efficacy of devices that helps speedy recovery of patients.
Developing economies do not adhere to high market-price because of price-sensitivity; thus reviving growth in market. Howsoever a stringent regulatory scenario may lower growth in market for the devices.
Portable monitors have made life easy for patients and doctors as well, by helping monitor patient recovery more accurately. The monitors can be set up at home or in hospital. These are driving factors for multiparameter patient monitoring devices market.
Fixed patient recovery monitor segment will respond to high growth to order of 4%. Players such as GE Healthcare and Medtronic possess high-caliber instruments that enable accuracy on various parameters such as ECG, IBP and many more.
The high acuity monitor system will remain adopted at hospitals and clinics because of its integration with advanced technology. Low acuity monitor system will also scale market highs with low cost of device attributed for the good performance.
Geriatric population has found upbeat market figures in multiparameter patient monitoring market with elderly and convalescing patients finding it difficult to ward off the onset of chronic diseases; hence requiring monitoring at every step. This boosts market very convincingly.
North America currently dominates market with high awareness and a positive regulatory scenario working in its favor. Favorable market dynamics that makes available superior quality monitors impacts industry growth favorably.
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India also posts encouraging figures for mutiparameter devices market that has high demand in intensive care units. The elderly population suffering from chronic disease will add impetus to substantial market growth.
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