Centralized patient monitoring system market size is expected to grow significantly from 2019 to 2025. Rising number of hospital patients admissions coupled with scarcity of skilled healthcare professional will drive global centralized patient monitoring systems market over forecast timeframe. NHS reported that number of hospital admissions during 2015-16 was record high i.e., 16.2 million compared to 12.7 million ten years ago. Increasing number of patient admissions has created pressure on available healthcare resources augmenting the demand of centralized solutions.
Growing geriatric population base further stimulates rising number of hospital admissions. Baby boomers accounts for significant number of hospital admissions and this segment of population is aging rapidly from past few years. It is estimated that number of baby boomers aged 66 to 84 years will rise to more than 50 million by 2030. Such stupendous rise in geriatric population base will certainly render significant positive impact on centralized patient monitoring systems market growth over forecast period.
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More than 64 patients segment will witness significant growth from 2019 to 2025. These systems are capable of displaying real time analysis data of more than 64 patients. They are often equipped with alarming and signal interpretation facilities. Such systems are particularly handy when its comes to managing large patient base in big hospitals. Aforementioned applications of centralized patient monitoring systems falling under this segments along with associated cost-effectiveness will drive the growth in forthcoming years.
Trauma centers end user segment accounts for significant revenue share and is likely to grow over the coming years. High growth can be attributed to increasing number of trauma/accident cases and consequent rise in admissions at trauma centers. Moreover, critical cases in trauma centers require continuous and accurate monitoring of multiple parameters such as heart rate, blood pressure, and respiratory rate. This has created immense demand of centralized monitoring systems in trauma centers that will favor segment growth.
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U.S. centralized monitoring systems market accounted for significant revenue share due to technological advancements and high adoption rates of centralized patient monitoring systems. Moreover, geriatric population base is rapidly increasing in the U.S. In couple of decades, geriatric people are most likely to outnumber children in the U.S. Such favorable demographic trends leading to increasing hospital admissions will augment country growth over forecast timeframe.
Some of the major industry players operating in the centralized patient monitoring market include Philips Healthcare, GE Healthcare, Infinium Medical, Universal Medical Instruments, Nihon Kohden, MindRay, Criticare Systems Inc., Sunray, and Mediana. Strategic partnerships, merger and acquisition are some of the major strategies adopted by industry players to sustain industry competition. For instance, Nihon Kohden launched the advanced bedside monitor BSM-3500 that is designed to meet the needs of specialty centers and ambulatory surgery.
- Philips Healthcare
- GE Healthcare
- Infinium Medical
- Universal Medical Instruments
- Nihon Kohden
- Criticare Systems Inc.