Global Multi-parameter Patient Monitoring Equipment Market to US$4.6 bn by 2023
According to a new publication by Transparency Market Research, the threat of new entrants in the multi-parameter patient monitoring equipment market is expected to remain moderate. While the demand for the equipment is increasing, extremely strict guidelines and high initial costs of the monitors prevail, deterring many new entrants from gaining ground in the market.The revenue generated in the global market for multi-parameter patient monitoring equipment is expected to progress at a CAGR of 4.4% within a forecast period from 2015 to 2023. The revenue is expected to reach US$4.65 mn by the end of 2023 and US$3.47 bn by the end of 2016.
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In terms of acuity levels, the report explains that nearly 40.0% of the market was occupied by high-acuity monitors in 2014. This segment dominated the market due to the high demand for them in ICUs. The report, however, states that low-acuity monitors will display the fastest growth rate in the given forecast period.
In terms of end users, the global multi-parameter patient monitoring equipment market is led by the hospitals segment. This segment topped the market in 2014 due to the high number of patients that were critically ill and required monitoring. Throughout the forecast period, the segment of home monitoring is expected to grow at the fastest rate owing to the increasing geriatric population, along with improvements in technology.
The report’s regional analysis shows Asia Pacific to possess the fastest growth rate in the market. The Asia Pacific multi-parameter patient monitoring equipment market is growing at a rapid rate due to the region’s high population density, the growing number of individuals with high disposable income, and the growing number of cases of chronic disorders in the countries of China and India, most particularly in the respiratory and cardiovascular fields.
North America dominated the global multi-parameter patient monitoring equipment market in 2014, owing to the region’s highly advanced healthcare infrastructure and active government investments.
The key players in the global multi-parameter patient monitoring equipment market are Schiller AG, Guangdong Biolight Meditech Co. Ltd., CAS Medical Systems Inc., Nihon Kohden Corporation, Philips Healthcare, GE Healthcare, Mindray Medical International Limited, and Spacelabs Healthcare.
Transparency Market Research is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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