Market Trends of Multi-Parameter Patient Monitoring Industry
This section covers the major market trends shaping the Multi Parameter Patient Monitoring Market according to our research experts:
Portable Multi-Parameter Patient Monitors is Anticipated to Grow Over the Forecast Period
Multi-parameter monitors are of two major types, portable and fixed. Portable monitors are anticipated to witness growth in the market over the forecast period owing to the ease of handling and convenience. Factors such as growing home healthcare, ease of monitoring post-surgical recovery patients, rising ambulatory care facilities, and increasing adoption of remote patient monitoring are driving the market growth. For instance, as per the article published in March 2021 by a Pakistan Journal of Science, the portable smart mini patient monitor prototype for enhanced healthcare results and patient-centered care captured and displayed critical physiological signals such as heartbeats, body temperature, ECG, and SPO2. The study depicted the combination of multiple sensors into a single portable device that produces various physiological signals at once with exact accuracy. People can conveniently record, save, and use it for medical diagnosis.
Additionally, competition among the major market players is rising owing to growing technological advancements. For instance, in February 2022, Singapore brand BUZUD, Fosun Trade Medical Device, launched two new medical devices. BUZUD Multi-Parameter Monitor (MPM) streamlines the medical monitoring process and helps healthcare professionals provide more patient care. The second one is BUZUD PulseBit EX, a personal electrocardiogram (ECG) tracker that makes heart care affordable and convenient for heart patients. Such launches will propel the growth of the market segment.
The rising awareness regarding healthcare and increasing concern for the constant monitoring of health parameters of patients, pre-and post-surgery, is expected to drive the growth of the portable multi-parameter monitors market.
North America is Expected to Witness a Growth in the Multi-Parameter Patient Monitoring Market Over the Forecast Period
North America will likely witness growth in the overall multi-parameter monitoring market over the forecast period. The multi-parameter patient monitoring market in the US is likely to see a significant market share in the North American region due to the high quality of the healthcare system and modern medical technology. Moreover, increased chronic disease and lifestyle changes immensely contributed to the market growth. For instance, according to the data published by the International Diabetes Federation (IDF) in 2021, the diabetes incidence in Canada (per 100,000) in 2021 was around 37.9% in children aged between 0-14 years. In addition, the number of adults aged 20-79 years suffering from diabetes in Canada was around 3 million for the year 2021. Therefore, with the increasing burden of diabetes in Canada, the multi-parameter monitoring market is expected to witness healthy growth over the forecast period.
In addition, key players are implementing strategic initiatives to gain a higher market share within the regional market. For instance, in July 2021, Abbott introduced Jot Dx, an insertable cardiac monitor. It can reduce data burden and diagnose abnormal heart rhythms. In February 2021, Flosonics Medical, a Canadian medical device company focused on non-invasive hemodynamic monitoring, closed funding of USD 14 million. The grant helps to develop non-invasive wireless sensors to improve the management of critically ill patients. Moreover, in June 2022, GE Healthcare launched its wireless patient monitoring system, Portrait Mobile. Its new device help clinicians detect early patient deterioration and constantly monitor patients' health during their stay at the hospital.
Hence, considering the above facts, North America is expected to witness growth over the forecast period.
