MULTI-PARAMETER PATIENT MONITORING EQUIPMENT MARKET ANALYSIS

Multi-Parameter Patient Monitoring Equipment MarketSize and Trends

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 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. 

Market- Trends

The multi-parameter patient monitoring (MPM) equipment offers a flexible solution for various critical care need. The need for home-based healthcare is expected to drive the multi-parameter patient monitoring market growth. A MPM equipment is a system designed to give multiple information on one screen. It measures body activities such as temperature of body, blood pressure, pulse rate, respiratory rate, and measures the activity of various body organs.

Presence of major companies in the multi-parameter patient monitoring (MPM) equipment market increase the competition with launch of new devices with the latest technologies. For instance, in 2018, Skanray Technologies launched TruSKAN series six-channel multi-parameter patient monitoring systems. TruSKAN offers integrated pulmonary index (IPI) for quick assessment of patient’s respiratory status and SatSeconds advanced alarm management algorithm to reduce false alarms.