Multiparameter Patient Monitoring Market size is set to exceed USD 11 billion By 2025; according to a new research report by Global Market Insights.
Increasing number of patients with acute and chronic diseases will accelerate industry growth over forecast timeframe. According to CDC, in 2015, about 1.4 million people aged between 18 to 79 were diagnosed with diabetes. Diabetic patients are prone to various cardiovascular diseases and multiparameter patient monitors are used in the treatment of such diseases. Also, favorable demographic changes including increasing geriatric population along with lifestyle changes such as sedentary lifestyle will further support prevalence of chronic diseases that is expected to grow demand for patient monitoring devices.
Increasing technological advancements in patient monitoring devices leading to development of innovative products will drive the industry growth. Technologically advanced devices with enhanced convenience will upsurge the demand of monitoring devices. For instance, Masimo developed Signal Extraction Technology for patient monitoring device to reduce the limitations of pulse oximetry such as low perfusion ability. However, stringent regulations for manufacturing of medical devices will hamper the multiparameter patient monitoring market growth.
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Geriatric segment held 38.2% revenue share in 2018, and it will witness lucrative growth opportunities during analysis time frame. Increasing geriatric population will drive the segmental growth. According to World Population Prospect, in 2017 there are over 962 million people aged 60 or above in the world and it is expected to reach 2.1 billion by 2050. Geriatric population prone to chronic diseases that can lead to severe medical conditions and hence, large patient pool will increase the demand for multiparameter patient monitoring devices.
Homecare settings segment will show 3.9% growth during forecast period. In developed countries, elderly population often prefers homecare settings over hospitals. Portable monitors are highly preferred by home care services due to its easy mobility and convenience. Owing to these advantages, homecare settings are poised to witness robust growth throughout the forecast period. U.S. multiparameter patient monitoring market was valued at USD 3.1 billion in 2018 and it is expected show healthy growth in upcoming years. Growing adoption of portable multiparameter monitors in treatment of chronic diseases such as diabetes, cancer and other infections will augment industry growth. People suffering from chronic illness needs constant monitoring and prefer portable multiparameter devices that will influence the regional growth.
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Some of the eminent industry players operating in multiparameter patient monitoring industry includes Mindray Medical International, Medtronic, GE Healthcare, Masimo Corporation and Spacelab Healthcare. Key industry players implement several strategies such as new product launch, acquisition, mergers and geographic expansions that enables them to achieve sustainable profits. In January 2018, Mindray launched BeneVision N1 Patient monitor, with enhanced data analysis that improves monitoring accuracy.