Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Multiparameter Patient Monitoring market.
Trusted Business Insights presents an updated and Latest Study on Multiparameter Patient Monitoring Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Multiparameter Patient Monitoring market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Multiparameter Patient Monitoring Market Industry / Sector Trends
Multiparameter Patient Monitoring Market size was valued at USD 8.7 billion in 2018 and is expected to witness 3.9% CAGR from 2019 to 2025.
U.S. Multiparameter Patient Monitoring Market Size, By Device Type, 2018 & 2025 (USD Million)
Rising prevalence of chronic diseases such as cancer and diabetes in developed as well as developing regions drives the demand for multiparameter patient monitoring devices. For instance, according to WHO, around 18 million new cases of cancer have been diagnosed as of 2018 globally. Moreover, prevalence of endocrine diseases such as diabetes and hyperthyroidism are specifically high in emerging economies and these diseases result in chronic conditions that requires surgeries and critical monitoring of vital parameters. Also, favourable demographic trends such as growing geriatric population susceptible to infections and diseases has positively impacted the market growth.
Increasing awareness regarding availability of technologically advanced multiparameter patient monitors in developing countries such as India and China will surge the industry growth in foreseeable future. Government in developing countries undertake several initiatives that improves the awareness level amongst the doctors regarding the availability of efficient multiparameter monitoring devices allowing faster patient recovery. Also, developing regions are price sensitive and hence, government and regulatory authorities undertake several initiatives to lower the price of multiparameter monitors that resolves affordability issues and proves beneficial for the industry growth. However, stringent regulatory landscape may hamper the multiparameter market growth up to some extent.
Market Segmentation, Outlook & Regional Insights: Multiparameter Patient Monitoring Market
Multiparameter Patient Monitoring Market, By Device Type
Portable monitors was valued at USD 5.7 billion in 2018 and is expected to retain its dominant position in industry throughout analysis period. Portable multiparameter monitors developed by key industry players have improved accuracy and enables patients speedy recovery. Moreover, compact size increases the preference for portable patient monitors in ASCs and even at home. Aforementioned factors coupled with high operational efficiency possessed by multiparameter patient monitors promotes segmental growth.
Fixed multiparameter patient monitors will witness growth of 4.0% from 2019 to 2025. Some of the well-established industry players such as GE Healthcare and Medtronic have developed technologically advanced multiparameter patient monitors that enables accurate analysis and efficient detection of various parameters. Recently developed multiparameter patient monitoring devices enable accurate analysis on various parameters such as ECG, SpO2, IBP, NIBP, RESP and temperature that improves surgical performance thereby, fostering the segmental growth over upcoming years.
Multiparameter Patient Monitoring Market, By Acuity Level
High acuity multiparameter patient monitors segment was valued at 3.8 billion in 2018 and will have significant revenue size over the coming years. Integration of advanced technology within the high-acuity multiparameter patient monitors have fostered its adoption in intensive care units and hospitals that helps in treatment of several chronic diseases.
Low-acuity multiparameter patient monitors segment is expected to grow at 4.1% throughout the analysis period. Low-acuity monitors usually have high preference in ambulatory surgical centres and hospitals covered under public sectors as they have low price as compared to the high-acuity multiparameter patient monitors. Also, price sensitive regions such as Asia Pacific will have considerable adoption of low-acuity patient monitors that will prove beneficial for the segmental growth.
Germany Multiparameter Patient Monitoring Market Size, By Acuity Level, 2018 (USD Million)
Multiparameter Patient Monitoring Market, By Age Group
Geriatric segment was valued at USD 3.3 billion in 2018 and is expected to grow significantly in the foreseeable future. Countries such as China and Japan have large elderly population base that positively impacts the demand for recently developed portable multiparameter patient monitors. Geriatric population is susceptible to chronic diseases such as cancer, diabetes and respiratory infections and requires continuous monitoring. Portable multiparameter patient monitors possess operational ease and are extremely accurate that drives its demand in the treatment of elderly population base.
Pediatric segment will grow at 4.1% throughout the analysis period owing to growing number of complications in new-borns increasing the number of neonatal intensive care unit admissions. Moreover, new-borns and pediatric population is prone to infections that surges the preference for multiparameter patient monitors in treating pediatric population that triggers the segmental growth.
Multiparameter Patient Monitoring Market, By End Use
Hospital segment accounted for USD 3.7 billion in 2018. Hospital segment has enormous revenue size as the demand for multiparameter patient monitors is relatively high in the intensive care units of hospitals. Furthermore, hospitals in developed countries are well-equipped with medical devices that raises preference for hospitals for intensive care cases.
Ambulatory surgical centres segment estimated to witness 4.1% growth from 2019 to 2025. Adoption of technologically advanced portable multiparameter patient monitors is comparatively high in ambulatory surgical centres. Also, low-acuity multiparameter patient monitors find high preference in one-day surgeries that are less critical and carried out in ASCs that impels the business growth in upcoming years.
Multiparameter Patient Monitoring Market, By Region
North America multiparameter patient monitoring market currently dominates the global industry with revenue USD 3.3 billion in 2018 and the scenario is likely to remain so over the forecast period. High awareness level regarding availability of technologically advanced multiparameter patient monitoring devices triggers the regional growth. Moreover, favourable regulatory scenario for multiparameter patient monitoring market that enables superior quality of monitors enhances industry growth in forthcoming years.
India market is estimated to grow at 4.6% from 2019 to 2025. Considerable industry growth is due to the increasing demand for high-acuity multiparameter patient monitors in intensive care units. India is an emerging country with large elderly population base that suffers from chronic diseases and infections that proves beneficial for industry growth.
Asia Pacific Multiparameter Patient Monitoring Market Size, By Country, 2025 (USD Million)
Key Players, Recent Developments & Sector Viewpoints: Multiparameter Patient Monitoring Market
Some of the key players in global multiparameter patient monitoring market are Epsimed, KizlonMedical, Mediana, Medion Healthcare, Medtronics, Mindray, Opto India, OSI Systems, Philips Healthcare, Skanray Technologies, Spacehealth Labs and VOTEM. Prominent industry players adopt strategies including acquisitions, mergers, distribution agreements and innovative product launch to strengthen product portfolio and garner higher market share. For instance, in November 2016, Philips entered into an agreement with Masimo to expand its offering in patient monitoring devices.
Multiparameter Patient Monitoring Industry Viewpoint
Multiparameter patient monitoring market can be traced back to 1960s that initiated with the development of physiologic monitors and has evolved drastically over the past few years. In early 1960s with the concept of ICU rooms, patient monitors with ability to analyze major parameters were introduced. The first successful system developed was Technicon Information Medical system made in 1965. Later, key industry players such as Medtronic, Philips and GE Healthcare have integrated advanced technology within the multiparameter patient monitoring devices that have enabled accurate and efficient monitoring of patients on several parameters. Nowadays, companies provide complementary solutions and software that are required to analyze the information derived from the monitors. Although the market is in matured phase, companies operational in this industry try to introduce innovations by creating product differentiation. This scenario has helped in replacing the conventional single parameter monitoring devices with recently developed technologically advanced multiparameter patient monitoring devices that has proven beneficial for the industry growth.
Key Insights Covered: Exhaustive Multiparameter Patient Monitoring Market
1. Market size (sales, revenue and growth rate) of Multiparameter Patient Monitoring industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Multiparameter Patient Monitoring industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Multiparameter Patient Monitoring industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Multiparameter Patient Monitoring industry.
Research Methodology: Multiparameter Patient Monitoring Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
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