The latest market report published by Credence Research, Inc. “Global Multiparameter Patient Monitoring Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Multiparameter Patient Monitoring market is anticipated to grow at a substantial CAGR of 8.50% in the upcoming years. The global Multiparameter Patient Monitoring industry was estimated to be worth USD 11.2 billion in 2022 and was expected to be worth USD 19.82 billion by 2030.
This growth is largely attributed to the rapidly expanding elderly population, who are increasingly prone to various chronic diseases and thus require ongoing patient monitoring. In addition, the rise in hospital admissions of individuals with injuries, chronic illnesses, and other health emergencies has heightened the need for multiparameter patient monitoring.
In terms of market segments, the agricultural and potassium chloride segments dominated in 2022. Portable systems under the agricultural segment gained popularity due to their lightweight and easy transportability.
Regionally, North America held the largest revenue share in 2022. This is due to higher healthcare expenditure, increased initiatives to provide advanced patient monitoring products, private-public collaborations, and a rise in the prevalence of chronic illnesses. The United States contributes significantly to this growth, fueled by an aging population, a mild increase in ICU admissions, and cutting-edge remote patient monitoring technology.
Key companies such as Koninklijke Philips N.V., GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Drägerwerk AG & Co. KGaA, Medtronic, and MASIMO CORPORATION, among others, have adopted various strategies, including product launches, mergers & collaborations, acquisitions, and partnerships, to stay competitive.
Multiparameter patient monitoring market drivers refer to the various factors that are contributing to the growth and development of this market. One of the main drivers is the increasing prevalence of chronic diseases such as diabetes, heart disease, and respiratory conditions. As these conditions require ongoing monitoring, multiparameter patient monitoring systems provide an efficient way for healthcare professionals to track patients’ vital signs in real-time. Additionally, advancements in technology have enabled more sophisticated and accurate monitoring devices that can measure multiple parameters simultaneously while also providing alerts when necessary.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Multiparameter Patient Monitoring Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Component and Deployment
- Major nations in each region with their import/export statistics
- The global Multiparameter Patient Monitoring Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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