In the field of medicine, monitoring is the continuous observation of patients suffering from certain types of disease. It can be performed by continuous monitoring of patients vitals such as BP, Respiratory rate, ECG, Heart rate, saturation and various other. The portable multi-parameter monitors is used for continuous monitoring of the patients vital is special kind of device as compared to the traditional one. These portable multi-parameter monitors are small, easy to use and are available based on technological requirements. The portable multi-parameter monitors allows the visualization of all vital parameters some portable multi-parameter monitors also facilitate visualization of both invasive as well as non-invasive vital parameters for instances, intra-arterial BP Monitoring. The portable multi-parameter monitors primarily use in intensive care unit and post-operative unit which allow the physician and nurse to monitor and record all vitals by visualizing on a single monitor. The portable multi-parameter monitor also facilitate the recording of all the vitals that can be transferred via Wifi or Bluetooth. On of the most prominent feature of portable multi-parameter monitors is that it provides periodic reports and alarm alert during emergency when there is any fluctuations or changes in the vitals. The portable multi-parameter monitors are used in almost all chronic diseases and disorders in hospital and homecare setting such as cardiovascular diseases, Respiratory or pulmonary diseases, neurological disorders hypertension and others.
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Portable Multi-Parameter Monitors Market: Drivers and Restraints
Increase in ageing population, rise in prevalence of patients suffering from chronic diseases such as cardiovascular diseases, pulmonary diseases hypertension and some other are the major driver of portable multi-parameter monitors market. Moreover, population suffering from chronic diseases and post-operative patients require these type of monitors at home care setting will further boost the demand for portable multi-parameter monitors market over the forecast period. Additionally, growing medical tourism, shift towards technology enabled and user friendly devices, favorable reimbursement policies in developed countries will further contribute to impulse the portable multi-parameter monitors market over the coming years. However, high cost of the device, stringent regulatory scenario and device failure are some listed factors that can hamper the market growth for portable multi-parameter monitors.
Portable Multi-Parameter Monitors Market: Overview
Medical device companies are emphasizing on innovative products launch for different type of monitors which are technology enabled and user friendly. This product diversification will attract the pool of people to use portable multi-parameter monitors at homecare setting. According to the data, in U.S. around 4 Mn patients are hospitalized in ICU’s with an average mortality of 8-19% every year, which is expected to impact the segment positively over the coming years. Also, according to the data, there were approximately 962.3 million people aged 60 and more in 2017, and the digits are expected to reach 2,080.5 million over the coming years (source WHO). Based on device type segment, the modular multi-parameter monitor is expected to hold the major market share due to shift of people towards technologically enabled devices. The high acuity segment of acuity level is anticipated to grow at a significant rate during the forecast period due to increase in prevalence of chronic diseases that require continuous monitoring in high acuity conditions. Among all, the hospital of end user segment is expected to acquire more than 50% of market due to increasing usage at emergency setting, ICU’s, surgical units and special wards.
Portable Multi-Parameter Monitors Market: Regional Overview
North America will show the high revenue for the portable multi-parameter monitors market due to rise in prevalence of chronic disease and growing concern to use it for homecare settings. After North America, Europe region will show the next robust growth for the portable multi-parameter monitors market in the near future, due to high awareness regarding the use of technology freak devices among people. In Asian Countries like China and India due to increase in geriatric population and rise in number of chronic diseases among elderly as well as adult and pediatric population will hold the good digit of revenue over the coming years. Middle East and African are expected to be the least lucrative region for portable multi-parameter monitors market due to lack of health infrastructure and government initiatives.
Portable Multi-Parameter Monitors Market: Key Players
Examples of some of the market participants active in the portable multi-parameter monitors market across the value chain include Abbot Laboratories, GE Healthcare, Medtronic PLC, Koninklijke Philips, Biotronik, Beckton Dickinson & company, Nihon Kohden, Guangdong BiolightMeditech Co. Ltd., CAS Medical Systems, Drägerwerk AG & Co. and others.
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