Multi-parameter Patient Monitoring Equipment Market is Anticipated to Reach Nearly US$4.65 bn by 2023
The global multi-parameter patient monitoring equipment is envisaged to exhibit a steady growth in the forthcoming years, as reported by Transparency Market Research (TMR). The industry’s competitive ecosystem is featured by intense competition among the vendors. The three leading companies, namely, Philips Healthcare, GE Healthcare, and Drägwerk AG & Co. KGaA hold over 70% of the overall market share in 2014. Vendors involved in the global multi-parameter patient monitoring equipment market are seen focusing on innovative product development. The product is witnessing an escalation in demand, which could attract new entrants to the market in the coming years. However, high initial investments might deter new market vendors. Over the coming years, the demand for the product is expected to intensify, providing rich growth opportunities to the vendors.
Other prominent players operating in the global multi-parameter patient monitoring equipment market are Nihon Kohden Corporation, Spacelabs Healthcare, Medtronic, and Natus Medical.
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According to TMR’s projections, the global market for multi-parameter patient monitoring equipment is expected to rise at a 4.4% CAGR from 2015 to 2023. The market is likely to touch a valuation of US$4.65 bn by 2023 rising from US$3.47 bn in 2016.
In terms of acuity, the segment of high-acuity monitors are predicted to lead, with a 5.2% CAGR, on account of the burgeoning demand from end use segment of hospitals. Over the forecast period, North America is prognosticated to emerge as a lucrative regional market ascribed to high adoption rate of advanced healthcare solutions.
Need for Efficient Monitoring of Critical Patients to Drive Growth
Clinical care relies upon monitoring. Fundamental signs screens transmit information remotely straightforwardly to the electronic patient record, producing cautions if information is outside preset parameters. Patient screens are growing the utilization base in the doctor’s facility and extending use in recovery focuses, clinical settings, and home. Patient Monitoring systems are making market resurgence in light of the fact that smaller, lighter, remote units are not so much exorbitant but rather more important with regards to treatment assessments and proposals. Individuals who have cardiovascular or respiratory trouble have greater treatment alternatives, making broader patient monitoring helpful.
Staggering expense and low precision of types of gear, financial emergency and eccentric repayment approaches are a portion of the main considerations limiting the development of the multi-parameter patient monitoring equipment market.
Surge in Aging Population to Create Market Opportunity
Populace aging in the 21st century is with no comparable in mankind’s history. It comes about because of declining mortality and above all, declining ripeness. This procedure prompts a near decrease in the extent of youngsters and to an expansion in working and old populace. Populace aging has real social and monetary significances. Right now, around 66% of the world’s more seasoned people live in emerging nations. Increment in aging populace specifically adds to the development of these gadgets.
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The matured patients who can’t connect with healthcare centers impel the interest for MPM. Consequently, the market for remote patient observing, remote gadgets, and homecare social insurance administrations gave the assistance of network like Wi-Fi and cloud is developing step by step. Alternate components, for example, the rising occurrences of ceaseless infections because of way of life changes, need to contain social insurance use, interest for locally established observing gadgets, and convenience and versatility gadgets are driving the development of the multi-parameter patient monitoring market.