Multiparameter Patient Monitoring Systems Market Size, Share & Trends Analysis Report 2021 - 2028
Multiparameter Patient Monitoring Systems Industry Overview
The global multiparameter patient monitoring systems market size was valued at USD 10.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The growing demand for early diagnosis and treatment of chronic diseases, high demand for real-time patient monitors in critical care units, the need to make better clinical decisions on the spot, and documenting changes in a patient’s condition at every stage are factors likely to boost the market growth. Globally, the coronavirus outbreak resulted in historic losses across markets, driving countries into financial crises. According to the CDC, in March 2020, regulators and health authorities ordered all private clinics to immediately stop seeing patients, except for emergency treatment, leading to high revenue loss across the sector. However, the pandemic has had a positive effect on the multiparameter monitoring devices market. Recently carried out studies suggest that post-COVID infection, patients may suffer from heart conditions across all demographics and remote patient monitoring will be the most favorable option to evaluate and treat patients.
Multiparameter patient monitors are widely used for enhancing the quality of healthcare in both the in-patient wards and intensive care units (ICU). Monitoring is a very essential part of critically ill patients, especially in emergency departments, as the physiological response to critical illness is linked strongly to the outcome. The monitoring of critically ill patients using multiparameter monitors allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions. The advances in wearable devices and wireless communication technology for medical telemetry have further increased the scope of monitoring solutions for patients inside and outside the hospital premises. Such technological advancements enable recording and transmitting data instantly from a patient’s device to a healthcare professional, thereby decreasing the duration of evaluation and treatment.
Gather more insights about the market drivers, restrains and growth of the Global Multiparameter Patient Monitoring Systems market
The introduction of wireless networks such as Radio Frequency Identification (RFID) and Medical Body Area Networks (MBAN) in the healthcare sectors has revolutionized the diagnostic processes of patient health without causing any discomfort attributed to its wireless design. This generally aids in monitoring heart rate, blood pressure, body temperature, and oxygen level in the body. The introduction of single-use portable devices has increased patient flexibility and helped in saving the cost of regular hospital visits. The continuous increase in demand for home-based medical treatments for the geriatric population is propelling the demand for these portable devices, which are easy and convenient to use.
Browse through Grand View Research's Medical Devices Industry Research Reports.
- Hospital Consumables Market - The global hospital consumables market size was valued at USD 308.6 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.89% from 2021 to 2028. The rising number of surgeries, increasing prevalence of chronic diseases, and growing elderly population are the key factors driving the market growth.
- Minimally Invasive Thoracic Surgery Market - The global minimally invasive thoracic surgery market size was valued at USD 2.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028. This can be attributed to the increasing prevalence of chronic diseases, such as lung cancer, that demands better, quicker, and patient-friendly diagnostic and therapeutic facilities, growing preference for minimally invasive procedures, and the technological advancements meeting patient needs.
Multiparameter Patient Monitoring Systems Market Segmentation
Grand View Research has segmented the global multiparameter patient monitoring systems market based on device type, acuity level, age group, end-use, and region:
Multiparameter Patient Monitoring Systems Device Type Outlook (Revenue, USD Million, 2016 - 2028)
- Portable
- Fixed
Multiparameter Patient Monitoring Systems Acuity Level Outlook (Revenue, USD Million, 2016 - 2028)
- High
- Medium
- Low
Multiparameter Patient Monitoring Systems Age Group Outlook (Revenue, USD Million, 2016 - 2028)
- Pediatric
- Adult
- Geriatric
Multiparameter Patient Monitoring Systems End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Homecare Settings
- Ambulatory Surgical Centers
- Others
Multiparameter Patient Monitoring Systems Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Multiparameter Patient Monitoring Systems market include
- Koninklijke Philips N.V.
- GE Healthcare
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Drägerwerk AG & Co. KGaA
- Medtronic
- MASIMO CORPORATION
- Skanray Technologies
- SCHILLER
- Spacelabs Healthcare
- Smiths Medical
- SternMed GmbH
Order a free sample PDF of the Multiparameter Patient Monitoring Systems Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment