The rising prevalence of chronic diseases such as cancer and diabetes in developed and developing nations essentially drives the demand for multiparameter patient monitoring devices. For instance, according to WHO, nearly 18 million new cases of cancer were diagnosed globally in 2022. Prevalence of diseases like diabetes and hyperthyroidism in emerging economies and result in chronic conditions that often require critical monitoring of vital parameters. Also, demographic trends such as the growing geriatric population predisposed to infections and diseases have positively impacted the market growth.
Multiparameter patient monitoring devices market started to develop in the 1960s and has evolved drastically over the past few years. Key industry players such as Medtronic, Philips, and GE Healthcare have incorporated advanced technology in the multiparameter patient monitoring devices that have enabled accurate patient monitoring of several parameters. Though the market is in a developmental phase, companies operating in the industry are working hard to introduce innovations. This state of things has helped to replace the traditional single parameter monitoring devices with multiparameter patient monitoring devices adding stimulus to the market.
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Multiparameter Patient Monitoring Devices Market: Dynamics
Rising awareness and availability of advanced multiparameter patient monitors in developing countries such as India and China will augment multiparameter monitoring devices market growth during the forecast period. Governments in developing countries have undertaken various initiatives that enhance the awareness level amongst the doctors regarding multiparameter monitoring devices, enabling faster patient recovery. Moreover, developing regions are price-sensitive leading governments and regulatory bodies to undertake initiatives that lower the price of multiparameter monitors, thus making them more affordable and stimulating market growth. The stringent regulatory scenario may somewhat hamper the multiparameter patient monitoring devices market growth up to some extent.
Portable monitors are expected to hold a dominant position in the multiparameter monitoring devices market during the forecast period. Portable multiparameter monitors have improved accuracy and enabled speedy recovery in patients. Their compact size also makes them more preferable. Established industry players such as GE Healthcare and Medtronic have developed advanced multiparameter patient monitoring devices that enable efficient detection and accurate analysis of various parameters including ECG, SpO2, IBP, NIBP, RESP, and temperature. These improve surgical performance, thereby fostering the industry growth over the coming years.
Multiparameter Patient Monitoring Devices Market: Regional Outlook
North America multiparameter patient monitoring devices market dominates the global industry revenue at present and is anticipated to hold a major market share over the forecast period. The availability of technologically advanced multiparameter patient monitoring devices stimulates regional growth. The favorable regulatory scenario for the multiparameter patient monitoring devices market will enhance industry growth opportunities in forthcoming years.
Considerable industry growth is expected to be witnessed in India due to the increasing demand for high-acuity multiparameter patient monitors in intensive care units. India is an emerging country with a large population base that suffers from chronic diseases and infections that, in turn, augment industry growth.
Multiparameter Patient Monitoring Devices Market: Competitive Landscape
This section of the report enlists various leading manufacturers of the market. It helps the investors comprehend the strategies and collaborations that market players are focusing on to garner an edge over the competition in the industry. The comprehensive report provides a significant dissection of the market. Market footprints of manufacturers are identified by observing the global revenue of manufacturers, the global presence of manufacturers, and sales by manufacturers during the 2023 to 2032 forecast period.
- Mediana, Medion Healthcare
- Medtronics, Mindray
- Opto India
- OSI Systems
- Philips Healthcare
- Skanray Technologies
- Spacehealth Labs
Impact of COVID 19 on Multiparameter Patient Monitoring Devices Market:
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 200 countries around the globe and the World Health Organization has declared it to be a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are starting to be registered, and these will significantly affect the Multiparameter patient monitoring devices market over the forecast period. The outbreak of COVID-19 has had apparent impact on many aspects of business and everyday life, including flight cancellations; travel bans and quarantines; restaurants closure; all indoor events restricted; over forty countries declaring state of emergency; massive interruption of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
Regional analysis includes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- Detailed overview of the parent market
- Changing Multiparameter patient monitoring devices market dynamics in the industry
- In-depth Multiparameter patient monitoring devices market segmentation
- Historical, present, and projected multiparameter patient monitoring devices market size in terms of volume and value
- Recent Multiparameter patient monitoring devices market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions exhibiting promising growth
- A neutral perspective on multiparameter patient monitoring devices market performance
Multiparameter Patient Monitoring Devices Market Segmentation
This report shows the revenue growth at a global, regional, and country level, and provides an analysis of the market trends in each of the sub-segments from 2023 to 2032. For this study, has segmented the Multiparameter patient monitoring devices market based on device type, acuity level, age group, and end-use.
By Device Type (Revenue, USD Million; 2023-2032)
By Acuity Level (Revenue, USD Million; 2023-2032)
By Age Group (Revenue, USD Million; 2023-2032)
By End-Use (Revenue, USD Million; 2023-2032)
- Homecare Settings
- Ambulatory Surgical Centers
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