Centralized Patient Monitoring System Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3238
Centralized Patient Monitoring System Market size is anticipated to gain traction between 2021 and 2027 owing to the rising installments in anesthesia, intensive care units, and surgery departments. There have been consistent concerns by healthcare professionals over managing a large set of patients. Central patient monitoring systems are typically full-featured devices that offer comprehensive patient monitoring and review as they connect a series of patient monitors to a central monitor.
The growing risks concerning false alarms in monitoring systems may pose a major challenge to the industry progression. However, the rapid expansion of geriatric population and mount in number of patients admissions in hospital along with the dearth of skilled healthcare professionals will favor the product demand spurt.
With respect to number of patients, the centralized patient monitoring system market revenue from the > 64 patients segment will grow substantially. This is attributed to the rising obligation for real-time analysis data and the prevalence of various chronic diseases in this age group. Due to their affordability as well as alarming and signal interpretation functionalities, the systems are highly preferred for tending to older individuals in big hospitals.
In terms of end-users, the centralized patient monitoring system market is bifurcated into hospitals, ambulatory surgical centers, and trauma centers. Among these, the product demand in hospitals will witness considerable inclination through 2027 led by the surging need for healthcare professionals. The growing number of hospital admissions has led to the expanding hospitalization capacities in these settings, further fueling the need for continuous monitoring of a vast number of patients.
The ongoing COVID-19 has also significantly fueled the demand for the monitoring systems ascribing to the growing necessity of patient hospitalization. For instance, in August 2021, hospitalization cases in the state of Florida reached nearly 10,000 patients to treat the virus.
North America centralized patient monitoring system market size will showcase appreciable proceeds driven by the fast-growing geriatric population and the rapid rise in the number of hospital admissions. The strong presence of leading industry leaders in the region has paved the path for technological advancements, complementing the surging frequency of launches and approvals for advanced central patient monitoring systems. The influx of various new techniques in the field of hospital management will additionally foster the regional growth prospects.
Asia Pacific is expected to record higher adoption of centralized patient monitoring systems on account of the inadequacy of healthcare professionals in the region.
Some of the prominent centralized patient monitoring system providers include Universal Medical Instruments, Philips Healthcare, Criticare Systems Inc. (Opto Cardiac Care Limited), Mediana, MindRay (Mindray Medical International Limited), Infinium Medical, Sunray, GE Healthcare (General Electric), and Nihon Kohden.
These industry players are actively implementing strategic measures, like capacity expansions, acquisitions, partnerships, and mergers to strengthen their footprint in the highly competitive business landscape. They are also constantly turning to investments and innovations to cater to the increasing consumer and healthcare requirements.
Impact of the COVID-19 crisis on centralized patient monitoring system market outlook
The COVID-19 outbreak led to a backtracking impact on the global economy whilst bringing significant social and lifestyle changes. However, in response to the escalating infection count, the installation of centralized patient monitoring systems reached a considerable peak with increasing penetration across the healthcare facilities to manage the flooding patient pool. The growing efforts on novel product introductions during the pandemic also resulted in prolific market development.
The centralized patient monitoring system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, By Number Of Patients
- <16 patients
- 17-32 patients
- 33-64 patients
- >64 patients
Market, By End Users
- Ambulatory Surgical centers
- Trauma Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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