With the advancements in medical science, the multi-parameter patient monitoring equipment is a sure shot equipment that medical professionals depend on. It includes a core monitor box with slots in which separate units for several parameters can be fitted, and readings can be taken. What is the use of multi-parameter patient monitoring? It helps to monitor an individual’s health and helps medical professionals to decide on the treatment required as well as track the progress of a disease during treatment. The management of chronic diseases and post-acute care can be effectively taken care of using multi-parameter patient monitoring. The use of multi-parameter remote monitoring devices is not restricted to medical professionals in hospitals but also to individual users at home.
Multi-parameter patient monitoring equipment is densely tight and displays many parameters on one monitor. These devices offer various advantages such as they are affordable, lighter, accurate, and have better battery backups. Also, these devices are equipped with a better electrocardiogram (ECG) filtering and accurate non-invasive arterial blood pressure (NIBP) monitor.
The following factors that are contributing to the growth of the global multi-parameter patient monitoring market:
- Evolution of remote patient monitoring equipment
- Increasing demand for better algorithm-based monitoring equipment
- Paradigm shift of multi-parameter patient monitoring equipment from hospital care to ambulatory and mobility services
- Increase in demand for home care monitoring equipment
According to Arizton’s report, the Global Multiparameter Patient Monitoring Market is estimated to grow at a CAGR of 4 % during the forecast period 2019 – 2025. As per the multiparameter patient monitoring market report, the Global Multiparameter Patient Monitoring Market is anticipated to reach around $4 billion by the end of the year 2026.
Multiparameter patient monitoring market research has given us various insights into this market:
- The World Health Organization (WHO) has stated that there are 18 million new cases of cancer globally in 2018. This of course indicates an increase in the multiparameter patient monitoring market size
- Favourable demographic trends such as growing geriatric population susceptible to infections and diseases has positively impacted the market growth.
- Governments in developing countries undertake several initiatives that improve the awareness level amongst the doctors regarding the availability of efficient multiparameter monitoring devices allowing faster patient recovery.
- Multiparameter patient monitoring market research however also highlights the sensitivity towards price because affordability proves beneficial to stimulate the multiparameter patient monitoring market size
Some of the key players in the global multiparameter patient monitoring market are Epsimed, KizlonMedical, Mediana, Medion Healthcare, Medtronics, Mindray, Opto India, OSI Systems, Philips Healthcare, Skanray Technologies, Space health Labs and VOTEM. Prominent industry players adopt strategies including acquisitions, mergers, distribution agreements and innovative product launch to strengthen product portfolio and garner higher market share. For instance, in November 2016, Philips entered into an agreement with Masimo to expand its offering in patient monitoring devices.
Portable monitors have made life easy for patients and doctors as well, by helping monitor patient recovery more accurately. The monitors can be set up at home or in hospital.
The high acuity monitor system will remain adopted at hospitals and clinics because of its integration with advanced technology. Low acuity monitor systems will also scale market highs with low cost of device attributed for the good performance.
North America currently dominates the market with high awareness and a positive regulatory scenario working in its favor. Favorable market dynamics that makes available superior quality monitors impacts industry growth favorably. India also posts encouraging figures for the multiparameter devices market that has high demand in intensive care units. The elderly population suffering from chronic disease will add impetus to substantial market growth.
