Global Multi-parameter Patient Monitoring Market - Segmented by Type of Device, Acuity Level, Target Area, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global multi-parameter patient monitoring market is expected to register a CAGR of 5% during the forecast period of 2018–2023. Multi-parameter monitors are devices that monitor various parameters such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography with a single device. These devices have become popular as they are small, portable, and user-friendly. Periodic reports and immediate alerts for any sudden changes in the health of sick patients may give people an opportunity to act quickly and save the life of the person in danger. Even from a personal health monitoring perspective, the ability to relay the health information collected to a doctor or a hospital for advanced or emergency assessment is a great asset to people.
Increase in Aging Population
Population aging in the 21st century is without any equivalent in human history. It results from declining mortality and most importantly, declining fertility. This process leads to a comparative decline in the proportion of children and to an increase in working and old population. Population aging has major social and economic significances. Currently, about two-thirds of the world’s older persons live in developing countries. Increase in 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 MPM. 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. The other factors, such as the rising incidences of chronic diseases due to lifestyle changes, need to contain healthcare expenditure, demand for home-based monitoring devices, and ease of use and portability devices are driving the growth of the multi-parameter patient monitoring market.
Resistance from the Healthcare Industry Professionals
The patient monitoring systems pose a threat to the entire hospital and healthcare setup. These devices are being adopted by patients to avoid the entire stress of hospitalization and follow up care. This will, in turn, largely reduced the revenue of hospitals. Hence, hospitals are posing resistance to adopting the patient monitoring systems. Another reason is that the doctors and healthcare professionals believe that patients after a surgical procedure or bout of illness require sufficient amount of rest, which may not be available when they go back to their regular life. A hospital environment, on the other hand, ensures that the patient receives the required rest before they go back to their normal lives. This is another reason why healthcare professionals resist adopting this technology and hindering the growth of the multi-parameter patient monitoring market. The other factors, such as stringent regulatory framework and lack of proper reimbursement are also hindering the market.
United States to Lead the Market in North America
The United States multi-parameter patient monitoring market held the largest market share, in 2017, in North America due to the presence of high-quality 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 toward the growth of the multi-parameter patient monitoring market.
Key Developments in the Market
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