Multi-parameter patient monitoring equipment is used to monitor the vital signs of a patient who has been kept under critical care. The five vital signs that are to be monitored include respiratory rate, pulse oximetry, blood pressure, temperature, and heart rate. The market is therefore fueled by the growing prevalence of all physical illnesses that require the monitoring of any of these vital signs, including chronic diseases. Another growth factor for the global multi-parameter patient monitoring equipment market is a growing awareness towards the existence and benefits of such products. The higher spending ability of patients will also allow the market to break into the mainstream between the forecast period of 2015 to 2023.
Low-acuity Monitors Fastest Growing Segment in Global Multi-Parameter Patient Monitoring Equipment Market
Up till 2014, there was a significant presence and demand for high-acuity monitoring devices from the global multi-parameter patient monitoring equipment market. High-acuity monitors held over 40% of the market in 2014. However, the major usage of such devices was in intensive care wards. Therefore, high-acuity monitoring devices were required in lesser numbers.
The market is, however, currently witnessing a growing demand for low-acuity monitors. This segment displays the fastest CAGR due to increasing demand owing to the growing number of healthcare services that provide ambulatory and transport monitoring services. These services require low-acuity monitors, as they are smaller in size and are more cost-effective than high-acuity monitors.
Home Healthcare Application of Multi-Parameter Patient Monitoring Equipment Grows
The hospitals segment held the dominant market position in 2014, as the growing global population caused an increase in the number of patients coming into hospitals. A growing number of patients that had a high budget, hospitals that could provide a high quality of healthcare were the major channels responsible for growth of the global multi-parameter patient monitoring equipment market.
Currently, the home healthcare segment is set to show a fast growth rate. As technology in the market advances to create monitors that are smaller and portable, more accurate, cost-effective, and easier to use, the home healthcare segment will show a faster growth in demand from the global multi-parameter patient monitoring equipment market. This is further boosted by the growing geriatric population in the world, which requires more attention at home.
Over 50% of the global multi-parameter patient monitoring equipment market was held by North America in 2014. The region has shown the most significant R&D efforts in the healthcare industry and has always been one of the first places to implement new healthcare technology. The global multi-parameter patient monitoring equipment market therefore benefits from such an environment, where the use of advanced technology in patient care is significantly backed by government funding. Currently, some of the faster growing countries in the global multi-parameter patient monitoring equipment market are from the Asia Pacific region.
The key competitors in the global multi-parameter patient monitoring equipment market are Schiller AG, Mindray Medical International Limited, GE Healthcare, Philips Healthcare, and Spacelabs Healthcare.