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Multiparameter Patient Monitoring Market to Surpass USD 4 Billion by 2026

By HospiMedica International staff writers
Posted on 17 Apr 2020
The global multiparameter patient monitoring market was valued at USD 2.76 billion in 2017 and is expected to grow at a CAGR of 4.2% during the forecast period 2018-2026 to reach a value of USD 4.01 billion by 2026, driven primarily by the prevalence of chronic diseases such as cancer and diabetes in the developed and developing regions. Additionally, endocrine diseases such as diabetes and hyperthyroidism have been infecting people in the emerging economies, leading to chronic conditions requiring the governance of vital parameters. The rising geriatric population is also liable to succumb to diseases such as cancer and diabetes, thus further aiding the market growth. The need for accurate analysis of patients in real-time and continuous technological advancements are also expected to propel the market growth over the coming years.

These are the latest findings of Polaris Market Research (New York, NY, USA), a worldwide market research and consulting organization.

Illustration
Illustration

On the basis of device, the fixed patient recovery monitor segment is expected to grow at a CAGR of 4% during the forecast period. The market players, such as GE Healthcare and Medtronic, offer high-caliber instruments that enable accuracy on various parameters such as ECG, IBP and many more. Additionally, portable monitors have made life easy for patients and doctors as well, by helping monitor patient recovery more accurately and can also be set up at home or in hospital, thereby driving the multiparameter patient monitoring devices market.

Based on acuity level, the adoption of high acuity monitor systems will continue in hospitals and clinics due to their integration with advanced technology. Low acuity monitor systems are also expected to scale market highs due to the low cost of such devices. In terms of end use, the geriatric population is expected to be a significant growth driver of the multiparameter patient monitoring market as elderly and convalescing patients are finding it difficult to ward off the onset of chronic diseases, thus requiring monitoring at every step. Based on application, cardiology is expected to be the dominating segment during the forecast period, owing to the increasing number of people suffering from cardiovascular diseases. Geographically, North America currently dominates the global multiparameter patient monitoring market due to high awareness and a positive regulatory scenario in the region. The Indian multiparameter devices market is also witnessing encouraging growth due to high demand in intensive care units and is expected to be fueled by a rise in the elderly population suffering from chronic diseases.

The need for robust medical monitoring devices and technology has led to the development of intelligent diagnosis techniques which can accurately analyze the patient’s health with the help of physiological parameter in real-time. This will continue to drive a rapid growth in the market for multiparameter patient monitoring devices over the coming years. Moreover, the rising influence of sedentary lifestyles which have given rise to chronic diseases such as diabetes, cardiology diseases, and other health issues will further boost market growth. However, stringent regulations, high implementation costs, and low-technical support are expected to hamper the growth of the multiparameter patient monitoring devices market during the forecast period.

Related Links:
Polaris Market Research


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