Future Growth and Emerging Trends in Multiparameter Patient Monitoring Market Unveiled, Forecasted till 2028 - Arizton

The global multiparameter patient monitoring market to reach USD 15.20 billion by 2028.

With the attention of people turning to modern healthcare, a variety of multi-parameter patient monitoring devices has been introduced into the market, which can be used for detecting pulse, body temperature, electrocardiogram, and personal motion state data at any time. A wide range of multi-parameter patient monitors are available in the market. Manufacturers such as CONTEC MEDICAL SYSTEMS, Drägerwerk, GE Healthcare, Philips, Lutech Industries, Medtronic, Nihon Kohden, and OSI Systems offer a broad portfolio of multi-parameter patient monitors. The growing prevalence of chronic conditions and the aging population in the country drive the demand for multi-parameter patient monitors among end-users. The ever-increasing hospitalization rate and need for continuous patient monitoring favor the demand for multi-parameter systems.

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Impact of COVID-19

During the initial phase of the COVID-19 outbreak, the primary focus was preventing a surge in cases. As the pandemic progressed, efforts shifted towards reducing its intensity and slowing its spread worldwide. Special wards were established to isolate and observe patients with initial symptoms while treatment measures were implemented.

One of the challenges faced during the pandemic was a shortage of nursing staff, prompting hospitals to expand their facilities beyond traditional settings. These expanded facilities incorporated centralized communication systems to monitor patients' vital signs and predictive models to assess their health conditions. Additionally, there was a significant increase in demand for medical devices, particularly multi-parameter patient monitoring devices, which played a crucial role in diagnosing, treating, and managing COVID-19 symptoms.

Healthcare professionals rely heavily on these medical devices to deliver quality patient care globally. Notably, the World Health Organization (WHO) guidelines emphasized the importance of oxygen therapy as a key intervention for severe COVID-19 cases. As a result, government bodies and healthcare organizations recommended equipping healthcare facilities with medical systems and patient monitoring devices.

Furthermore, the market has witnessed a growing number of Chinese vendors offering advanced patient monitoring devices at affordable prices. These vendors have expanded their supply to the global market. Established manufacturers also offer patient monitoring devices through online sales to hospitals, distributors, and customers. The wide availability and high demand for multi-parameter patient monitoring devices will drive market growth during the forecast period.

Key Highlights

• The growing prevalence of chronic disease coupled with the increasing patient population has put an additional burden on the healthcare system, increasing the demand for multi-parameter patient monitoring for quality care. Portable multi-parameter patient monitoring devices are growing with the highest incremental growth of $3.36 billion during the forecast period.
• The continuous focus of vendors on technological advances and improvements has led to the development of highly advanced and innovative multi-parameter patient monitoring devices with various features, such as remote monitoring and wearable features. As the adoption of advanced portable multi-parameter patient monitoring devices has become increasingly popular globally, the demand for technically advanced devices is likely to increase significantly in the upcoming years worldwide.
• North America, especially the US, dominated the global multi-parameter patient monitoring market with a 39.48% share in 2022. APAC is expected to grow faster than other regions, with a CAGR of 10.54%.
• The Middle East & Africa is likely to witness a slower growth rate than the other regions due to a lack of awareness and availability of the latest-generation multi-parameter patient monitoring devices.
• The US has the highest incremental growth of $1.66 billion compared to other countries and is expected to grow significantly in the upcoming years.

Competitive Landscape

The competitive environment will likely intensify further with increased product approvals, technological innovations, and strategic acquisitions. Therefore, new and emerging players need to focus on developing innovative and breakthrough multi-parameter patient monitoring devices. Vendors should rely on strategic collaborations for quick product access and to penetrate new markets and expand in existing markets. Key players with huge infrastructure and R&D support are expanding their footprint in the market by implementing various marketing strategies to gain traction among end-users and enhance their market presence.

Investing a significant amount in R&D activities and commercialization of their devices in multiple markets is key for the long-term success of companies. Therefore, many players are investing significant capital in research and collaboration activities to expand the market reach of MPM. Vendors should actively seek to widen their international presence by establishing company-owned distribution or sales networks or forming license or distribution contracts with regional vendors to expand their product profit margins.

Market Segmentation

• Devices: Portable/Compact Devices and Fixed Devices
• Acuity Level: High Acuity Level, Mid Acuity Level, and Low Acuity Level
• Patient Group: Geriatric Patient Group, Adult Patient Group, and Pediatric Patient Group  
• End-User: Hospitals, ASCs, Homecare Settings, and Others
• Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Key Company Profiles

• Baxter
• CONTEC MEDICAL SYSTEMS
• GE Healthcare
• Koninklijke Philips
• Masimo
• Medtronic
• NIHON KOHDEN
• OSI Systems
• Shenzhen Mindray Bio-Medical Electronics
• Advanced Instrumentations
• American Diagnostic
• Drägerwerk AG & Co.
• EDAN Instruments
• EPSIMED
• FUKUDA DENSHI
• Halma
• ICU Medical
• Infinium Medical
• Lutech
• MEDIANA
• MEDION
• Mennen Medical
• Nonin
• OMRON
• Opto Circuits (India)
• SCHILLER
• Skanray Technologies
• Viatom Technology
• VYAIRE MEDICAL

Key Questioned Answered in the Report:   

• How big is the multiparameter patient monitoring market?
• What is the growth rate of the multiparameter patient monitoring market?
• Who are the key players in the global multiparameter patient monitoring market?
• What are the growing trends in the multiparameter patient monitoring market?
• Which region holds the most significant global multiparameter patient monitoring market share?

Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/multiparameter-patient-monitoring-market?details=tableOfContents 

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