The multiparameter patient monitoring market is anticipated to reach over USD 4,016.0 million by 2026 according to a new research published by Polaris Market Research. In 2017, the cardiology application dominated the global multiparameter patient monitoring market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue in 2017. There has been a great demand for multiparameter patient monitoring in the years. This modular unit helps in personalized health management by monitoring early phase medical condition of the patient, by conventionally analyzing environmental & physiological data and assessing with the affective feedback.
The multiparameter patient monitoring market is primarily driven by the factors such as rising prevalence of chronic diseases like diabetes, obesity, and health disorders. Similarly, increase in the cardiological disorder across the globe to also be a supportive indicator for this market growth. Furthermore, increasing number of hospitals that focus on the technology advanced facilities to the patients, and increasing preference for sedentary lifestyle by the population to boost the entire industry growth.
The industry growth is majorly attributed to the growing healthcare industry that focuses on easy diagnosis, accurate analysis of disease, and increasing healthcare expenditure by the developing countries which has promoted digitalization in the healthcare industry in coming years. However, stringent government regulations, and cost of implementation of these multiparameter patient monitoring equipment would impede the market growth in the coming years.
North America generated the highest revenue in the multiparameter patient monitoring market in 2017, and Asia Pacific expected to be the fastest growing region globally during the forecast period. North Americas multiparameter patient monitoring market is primarily driven by the technologically advanced healthcare infrastructure of the U.S. and Canada. Moreover, increasing number of mergers and acquisition between the key players in this region would also promote the growth of this regions market during the forecast period. While, Asia Pacific’s market is majorly driven by the increasing awareness for the use of multiparameter patient monitoring equipment, and need for diagnosis of chronic diseases at an early stage.
The key players operating in the multiparameter patient monitoring market include GE Healthcare, Mindray Medical International, CAS Medical Systems, Medtronic Plc, Philips Healthcare, Roche Diagnostics, Schiller, and Spacelab Healthcare. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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