MULTI-PARAMETER PATIENT MONITORING EQUIPMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Multi-Parameter Patient Monitoring Equipment Market Drivers

The emerging technology of remote patient monitoring is expected to contribute to growth of the multi parameter patient monitoring (MPM) equipment market size. The new remote patient monitoring devices are wireless, compact, wearable devices through which medical professionals can check the condition of a patient inside or outside the hospital. These devices are used to reduce hospital stay and expenses. For instance, use of remote patient monitoring system @HOME by Geneia can save around US$ 8,375 of hospital expenses per person annually. 

Multi-parameter patient monitoring (MPM) equipment market revenue is expected to increase, owing to increasing demand for multi parameter patient monitoring equipment in hospitals for critical care of geriatric patients suffering from cardiac, respiratory, mental or renal diseases. According to American Heart Association 2015 report, around 40 million people over the age of 65 are affected by cardiovascular disease in the U.S. annually.

Global Multi-Parameter Patient Monitoring Equipment Market Restraints

The multi-parameter patient monitoring (MPM) equipment market growth can hamper due to product failures and product recalls. MPM equipment are sometimes recalled from the Food and Drug Administration (FDA) when these equipment do not match the guidelines for marketing as per the FDA guidelines. For instance, in 2014, a product named DPM 6 Monitor by Mindray DS USA Inc. used for measuring ECG, arrhythmia detection, ST segment analysis, heart rate, respiration rate, temperature, pulse oxygen saturation, pulse rate, non-invasive blood pressure, and invasive blood pressure was recalled by FDA, as DPM 6 Monitor included cardiac ST/Arrhythmia analysis feature, which is not cleared for marketing.

Global Multi-Parameter Patient Monitoring Equipment Market Drivers

The emerging technology of remote patient monitoring is expected to contribute to growth of the multi parameter patient monitoring (MPM) equipment market size. The new remote patient monitoring devices are wireless, compact, wearable devices through which medical professionals can check the condition of a patient inside or outside the hospital. These devices are used to reduce hospital stay and expenses. For instance, use of remote patient monitoring system @HOME by Geneia can save around US$ 8,375 of hospital expenses per person annually. 

Multi-parameter patient monitoring (MPM) equipment market revenue is expected to increase, owing to increasing demand for multi parameter patient monitoring equipment in hospitals for critical care of geriatric patients suffering from cardiac, respiratory, mental or renal diseases. According to American Heart Association 2015 report, around 40 million people over the age of 65 are affected by cardiovascular disease in the U.S. annually.