Multiparameter Patient Monitoring Market Assessment On Competition 2028

Multiparameter Patient Monitoring Market – Introduction

Multiparameter patient monitoring market is expected to remain under the influence of increasing demographic of an ageing population, increasing adoption of advanced technologies in the healthcare sector and increasing emphasis on improving critical patient care settings. Multiparameter patient monitoring system is a comprehensive system that allows a clinical professional to closely monitor patients with clinical accuracy and at an affordable cost. Multiparameter patient monitoring allows medical professionals to use relevant clinical data in providing improved patient care.

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Utilization of multiparameter patient monitoring systems is higher in critical healthcare settings wherein real-time patient monitoring is crucial. The multiparameter patient monitoring marketplace is witnessing the introduction of efficient and advanced designs of patient monitoring systems that aid clinical professionals in carrying out comprehensive patient care while analyzing multiple sets of parameters.

Multiparameter Patient Monitoring Market – Notable Developments

Key players in the multiparameter patient market include Spacelabs Healthcare, Nihon Kohden Corporation, Medtronic, Natus Medical and others.

In August 2018, VitalConnect, Inc., a global leader in the multiparameter patient monitoring market launched VistaTabletTM, a multiparameter patient monitoring platform for real-time and at-home patient monitoring.
Iron Bow Technologies launched vCLINiC (powered by VidyoTM) a cloud-ready device intended for interactive video communication and patient monitoring in October 2018.
In March 2018, Nihon Kohden launched a new NK-HiQ remote patient monitoring system which is a smart and secure platform for data collection and management for hospitals.
In May 2018, Skanray launched TruSKAN Series multiparameter patient monitoring systems with the capability to monitor ECG, SpO2, temperature, NIBO, respiration, capnography, arrhythmia detection and two-channel IBP.

Multiparameter Patient Monitoring Market Dynamics

Rise in Ageing Population to Create Opportunities for Multiparameter Patient Monitoring Market

Globally, the increasing population of the age group 60-85 has generated a scenario wherein the world is facing the threat of increasing geriatric population and associated threats. Declining rates of fertility also contribute to the increasing ageing population. With the increased ageing population, global disease burden has risen significantly. Age-associated diseases, in particular, require patient monitoring systems owing to the immobile and critical nature of the patient. Also, homecare settings have increased wherein caregivers take care of patients at home. Under such a scenario, multiparameter patient monitoring systems become extensively helpful to caregivers. Thus, increasing ageing population will directly contribute to the growing adoption of multiparameter patient monitoring systems, thereby fueling the growth of the multiparameter patient monitoring market in the coming years.

Multiparameter Patient Monitoring Market Witnesses Integration of Advanced Technologies

Manufacturers in the multiparameter patient monitoring marketplace are engaged in collaborating with tech giants to integrate advanced technology solutions. Recent devices introduced in the multiparameter patient monitoring market include features such as remote monitoring and greater connectivity through Wi-Fi and cloud technology integration.

With the growing population of aged people who are unable to reach out to the hospital, demand for multiparameter patient monitoring systems with remote monitoring feature has increased significantly. The advanced features also allow medical professionals to deliver improved healthcare to critical patients whether in a hospital or at home.

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Multiparameter Patient Monitoring Adoption Witnesses Resistance from Healthcare Professionals

Use of multiparameter patient monitoring systems in the healthcare facilities result in relieving the stress of the hospitalization and follow up care, thereby reducing the revenue of the entire hospital management. Due to this, hospital management professionals are posing resistance to adopt the multiparameter patient monitoring systems. Also, a patient recovering from the critical surgery or some illness entails a need for a sufficient rest which may not require the need for advanced patient care settings such as multiparameter patient monitoring system. Based on this, the adoption of multiparameter patient monitoring systems is facing resistance from healthcare professionals in hospitals, especially tier 2 and tier 3 healthcare facilities.

Multiparameter Patient Monitoring Market – Regional Outlook

Adoption of multiparameter patient monitoring systems is likely to remain higher in the North America region. Advanced healthcare infrastructure and favorable reimbursement policies allow higher adoption of multiparameter patient monitoring systems in the region, wherein the United States accounts for a significant demand. Europe also presents significant adoption of multiparameter patient monitoring systems. Utilization of multiparameter patient monitoring systems is likely to grow at a rapid pace in the countries of Asia Pacific owing to improving healthcare infrastructure and penetration of healthcare facilities.

Multiparameter Patient Monitoring Market – Segmentation

Multiparameter patient monitoring market is segmented based on type, acuity level and application/end-user.

Based on type, multiparameter patient monitoring market is segmented into,