Multi-parameter patient monitoring systems are rapidly gaining traction in the healthcare industry with the high emphasis being put on quality of health care services for patients. Vital parameters such as blood pressure, heart rate, oxygen saturation, and respiration rate have inherent relationships with each other, and the right balance of these factors is very important for maintaining good health in a person.
Multi-parameter patient monitoring systems are finding extensive use in hospital settings of intensive care units and general wards. These systems aim to minimize false alarms, while also interrelating the effect of changes on one vital health parameter with the others, to alert healthcare professionals about possible risks, at an early stage.
Frequent advancements in technology are making multi-parameter patient monitoring systems popular among users with mobile and wireless devices. Other factors that are contributing to the growth of the global multi-parameter patient monitoring market can include:
- The multi-parameter patient monitoring market is largely consolidated on a global scale, with a limited number of major market players holding control over approximately 60 per cent of total market share in terms of revenue. Most major players are focusing their efforts towards sales in developed countries of North America and Europe. In addition, cost-differentiation is projected to be a key strategy by player for the foreseeable future.
- Recent years have witnessed an increased demand for intensive care units in hospital settings owing to the rise in respiratory, cardiac, and neurological conditions in this period. Consequently, constant bed-side monitoring capabilities are gaining traction, and is building on the prospects for the near future.
- The global population of geriatrics is expanding at a very rapid rate. In addition, this demographic of the global population is also at a higher risk for being afflicted with chronic diseases such as asthma, cancer, COPD, and diabetes, owing to loss of resistance to infections. This is an important factor that contributes to the overall growth of the market.
In a related note the Asia Pacific region is expected to dominate the multi-parameter patient monitoring market, owing to its high population of elderly, especially in countries such as China and India.
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