CHICAGO, Feb. 5, 2020 /PRNewswire/ — According to Arizton‘s recent research report, Multiparameter Patient Monitoring Devices Market – Global Outlook and Forecast 2020-2025 is expected to grow at a CAGR of over 4% during the period 2019−2025.
Key Highlights Offered in the Report:
1. The multi-parameter patient monitoring devices market is likely to witness an incremental growth of around $1,317 million during 2019-2025.
2. Portable multi-parameter patient monitors are growing at a faster rate compared to bedside monitors owing to their compactness, convenience, and easy mobility across different departments within hospitals.
3. Though the US is the largest revenue contributor to the global market, it is likely to witness a lower absolute growth rate compared to emerging countries.
4. The high acuity market segment will witness an incremental growth of $2,064 million during the forecast period.
5. Technological advancements such as wearable and MPM are expected to drive the market in upcoming years. The increasing adoption of advanced homecare monitoring systems by developed countries boost development in the market.
6. APAC is likely to grow at a faster rate and will witness an absolute growth of around 52% by 2025, which is the highest compared to other regions.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by devices, acuity level, patient group, end-user, and geography
- Competitive Landscape – Profile of 5 key vendors and 11 other vendors
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Multiparameter Patient Monitoring Devices Market – Segmentation
- The portable monitoring devices segment is likely to grow at the fastest CAGR during the forecast period. The ease of remotely monitoring and the availability of portable features are expected to increase their application in-home care settings and enable real-time vital signs monitoring.
- The low-acuity level segment is expected to grow at the fastest rate. The growth is majorly driven due to the low cost of low-acuity monitors, which is expected to bolster the demand for these devices from developed and developing regions.
- The geriatric group segment dominates the segment and is expected to grow at the fastest rate because of the increasing elderly population that is vulnerable to chronic diseases and often requires immediate medical interventions.
- Ambulatory surgery centers (ASCs) are likely to grow at the fastest rate as these centers are cost-effective and offer high-quality care with a minimal indirect treatment cost. Chronic disease patients that do not have insurance coverage are expected to prefer these healthcare settings over hospitals.
Market Segmentation by Devices
Market Segmentation by Acuity Level
- High Acuity
- Mid Acuity
- Low Acuity
Market Segmentation by Patient Group
- Geriatric Group
- Adult Group
- Pediatric Group
Market Segmentation by End-user
- Hospitals
- ASCs
- Homecare Settings
- Others
Multiparameter Patient Monitoring Devices Market – Dynamics
Technological advancements in medical devices, medicine, and public health are coupled with increasing awareness among consumers about personal hygiene, and nutrition which has increased life expectancy in the past few years across the globe. However, increased life expectancy coupled with falling birthrates has given rise to an increasingly aging population and need for advanced medical technology such as multi-parameter patient monitors. In order to cope up with the growing need for elderly healthcare services, it is essential to develop affordable, unobtrusive, and easy-to-use patient monitors. These advancements will be beneficial for the development of the global market.
Key Drivers and Trends fueling Market Growth:
- Growing Demand for Real-time Patient Monitors in Critical Care
- Increasing Target Patient Population with Various Diseases
- Growing Demand for Portable/Compact Multi-Parameter Monitors
- Increasing Demand for Multi-parameter Patient Monitoring in Home-care Settings
Multiparameter Patient Monitoring Devices Market – Geography
In 2019, North America dominated the market. The region is expected to grow at a steady pace due to the increasing old age population, the moderate increase in the ICU admission, and the availability of advanced technology for RPM. The presence of a large pool of population with several chronic diseases, coupled with high acceptance of advanced and innovative multiparameter patient monitoring devices, is likely to support the region’s dominance in the global market.
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Market Segmentation by Geography
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- APAC
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- MEA
- Turkey
- Saudi Arabia
- South Africa
Major Vendors
- NIHON KOHDEN
- Koninklijke Philips
- OSI Systems
- Shenzhen Mindray Bio-Medical Electronics
- GE Healthcare
Other vendors include – Contec Medical Systems, Drägerwerk, EPSIMED, GUANGDONG BIOLIGHT MEDITECH, Kizlonmedical, Lutech Industries, Mediana, MEDION HEALTHCARE, Opto Circuits (India), SCHILLER, Skanray Technologies.
Explore our healthcare & lifesciences profile to know more about the industry.
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SOURCE Arizton Advisory & Intelligence
