The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The multi-parameter patient monitoring market is expected to register a CAGR of 5%, during the forecast period. Unprecedented in human history, there has been a rapid growth of the aging population in the 21st century, resulting from declining mortality, and most importantly, from declining fertility. The phenomenon has led to a comparative decline in the proportion of children and an increase in working as well as the elderly population.
Population aging has major social and economic significances. Currently, about two-thirds of the world’s elderly population live in developing countries. The increase in the aging population directly contributes to the growth of these devices. The aged patients, who are unable to reach out to hospitals, propel the demand for multi-parameter patient monitoring devices and services. Hence, the market for remote patient monitoring, wireless devices, and homecare healthcare services provided with the help of connectivity, like Wi-Fi and cloud, is growing day by day.
Other factors, such as the rising incidences of chronic diseases (like cancer), due to lifestyle changes, need to contain healthcare expenditure, demand for home-based monitoring devices, and ease of use and portability of devices, are also driving the growth of the market studied. According to the World Health Organization, in 2018, around 18 million new cases of cancer were diagnosed all around the world. Hence, it is expected to drive the market growth.
Key Market Trends
Portable Multi-parameter Patient Monitors Hold the Largest Market Share
- The rising awareness regarding healthcare and increasing concern for the constant monitoring of health parameters of patients, pre-and post-surgery, are expected to drive the growth of the overall market.
- Multi-parameter monitors are of two major types, portable and fixed, of which, the portable monitors are expected to dominate the market over the forecast period. This is owing to factors, such as growing home healthcare, ease of monitoring post-surgical recovery patients, rising ambulatory care facilities, and increasing adoption of remote patient monitoring.
- Additionally, the competition among the major market players is on the rise, owing to growing technological advancements. Hence, the portable monitors’ segment is expected to retain its dominance, over the forecast period.
North America Dominates the Overall Multi-parameter Patient Monitoring Market
- North America dominated the overall multi-parameter monitoring market, and the region is expected to retain its dominance over the forecast period. The multi-parameter patient monitoring market in the United States held the largest market share in the North American region, due to the high quality of healthcare system and modern medical technology in the country.
- Additionally, the presence of a high percentage of the elderly population in the region is likely to contribute to the growth of the multi-parameter patient monitoring market. According to the US Census Bureau, in 2018, around 52 million population were aged 65 years and above. Furthermore, the growing burden of morbidity and mortality due to chronic diseases is expected to impact the multi-parameter patient monitoring market.
The presence of major market players, such as Abbott Laboratories, Becton, Dickinson and Company, GE Healthcare, Medtronic PLC, and Philips Healthcare, is intensifying the market competition. Innovations and increasing investments from various public and private organizations are expected to intensify industry rivalry across the world.
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