Future Growth of Multiparameter Patient Monitoring Market by Focusing on Players as Epsimed, KizlonMedical, Mediana, Medion Healthcare, Medtronics, Mindray, Masimo
Majority of the geriatric population suffers from chronic ailments. For instance, prevalence of heart diseases is high due to diabetes in elderly people. Multiparameter monitoring devices are highly preferred as they provide accurate monitoring results. Thus, high adoption of such superior quality multiparameter patient monitoring devices in treating the geriatric population will augment the industry growth.
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Increasing technological advancements in multiparameter patient monitoring devices leading to development of innovative products will drive the industry growth. Changes in technology coupled with convenience and accuracy associated with multiparameter patient monitoring devices will upsurge the demand. For instance, Skanray Technologies launched TruSKAN, a six channel multiparameter patient monitoring systems that provides integrated pulmonary index for patient’s respiratory status along with other vital parameters.
Availability of such technologically advanced multiparameter monitoring devices will augment the business growth. However, stringent regulations for manufacturing of medical devices will hamper the multiparameter patient monitoring market growth. Moreover, low affordability rates in developing countries due to high price will further impact on industry growth.
Portable monitors will witness 3.8% growth from 2019 to 2025. Portable multiparameter monitors developed by key industry players have improved accuracy and enables rapid recovery. These technologically advanced portable devices are useful in ambulances and clinics as mobility of monitors proves beneficial for patient monitoring . Also, high preference for portable multiparameter patient monitors in elderly population base will further drive the segmental growth. Aforementioned factors along with operational ease possessed by portable multiparameter monitors surges the segment growth.
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High acuity level segment held 43.8% market share in 2018 and it will show lucrative growth during analysis timeframe. Technological advancements that have enabled monitoring patient’s health on multiple parameters will drive high acuity segment growth. Also, wireless network for such monitors reduces clutter of wires in ICU. Further, monitors also provide alarm notification under critical situations and hence,such technological integrations in high acuity patient monitoring devices foster the segmental growth.
Pediatric patient monitoring segment valued at 2.3 billion in 2018 and it will have enormous growth during analysis time frame. According to CDC, congenital heart defect is the most common birth defect and over 40,000 babies gets affected by CHD every year in U.S. Rising number of complications in new-born babies and increasing incidents of cardio-respiratory problems in pediatric patients will increase the demand for multiparameter patient monitoring systems.
Ambulatory surgical centers segment held 33.1% market share in 2018. Number of ambulatory surgeries are increasing due to short duration and economic benefits. Demand for technologically advanced low-acuity portable multiparameter patient monitors is comparatively high in ambulatory surgical centers than hospitals. and are cost effective that will drive the segmental growth.
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China multiparameter patient monitoring market is estimated to grow at 4.8% from 2019 to 2025. According WHO, over 230 million people in China have cardiovascular diseases and it is predicted to increase up to 50% by 2030. Growing prevalence of cardiovascular diseases have supported the market development in China. Moreover, increasing healthcare expenditure to invest in developing new technology will promote industry growth
Key industry players in multiparameter patient monitoring market includes Epsimed, KizlonMedical, Mediana, Medion Healthcare, Medtronics, Mindray, Masimo, Opto India, OSI Systems, Philips Healthcare, Skanray Technologies, Spacehealth 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 2018, Mindray launched BeneVision N1 Patient monitor, with enhanced data analysis that improves patient monitoring. Introduction of new products will foster company’s revenue generation.
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