Global Multi Parameter Patient Monitoring Equipment Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s multi parameter patient monitoring equipment market report forecasts the multi parameter patient monitoring equipment market size to grow to $11.22 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.
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Multi Parameter Patient Monitoring Equipment Market Size Forecast
The global multi parameter patient monitoring equipment market is expected to grow from $8.34 billion in 2022 to $8.86 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global multi-parameter patient monitoring equipment market size is expected to reach $11.22 billion in 2027 at a CAGR of 6.1%.
North America held the largest multi parameter patient monitoring equipment market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Multi Parameter Patient Monitoring Equipment Market Driver – Increase In The Incidence Of Chronic Illnesses
For example, the Centres for Disease Control and Prevention, a US-based national public health agency, estimates that by July 2022, six out of every ten Americans will have chronic diseases, with four out of every ten adults suffering from more than two chronic diseases such as chronic lung cancer, heart disease, stroke, and diabetes. Furthermore, the United Nations predicts that by 2030, chronic diseases would account for roughly 70% of all deaths and nearly 56% of all diseases worldwide. As a result, the rising prevalence of chronic illnesses is propelling the multi-parameter patient monitoring equipment market forward.
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Key Multi Parameter Patient Monitoring Equipment Market Trend – Technological Advancement
To strengthen their market position, major businesses in the multi-parameter patient monitoring equipment market are creating breakthrough technologies. Mindray, a China-based business that manufactures multi-parameter patient monitoring equipment, for example, announced a new wearable patient monitoring solution called the mWear system in December 2022. The mWear system’s distinguishing characteristics include exact measures of patient status, with wireless monitoring technologies combining 6 critical vital signs driven by the Anti-motion Algorithm, specialised health parameters, status indicators, and time analysis. It is intended to continuously monitor the patient’s condition.
Multi Parameter Patient Monitoring Equipment Market Segment
1) By Product Type: High-Acuity Monitors, Critical Care Monitors, Magnetic Resonance Imaging (MRI) Compatible Monitors, Perioperative Monitor, Mid-Acuity Monitors, Low-Acuity Monitors
2) By Application: Cardiology, Neurology, Respiratory, Fetal And Neonatal, Other Applications
3) By End User: Hospitals, Clinics, Ambulatory Surgical Centres, Home Healthcare
Multi Parameter Patient Monitoring Equipment Market Major Players and Strategies
Major players in the multi parameter patient monitoring equipment market are Philips Healthcare, GE Healthcare Technologies Inc., Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Schiller AG, Bosch Medical Solutions GmbH, AMD Global Telemedicine Inc., Mindray DS USA Inc., Boston Scientific Corporation, Abbott Laboratories, Spacelabs Healthcare, CAS Medical Systems Inc., Contec Medical Systems Co Ltd., Guangdong Biolight Meditech Company Limited, Baxter International Inc., Natus Medical Incorporated, and CR Bard Inc.
Baxter International Inc., a US-based healthcare corporation, paid USD 15 billion for Hill-Rom Holdings, Inc. in December 2021. With this transaction, Hill-Rom becomes a subsidiary of Baxter, opening up new opportunity to improve care efficiencies and outcomes for patients worldwide. Hill-Rom is a firm established in the United States that manufactures multi-parameter patient monitoring devices.
The Multi Parameter Patient Monitoring Equipment Global Market Report 2023 covers regional data on multi parameter patient monitoring equipment market size, multi parameter patient monitoring equipment market trends and drivers, opportunities, strategies, and multi parameter patient monitoring equipment market competitor analysis. The countries covered in the multi parameter patient monitoring equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Multi-parameter patient monitoring technology displays a number of information sets on a single screen by accessing patients’ vital signs to help the patient understand her state.
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