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Multi-Parameter Monitoring Market Driven by Home-Based Patients

By HospiMedica International staff writers
Posted on 01 Jun 2019
The global multi-parameter patient monitoring market is projected to register a CAGR of 5% over 2019-2024, driven mainly by rapid growth of the aging population across the world that is directly contributing to the growth of these devices.

Additionally, rising awareness about healthcare and increasing concern for the constant monitoring of health parameters of patients, pre-and post-surgery are also aiding the market growth. These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

Image: Research shows aging patients who are unable to reach out to hospitals are propelling the demand for multi-parameter patient monitoring devices and services (Photo courtesy of Boston Scientific).
Image: Research shows aging patients who are unable to reach out to hospitals are propelling the demand for multi-parameter patient monitoring devices and services (Photo courtesy of Boston Scientific).

Declining mortality and fertility has resulted in a comparative decline in the proportion of children and an increase in the working as well as elderly population. Aged patients who are unable to reach out to hospitals are propelling the demand for multi-parameter patient monitoring devices and services.

As a result, the market for remote patient monitoring, wireless devices and homecare healthcare services provided with the help of connectivity, such as Wi-Fi and cloud, is growing rapidly. The rising incidence of chronic diseases due to lifestyle changes, need to contain healthcare expenditure, demand for home-based monitoring devices, and ease of use and portability of devices are also driving the growth of the multi-parameter patient monitoring market.

Based on type, the portable monitors segment is expected to dominate the global multi-parameter patient monitoring market during the forecast period, led by the growth in home healthcare, ease of monitoring post-surgical recovery patients, rising ambulatory care facilities, and increasing adoption of remote patient monitoring. Additionally, intensifying competition among the major market players due to growing technological advancements is expected to help the portable monitors segment maintain its dominance during the forecast period.

Geographically, North America dominated the global multi-parameter patient monitoring market in 2017, with the US holding the largest share in the region due to the high quality of healthcare system and modern medical technology in the country. The North American multi-parameter patient monitoring market is expected to maintain its dominance during the forecast period, aided by the presence of a high percentage of elderly population in the region.

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