New York, NY -- (SBWIRE) -- 01/26/2021 -- The monitoring of extensively ill patients through multiparameter monitors indicates the effectiveness of therapeutic interventions and allows the measurements of physiological reserves. The advances in wireless communication technology and wearable devices for medical purposes have increased the scope of monitoring solutions for patients inside as well as outside hospital premises.

Key Players:

Epsimed
KizlonMedical
Mediana, Medion Healthcare
Medtronics, Mindray
Opto India
OSI Systems
Philips Healthcare
Skanray Technologies
Spacehealth Labs
VOTEM

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Market Drivers

Some of the factors like increasing target population, rising demand for real-time patient monitors in CCUs, and adoption of technologically advanced smart wearables with accurate and real-time monitoring are fuelling the market growth. Multiparameter patient monitors are majorly used for ensuring the quality of healthcare in both the in-patient wards and ICUs (Intensive Care Units). Patient Monitoring is a crucial part of critically ill patients, majorly in emergency departments. These advancements enable transmitting and recording data easily from a patient's device to a healthcare associate, subsequently decreasing the overall time of evaluation and treatment. The introduction of wireless networks, like Medical Body Area Networks (MBAN) and Radio Frequency Identification (RFID) in the healthcare industry, has brought about a drastic change in diagnostic processes without causing much discomfort.

Multiparameter Patient Monitoring Devices Market Segmentation

By Device Type (Revenue, USD Million; 2017-2027)

Portable
Fixed

By Acuity Level (Revenue, USD Million; 2017-2027)

High-Acuity
Mid-Acuity
Low-Acuity

By Age Group (Revenue, USD Million; 2017-2027)

Adult
Pediatric
Geriatric

By End-Use (Revenue, USD Million; 2017-2027)

Hospitals
Homecare Settings
Ambulatory Surgical Centers

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Regional Outlook

North America accounted for the largest market in 2020 and held 41.0% of the global market share. This can be attributed to the robust presence of major companies, like Masimo Corporation and Medtronic plc., in this region. Moreover, the increasing rate of chronic diseases, majorly in the U.S., is expected to fuel the product demand in the region. Asia Pacific is expected to record the fastest CAGR during the forecast period. Increasing demand for remote patient monitoring and related services owing to rising government spending on the healthcare sector is expected to boost the market growth. Additionally, China is the leading producer of low-cost electronic chips and products, which is expected to attract investors, hence resulting in the growth of the multiparameter patient monitoring market.

Key questions addressed in the report are:

What is the estimated market size and share in the forecast period?
What are the key driving factors of the Global Multiparameter Patient Monitoring market?
What are the risks and challenges the companies will have to face in the forecast period?
What are the emerging trends, and how will they influence market growth?
What are the opportunities for expansion of the global Multiparameter Patient Monitoring market?
Which region is expected to dominate the market during the forecast period?

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