ALBANY, New York, August 17, 2015 /PRNewswire/ —
According to a new market report published by Transparency Market Research ” Multi-parameter Patient Monitoring Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023“, the global multi-parameter patient monitoring equipment market was valued at USD 3,129.4 million in 2014 and is projected to expand at a CAGR of 4.4% from 2015 to 2023 to reach USD 4,659.9.9 million in 2023.
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Multi-parameter patient monitors are medical devices used to monitor patients’ vital signs under critical care. Such monitors primarily measure five significant vital signs including heart rate, temperature examination, blood pressure, pulse oximetry, and respiratory rate. Various factors such as increasing incidence of chronic diseases, coupled with growing awareness regarding the application of multi-parameter patient monitors have fueled the growth of the global multi-parameter patient monitoring equipment market. Increased spending by patients and governments is another factor likely to drive the growth of the multi-parameter patient monitoring equipment market during the forecast period from 2015 to 2023.
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Based on acuity-level, the high-acuity monitors segment accounted for the largest share (over 40%) of the multi-parameter patient monitoring equipment market in 2014, as these devices are driven by increasing admissions to intensive care units due to respiratory and cardiovascular diseases. However, the low-acuity monitors are anticipated to expand at the fastest CAGR due to growing need for ambulatory and transport monitoring services. In addition, lesser cost of such monitors, technological advancement and greater accuracy are the major factors attributed to the high growth of the low-acuity monitors market.
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Based on end-users, the hospitals segment held the largest share of the market in 2014 due to increase in the number of critically ill patients as well as rising number of hospitals beds globally. Furthermore, huge budgets of hospitals allow them to cater to the demands of patients for better quality outcomes. On the other hand, the home health care segment is estimated to grow rapidly during the forecast period due to greater awareness regarding the convenience and cost-effectiveness of portable and easy-to-use patient monitors. In addition, the growth of the home health care end-user segment has also been fostered by the rapidly aging population and growing physician acceptance of home care.
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In terms of regional market analysis, North America accounted for the largest share (over 50%) of the global multi-parameter patient monitoring equipment market in 2014 as the region has always been on the leading edge of medical device technology and adoption. Availability of technologically advanced patient monitors and strong government support in terms of investment is boosting the growth of multi-parameter patient monitoring equipment market in North America. However, countries in Asia Pacific such as Japan, South Korea, Australia, Malaysia, India, and China are witnessing remarkable growth. This is likely to contribute to the growth of the market in the region during the forecast period from 2015 to 2023. Large number of population suffering from chronic diseases such as cardiovascular and respiratory illness, convenient market penetration in developing economies, and remarkable improvement in health care infrastructure would augment the growth of the multi-parameter patient monitoring equipment market in Asia Pacific.
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The global multi-parameter patient monitoring equipment market exhibits intense competition among the existing players. The market is fragmented, characterized by the presence of both established as well as emerging companies. Major players operating in the multi-parameter patient monitoring equipment market are Philips Healthcare, GE Healthcare, Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Spacelabs Healthcare, CAS Medical Systems, Inc., CONTEC MEDICAL SYSTEMS CO., LTD., Guangdong Biolight Meditech Co., Ltd., Mindray Medical International Limited, and Schiller AG.
The global multi-parameter patient monitoring equipment market has been segmented as follows:
Multi-parameter Patient Monitoring Equipment Market, by Acuity-level
- High-acuity Monitors
- Mid-acuity Monitors
- Low-acuity Monitors
Multi-parameter Patient Monitoring Equipment Market, by End-users
- Home Health Care
Multi-parameter Patient Monitoring Equipment Market, by Geography
- Rest of Europe
Asia Pacific (APAC)
- Rest of APAC
Latin America (LATAM)
- Rest of LATAM
Middle East and Africa (MEA)
- United Arab Emirates
- Rest of MEA
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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