Technavio analysts forecast the global multi-parameter patient monitoring equipment market to grow at a CAGR of almost 5 percent during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global multi-parameter patient monitoring equipment market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of multi-parameter patient monitoring equipment to hospitals, ambulatory care centers, and home healthcare.
Multi-parameter patient monitoring equipment includes a core monitor box with slots in which separate units for several parameters can be fitted, and readings can be taken. Multi-parameter patient monitoring equipment monitor an individual’s health and helps medical professionals to decide on the treatment required as well as track the progress of a disease during treatment.
It is especially effective in the management of chronic diseases and post-acute care. The multi-parameter remote monitoring devices are used by medical professionals in hospitals as well as by individual users at home.
Multi-parameter patient monitoring equipment is compact and displays many parameters on one monitor. These devices are affordable, lighter, accurate, and have better battery backups. Also, these devices are equipped with a better electrocardiogram (ECG) filtering and accurate non-invasive arterial blood pressure (NIBP) monitor.
Technavio healthcare and life sciences analysts highlight the following four factors that are contributing to the growth of the global multi-parameter patient monitoring equipment market:
- Evolution of remote patient monitoring equipment
- Increasing demand for better algorithm-based monitoring equipment
- Paradigm shift of multi-parameter patient monitoring equipment from hospital care to ambulatory and mobility services
- Increase in demand for home care monitoring equipment
A sample report may be obtained by request at: http://www.technavio.com/request-a-sample?report=52458. Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Evolution of Remote Patient Monitoring Equipment
The development of remote patient monitoring equipment drives the market growth. The advances in wireless communication technology and wearable devices for medical telemetry have enhanced the scope of monitoring solutions for individuals inside and outside the hospital premises. Such technological advances allow to record and transmit digitized vital signs in the form of signals from an individual device to the computer or hand-held personal digital assistant (PDA) of healthcare professional instantly, thereby reducing the duration of evaluation and treatment.
Barath Palada, a lead patient monitoring devices analyst at Technavio, says, “R&D community has given attention to understanding and developing available patient monitoring applications and research prototypes for accurately monitoring individuals’ vital signs and timely detection of anomalies.”
With such robust R&D activities, the market has witnessed the development of first-generation monitoring services, which involve in the collection and transmission of data within a hospital using wireless local area network (LAN) such as Micropaq. Medtronic’s next-generation monitoring equipment allowed individuals to collect the required data while living in their homes and transmit the data to the healthcare providers at a predefined time.
Increasing Demand for Better Algorithm-based Monitoring Equipment
The invasive multi-parameter patient monitoring equipment is used in critical care environments such as renal, coronary, and high-dependency ICUs. However, the process involves few complications such as insertion of a central line into the human body. Further, some monitoring equipment such as ECG and electroencephalogram (EEG) are based on invasive technique, and there are stringent regulations on the application of the amount of voltage and electricity.
“The worldwide research is focusing on measuring parameters through non-invasive or less-invasive approach, developing improved algorithms, and integration of information for medical records that improves workflow for the hospital staff. Also, the development of new algorithm-based monitoring equipment will overcome the issues related to alarm management and analytics,” adds Barath.
Paradigm Shift of Multi-Parameter Patient Monitoring Equipment from Hospital Care to Ambulatory and Mobility Services
The presence of multi-parameter patient monitoring equipment for a range of applications fuels the market growth. Initially, the multi-parameter patient monitoring equipment is used for basic signs monitoring such as respiratory rate, temperature, blood pressure, and heart rate. These devices are particularly employed in wards, operating rooms, and ICUs. With the emergence of technological advances, these monitors are also finding use in other emerging applications such as transportation and ambulances, outpatient care, sleep screening applications, ambulatory and gastroenterology departments, and home healthcare.
The use of multi-parameter patient monitoring equipment is transitioning from ICU units to transport and mobile applications. This is expected to shift the demand in the market owing to the higher potential in transport and ambulatory applications, as compared to ICU departments, which usually requires less number of multi-parameter patient monitoring equipment.
Increase in Demand for Home Care Monitoring Equipment
The increase in the application for home care monitoring systems is driving the market growth. It is convenient, cost-effective, and helps individuals to monitor their health regularly. Therefore, the individuals are giving higher priority to reducing their hospital cost and longer hospital stays, and, thereby preferring home-based healthcaremonitoring. Hence, to measure the chronic conditions, most people prefer digital, portable, and easy-to-use multi-parameter patient monitoring that can be used at home. The focus on quality care and disease management will lead to an increase in adoption of portable, self-care, multi-parameter patient monitoring devices, especially in developed countries.
- GE Healthcare
- Mindray Medical International
- Nihon Kohden
- Philips Healthcare
- Spacelabs Healthcare
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Technavio is a leading global technology research and advisory company. The company develops over 2,000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
(Source: Business Wire)