Albany, NY, Jan. 20, 2016 (GLOBE NEWSWIRE) -- According to a recent market research report released by Transparency Market Research, the global multi-parameter patient monitoring equipment market is estimated to grow at a CAGR of 4.4% during the period between 2015 and 2023. The report, titled “Multi-parameter Patient Monitoring Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023”, expects the global multi-parameter patient monitoring equipment market to be valued at US$4.6 bn by 2023. The overall market was worth US$3.1 bn in 2014.
Multi-parameter patient monitoring allows monitoring of patient’s health and helps medical practitioners to decide the treatment regimen as well as track the disease progression during treatment. Multi-parameter patient monitoring is especially effective in the management of post-acute care and chronic diseases. The report points out that the constant rise in the incidence of chronic diseases, accompanied with technological advancements in multi-parameter patient monitors, has augmented the growth of the global multi-parameter patient monitoring equipment market. Remote and home monitoring are expected to further boost the mid-acuity and low-acuity patient monitors market. However, the report mentions that frequent product recalls have led to confusion and incredulity. The global multi-parameter patient monitoring equipment market has a huge potential to grow in emerging economies.
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Recent Trends in the Market:
Based on acuity-levels, the global multi-parameter patient monitoring equipment market has been segmented into high-acuity, mid-acuity and low-acuity monitors. The high-acuity monitors segment accounted for the largest share of the multi-parameter patient monitoring equipment market in terms of revenue in 2014. Rising incidence of life-threatening conditions and increasing number of hospital beds across the globe are the major factors attributed to the leading position of the segment. However, low-acuity monitors segment is expected to grow at the highest CAGR during the forecast period as these patient monitors are reasonably priced and can be used in home-care settings with maximum positive outcome.
The end-user segment in the multi-parameter patient monitoring equipment market has been categorized into hospitals and home health care. Hospitals was witnessed as the largest segment in terms of revenue in 2014. The dominance of hospitals end-user segment was majorly witnessed due to increasing admission of patients in the ICUs and emergency departments. In addition, multi-parameter patient monitoring devices function as decision-making tools for further treatment of underlying diseases in hospitals, thereby accentuating the growth of hospitals end-user segment. However, the home health care segment is expected to foresee the fastest growth rate during the forecast period from 2015 to 2023 due to greater adoption of multi-parameter patient monitors by the geriatric population, coupled with lower hospital readmission costs.
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Major players profiled in this report include Philips Healthcare, GE Healthcare, Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Spacelabs Healthcare, CAS Medical Systems, Inc., CONTEC MEDICAL SYSTEMS CO., LTD., Guangdong BiolightMeditech Co., Ltd., Mindray Medical International Limited, and Schiller AG.
Multi-Parameter Patient Monitoring Equipment Market, by Acuity-level
- High-acuity Monitors
- Mid-acuity Monitors
- Low-acuity Monitors
Multi-Parameter Patient Monitoring Equipment Market, by End-users
- Home Health care
Multi-Parameter Patient Monitoring Equipment Market, by Geography
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research