The global multi-parameter patient monitoring equipment market is expected to reach US$4.6 bn by 2023. It was recorded at US$3.1 bn in 2014 and is exhibiting a CAGR of 4.4% between 2015 and 2023, according to a research report released by Transparency Market Research. The report is titled “Multi-parameter Patient Monitoring Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” and is available on the company website for sale.
According to the report, the global multi-parameter patient monitoring equipment market is primarily driven by the large and increasing number of patients suffering from chronic diseases. Other major drivers include the positive rate of developments occurring in this market, such as the incorporation and enhancement of home monitoring and remote monitoring.
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A major restraint acting on the global multi-parameter patient monitoring equipment market is the numerous recent product recalls. Each product recall has increased the sense of brand confusion among consumers and has led to the discrediting of certain major companies. The growth rate of the global market, however, can still be maintained through increased penetration in developing economies across the world.
The report provides a detailed analysis of the global multi-parameter patient monitoring equipment market by segmenting it on the basis of acuity level, end use, and geography.
In terms of acuity levels, the report explains that nearly 40.0% of the market was occupied by high-acuity monitors in 2014. This segment dominated the market due to the high demand for them in ICUs. The report, however, states that low-acuity monitors will display the fastest growth rate in the given forecast period.
In terms of end users, the global multi-parameter patient monitoring equipment market is led by the hospitals segment. This segment topped the market in 2014 due to the high number of patients that were critically ill and required monitoring. Throughout the forecast period, the segment of home monitoring is expected to grow at the fastest rate owing to the increasing geriatric population, along with improvements in technology.
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The report’s regional analysis shows Asia Pacific to possess the fastest growth rate in the market. The Asia Pacific multi-parameter patient monitoring equipment market is growing at a rapid rate due to the region’s high population density, the growing number of individuals with high disposable income, and the growing number of cases of chronic disorders in the countries of China and India, most particularly in the respiratory and cardiovascular fields.
North America dominated the global multi-parameter patient monitoring equipment market in 2014, owing to the region’s highly advanced healthcare infrastructure and active government investments.
The key players in the global multi-parameter patient monitoring equipment market are Schiller AG, Guangdong Biolight Meditech Co. Ltd., CAS Medical Systems Inc., Nihon Kohden Corporation, Philips Healthcare, GE Healthcare, Mindray Medical International Limited, and Spacelabs Healthcare.