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The patient monitoring system is used to continuously monitor the patient’s health parameters such as heart rate, pulse rate, blood pressure, and other important aspects. During emergency circumstances, multi-parameter patient monitoring systems are capable of alarming concerned physician or nurse for quick diagnosis and treatment. Multi-parameter patient monitoring systems provide advanced patient care, improved support and education to patients. Technologically advanced multi-parameter patient monitors assist physicians to constantly monitor patient’s health. Also, the information provided by monitoring systems are important to take clinical decisions related to the patient.
Rising prevalence of chronic diseases, rise in the number of surgical procedures, and aging population are significant factors driving the growth of global multi-parameter patient monitoring market.
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However, high maintenance costs of monitoring systems and the reluctance of healthcare workforce to adopt the advanced monitoring systems are restraining factors for the growth of global multi-parameter patient monitoring market.
Some of the major companies present in the global multi-parameter patient monitoring market are Nihon Kohden Corporation, General Electric Company, Schiller, Messe Düsseldorf GmbH, Biolight, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Natus Medical Incorporated, Medtronic, Spacelabs Healthcare, Drägerwerk AG & Co. KGaA, Koninklijke Philips N.V., Abbott, Omron Healthcare, Inc., and others.
· Intensive care
· Emergency care
· Clinical care
· Ambulatory care
By Age Group
By End User
· Ambulatory Surgery Centres
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Among the device, the portable device segment dominated the multi-parameter patient monitoring market owing to its ease of use, accuracy level, and faster monitoring results. This segment is anticipated to continue its dominance in the developed as well as emerging regions owing to the adoption of technological advanced systems contributing continuously to provide accurate diagnostic results.
Geographically, the global multi-parameter patient monitoring market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global multi-parameter patient monitoring market in 2017 owing to the growth in the geriatric population, the prevalence of chronic diseases, advanced healthcare facilities, and modern medical technology. According to the Hospital Quality Institute, an estimated 200,000 to 400,000 deaths occur in hospitals in the U.S. annually. Also, the majority of deaths are due to late detection of respiratory depression every year. Increasing awareness about technologically advanced monitoring systems among patients, increasing prevalence of chronic diseases, and adoption of multi-parameter monitoring systems in hospitals and clinics is anticipated to drive the growth of the Asia Pacific regions during the forecast period.
Key Industry Developments
· In January 2019, Mindray DS USA, Inc., launched ePM SERIES, a patient monitor that delivers an excellent visual experience, intelligent operation, accurate physiological measurements, smooth workflow and comprehensive connectivity.
· In May 2018, Skanray Technologies Pvt Ltd launched TRUSKAN series six-channel multi-parameter patient monitoring systems. It is capable of monitoring ECG, SpO2, respiration, temperature, NIBP, two-channel IBP, capnography, segment analysis, and arrhythmia detection.
· In August 2018, Koninklijke Philips N.V. acquired Xhale Assurance Inc. in order to improve patient care, sensor technologies, and improvement of early warning signals.
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