The multi-parameter patient monitoring (MPM) equipment offers a flexible solution for various critical care need. The need for home-based healthcare is expected to drive the multi-parameter patient monitoring market growth. A MPM equipment is a system designed to give multiple information on one screen. It measures body activities such as temperature of body, blood pressure, pulse rate, respiratory rate, and measures the activity of various body organs.
Presence of major companies in the multi-parameter patient monitoring (MPM) equipment market increase the competition with launch of new devices with the latest technologies. For instance, in 2018, Skanray Technologies launched TruSKAN series six-channel multi-parameter patient monitoring systems. TruSKAN offers integrated pulmonary index (IPI) for quick assessment of patient’s respiratory status and SatSeconds advanced alarm management algorithm to reduce false alarms.
Global Multi-Parameter Patient Monitoring Equipment Market Drivers
The emerging technology of remote patient monitoring is expected to contribute to growth of the multi parameter patient monitoring (MPM) equipment market size. The new remote patient monitoring devices are wireless, compact, wearable devices through which medical professionals can check the condition of a patient inside or outside the hospital. These devices are used to reduce hospital stay and expenses. For instance, use of remote patient monitoring system @HOME by Geneia can save around US$ 8,375 of hospital expenses per person annually.
Multi-parameter patient monitoring (MPM) equipment market revenue is expected to increase, owing to increasing demand for multi parameter patient monitoring equipment in hospitals for critical care of geriatric patients suffering from cardiac, respiratory, mental or renal diseases. According to American Heart Association 2015 report, around 40 million people over the age of 65 are affected by cardiovascular disease in the U.S. annually.
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Global Multi-Parameter Patient Monitoring Equipment Market Restraints
The multi-parameter patient monitoring (MPM) equipment market growth can hamper due to product failures and product recalls. MPM equipment are sometimes recalled from the Food and Drug Administration (FDA) when these equipment do not match the guidelines for marketing as per the FDA guidelines. For instance, in 2014, a product named DPM 6 Monitor by Mindray DS USA Inc. used for measuring ECG, arrhythmia detection, ST segment analysis, heart rate, respiration rate, temperature, pulse oxygen saturation, pulse rate, non-invasive blood pressure, and invasive blood pressure was recalled by FDA, as DPM 6 Monitor included cardiac ST/Arrhythmia analysis feature, which is not cleared for marketing.
Global Multi-Parameter Patient Monitoring Equipment Market: Regional Analysis
North America held dominant position in the multi-parameter patient monitoring (MPM) equipment market in 2017, owing to the development of advanced technologies in the healthcare system and new product launches in MPM equipment market. For instance, in October 2017, Abbott Laboratories launched the first and only smartphone compatible insertable cardiac monitor in the U.S.
Asia Pacific is the fastest growing region in the multi-parameter patient monitoring (MPM) equipment market size due to increasing geriatric population suffering from any kind of age-related disease, which directly contributes to growth of MPM equipment market size. According to China National Committee on Aging (CNCA), around 241 million people in China are aged above 60, representing 17.3% of China’s total population in 2018.
Global Multi-Parameter Patient Monitoring Equipment Market: Competitive Landscape
Key players operating in the global multi-parameter patient monitoring equipment market include Philips Healthcare, GE Healthcare, and Drägwerk AG & Co. KGaA. Other prominent players include Nihon Kohden Corporation, Spacelabs Healthcare, Medtronic, Mindray DS USA Inc., Natus Medical, Abbott Laboratories, AMD Global Telemedicine, Baxter International, Bosch Medical, Boston Scientific, CR Bard, and Cardiocom.
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