Multiparameter Patient Monitoring Market size is set to surpass USD 17.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Numerous market players operating in the industry are implementing several growth strategies such as novel product launches, mergers & collaborations and new partnerships to maintain their financial stability and market position. The foremost vendors in the market are widely focusing on research & development activities to expand their revenue share and geographic presence. Top industry leaders including Philips, Medtronic, GE Healthcare and Dräger among others are extensively focusing on different market trends to capture a definitive share in the business.
Rising preference for potable multiparameter patient monitors will accelerate the market growth
Growing adoption of portable multiparameter patient monitors for the treatment of various chronic diseases such as cancer, diabetes and respiratory infections will upsurge the multiparameter patient monitoring market expansion in the coming years. Individuals suffering from chronic infections require continuous critical monitoring and prefer portable multiparameter patient monitors that will positively influence the market demand. Moreover, these monitors provide operational ease to geriatric population suffering from cardiovascular diseases and other health aliments that will boost the demand for portable monitoring devices. However, stringent regulatory framework may hinder the market progression to a certain extent.
Longer life expectancy of fixed multiparameter patient monitors will create a significant industry expansion
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The fixed segment is anticipated to witness more than 6.8% growth rate through 2027. Fixed multiparameter patient monitors are conventionally used for monitoring purposes and these devices are easier to use and are built with advanced features that are very useful for medical practitioners. Also, fixed systems have more durability and life expectancy as compared to portable devices that will augment the industry demand.
Browse key industry insights spread across 100 pages with 88 market data tables & 13 figures & charts from the report, “Multiparameter Patient Monitoring Market Size By Device Type (Portable, Fixed), By Acuity Level (High-Acuity, Mid-Low Acuity), By End-use (Hospitals, Homecare Settings, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Advantages of mid-low acuity over high-acuity level will favor the multiparameter patient monitoring market revenue
The mid-low acuity segment is estimated to attain a CAGR of 6.9% through 2027. These monitors are found in non-critical centres like dependency wards as well as general wards and are used for monitoring vital signs such as temperature, blood pressure, heart rate, oxygen saturation and respiratory rate that will favour the industry progression. Approval and launch of advanced mid-low acuity monitors will further prove beneficial for the overall industry growth.
Ambulatory Surgical Centers (ASCs) segment is projected to showcase a vigorous market growth
The ASCs segment accounted for USD 3.4 billion in 2020 led by the presence of expert and trained professionals in these centers. Ambulatory surgical centers provide surgeries at lower cost as compared to the hospitals and clinics that raises its preference among general population base.
High healthcare expenditure fosters the market value
Europe multiparameter patient monitoring market is poised to expand at more than 6.4% CAGR by 2027 on account of the rapidly expanding economy, improved healthcare expenditure, and favorable regulatory scenario. Involvement of numerous market participants for developing advanced multiparameter patient monitors to effectively diagnose different vitals will impel the industry revenue.
Acceptance of several growth strategies enables major market participants to maintain their revenue share
Some of the leading companies operating in the market include Nihon Kohden, Hillrom, Medion Healthcare, Medtronic PLC, Mindray, Opto India, OSI Systems, Philips Healthcare, Skanray Technologies, GE Healthcare and Drager. These market leaders undertake numerous growth initiatives to maintain robust foothold in the industry.