Global Multi-parameter Patient Monitoring Equipment Market: Snapshot
The primary driver for multi-parameter patient monitoring equipment in the coming years is expected to be the rising population of the geriatric. With their medical needs already at an all-time high, any increase in the near future will only lead to a significant pressure on the manufacturing rates of devices. This applies especially to multi-parameter patient monitoring equipment due to the growing number of patients suffering from respiratory and cardiac diseases.
Other factors promoting the use of multi-parameter patient monitoring equipment are the advancements in technology created recently that are making them more popular with wireless and mobile device users, and the massive surge of home healthcare services that are causing a high demand for mid- and low-acuity patient monitoring equipment.
The resultant rate of expansion of the global multi-parameter patient monitoring equipment market is seen as a CAGR of 4.4% from 2015 to 2023 in terms of revenue. This revenue is expected to reach US$3.47 bn by the end of 2016 and US$4.65 bn by 2023.
North America Continues to Take up Majority Demand for Multi-parameter Patient Monitoring Equipment
By 2023, 51.3% of the total market value of multi-parameter patient monitoring equipment is expected to be taken up by North America. Factors attributed to this majority share include the evolved healthcare system, the high percentage of the elderly, and the specifically higher growth rate of patients with chronic illnesses.
The overall market share held by North America is nearly as consistent as its share in 2014, with a slight reduction. This share has been taken up by the booming demand for healthcare devices in Asia Pacific and Europe. The latter holds a very high percentage of geriatric citizens that need regular monitoring, while Asia Pacific is one of the most promising regions for growth in healthcare devices.
Hospitals to Remain Key End Users of Multi-parameter Patient Monitoring Equipment
The function of multi-parameter patient monitoring equipment is to monitor and display relevant patient data for medical assessment. These readings include ECG, blood pressure, respiratory rate, and heart rate. Therefore, the wide utility of multi-parameter patient monitoring equipment has allowed it a high preference in all hospitals across the world. This end-user industry has led the market demand in 2014 and is expected to continue leading it till 2023. Multi-parameter patient monitoring equipment allow a continuous monitoring of patients inside the hospital premises and are an extremely vital and inseparable part of hospital intensive care units and operating rooms, where critical care is needed and is based on patient readings.
The overall share held by hospitals in multi-parameter patient monitoring equipment is in a way being challenged by the home healthcare segment. This segment is witnessing a phenomenal rise in demand owing to the advantages it offers, such as reduced hospital visits and a significant reduction in medical expenses. This is a much-needed service for the patients suffering from chronic diseases, cardiac, and respiratory illnesses, whose numbers are currently growing at a very high rate.
The top manufacturers of multi-parameter patient monitoring equipment from a global standpoint include GE Healthcare, Philips Healthcare, Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA, and Spacelabs Healthcare.
This report on the multi-parameter patient monitoring equipment market studies the current and future prospects of the global market. Multi-parameter patient monitoring enables monitoring of patient’s health and assists medical practitioners in deciding the treatment regimen as well as track the disease progression during treatment. Multi-parameter patient monitoring is effective in the management of post-acute care and chronic disease. Geriatric population is observed to be at a high risk of chronic diseases such as diabetes, hypertension, cardiovascular diseases and respiratory diseases. Thus, rising geriatric population propels the prevalence of chronic diseases leading to accentuate the growth of multi-parameter patient monitoring equipment market globally.
The multi-parameter patient monitoring equipment market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the global multi-parameter patient monitoring equipment market with respect to market segments based on the type of acuity levels, end-users and their geographic analysis.
Based on acuity levels, the multi-parameter patient monitoring equipment market has been segmented into three major categories: high-acuity, mid-acuity, and low-acuity monitors. Based on end-users, the market has been categorized into two segments: hospital and home health care. The market segments have been extensively analyzed based on usefulness, efficacy, revenue, and geographical coverage. The market size and forecast in terms of USD million for each segment has been provided for the period from 2013 to 2023. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2014 as the base year.
Geographically, the global multi-parameter patient monitoring equipment market has been categorized into six major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). The market size and forecast for each of these regions has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023, considering 2014 as the base year. The research study also covers the competitive scenario in these regions. A detailed qualitative analysis of factors responsible for driving and restraining the growth of the market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis, value chain analysis, Porter’s Five Forces analysis, and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global multi-parameter patient monitoring equipment market.
A list of recommendations has been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the multi-parameter patient monitoring equipment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major players profiled in this report include Philips Healthcare, GE Healthcare, Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Spacelabs Healthcare, CAS Medical Systems, Inc., CONTEC MEDICAL SYSTEMS CO., LTD., Guangdong Biolight Meditech Co., Ltd., Mindray Medical International Limited, and Schiller AG.
The global multi-parameter patient monitoring equipment market has been segmented as follows:
Multi-Parameter Patient Monitoring Equipment Market, by Acuity-level
- High-acuity Monitors
- Mid-acuity Monitors
- Low-acuity Monitors
Multi-Parameter Patient Monitoring Equipment Market, by End-users
- Home Health care
Multi-Parameter Patient Monitoring Equipment Market, by Geography
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)