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What's driving the Multiparameter Patient Monitoring Industry trends? Key Company Profiled Epsimed, KizlonMedical, Mediana, Medion Healthcare, Medtronics, Mindray, Masimo, OSI Systems, Philips Healthcare, Skanray Technologies, Spacehealth Labs and VOTEM
Multiparameter Patient Monitoring Market
Increasing technological advancements in patient monitoring devices leading to development of innovative products will drive the industry growth. Technologically advanced devices with enhanced convenience will upsurge the demand of monitoring devices. For instance, Masimo developed Signal Extraction Technology for patient monitoring device to reduce the limitations of pulse oximetry such as low perfusion ability. However, stringent regulations for manufacturing of medical devices will hamper the multiparameter patient monitoring market growth.
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Portable monitoring devices segment was valued at USD 5.7 billion in 2018 and is expected to witness lucrative growth in forecast time frame. Portable monitors are highly preferred in ambulatory surgical centers and homecare services as they are user friendly and have variety of features that are beneficial for monitoring various health parameters. Thus, portable monitors find high preference amongst those healthcare institutions that positively impact segmental growth.
High acuity level segment will show 3.8% growth during forecast period. Technological advancements in high acuity monitors will drive the segmental growth. High acuity level monitors are highly preferred by large hospitals as they are wireless and can be connected to hospital information network to transfer patient information. Thus, rising demand for accurate and highly efficient monitors will augment the segmental growth.
Geriatric segment held 38.2% revenue share in 2018, and it will witness lucrative growth opportunities during analysis time frame. Increasing geriatric population will drive the segmental growth. According to World Population Prospect, in 2017 there are over 962 million people aged 60 or above in the world and it is expected to reach 2.1 billion by 2050. Geriatric population prone to chronic diseases that can lead to severe medical conditions and hence, large patient pool will increase the demand for multiparameter patient monitoring devices.
Homecare settings segment will show 3.9% growth during forecast period. In developed countries, elderly population often prefers homecare settings over hospitals. Portable monitors are highly preferred by home care services due to its easy mobility and convenience. Owing to these advantages, homecare settings are poised to witness robust growth throughout the forecast period.
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U.S. multiparameter patient monitoring market was valued at USD 3.1 billion in 2018 and it is expected show healthy growth in upcoming years. Growing adoption of portable multiparameter monitors in treatment of chronic diseases such as diabetes, cancer and other infections will augment industry growth. People suffering from chronic illness needs constant monitoring and prefer portable multiparameter devices that will influence the regional growth.
Some of the eminent industry players operating in multiparameter patient monitoring industry includes Mindray Medical International, Medtronic, GE Healthcare, Masimo Corporation and Spacelab Healthcare. Key industry players implement several strategies such as new product launch, acquisition, mergers and geographic expansions that enables them to achieve sustainable profits. In January 2018, Mindray launched BeneVision N1 Patient monitor, with enhanced data analysis that improves monitoring accuracy.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Epsimed
• KizlonMedical
• Mediana
• Medion Healthcare
• Medtronics
• Mindray
• Masimo
• Opto India
• OSI Systems
• Philips Healthcare
• Skanray Technologies
• Spacehealth Labs and VOTEM.
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