LOS ANGELES, Feb. 19, 2019 (GLOBE NEWSWIRE) -- The global multiparameter patient monitoring market is forecasted to grow at a stable CAGR around 4% during the forecast period 2018 to 2026.
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According to the report named “Multiparameter patient monitoring Market” - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, growing incidences of chronic diseases such as diabetes and cancer, rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions, increasing geriatric population and several initiatives taken by governments are some of the primary factors that are boosting the multiparameter patient monitoring market growth globally. Multiparameter patient monitoring system is a solution that helps healthcare centres to enhance and improve clinical performance. The multiparameter patient monitors have various functions such as drug dose calculation, pace detection, paediatric, adult and neonatal monitoring and night mode facility. North America is anticipated to witness the significant growth rate over the forecast period owing to the escalating demand for high acuteness multiparameter patient monitors in intensive care units and rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions.
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Increasing Incidences of Chronic Diseases and Technological Advancements to Drive the Global Multiparameter Patient Monitoring Market Growth
Growing incidences of chronic diseases such as diabetes and cancer in developed as well as developing regions and rapid growth in healthcare sector are some of the factors driving the growth of the global multiparameter patient monitoring market. Various technical innovations and advancements in this field are expected to boost the development of the market in coming years. Furthermore, the growing penetration of mobile healthcare technology and increasing inclination towards the internet of things (IoT) in the medical field are some of the factors boosting the growth of the market. Growing rate of gait disorders incidences, rising physical disabilities and technological innovations in healthcare industry are some of the fundamental factors that are boosting the global multiparameter patient monitoring market. Furthermore, occurrences of endocrine diseases such as hyperthyroidism and diabetes are exclusively high in emerging countries and these diseases consequence in chronic conditions that needs critical monitoring and surgeries of vital parameters. Also, favourable demographic trends such as increasing geriatric population vulnerable to diseases and various infections have positively influenced the global multiparameter patient monitoring market growth. Additionally, rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions among developing economies is anticipated to spur the overall market growth in the coming future. Governments of various countries are taking several initiatives in order to develop the awareness level among the doctors concerning the accessibility of proficient multiparameter monitoring devices that allows faster patient recovery. Also the government and regulatory systems are implementing numerous initiatives in order to reduce the price of multiparameter monitors and resolve various issues regarding affordability as developing regions are price sensitive, thereby fueling the market growth.
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North America to Grow at Highest Rate in Multiparameter patient monitoring Market
Geographically, the global multiparameter patient monitoring market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to contribute the highest revenue share and grow at significant CAGR during the forecast period owing to the escalating demand for high acuteness multiparameter patient monitors in intensive care units and rising awareness regarding accessibility of technologically advanced multiparameter patient monitoring solutions. Huge demand for multiparameter patient monitoring systems presence of modern medical technology and high quality healthcare system in the region are also expected to increase the growth of the regional market. Huge elderly population, growing GDP and rising technological advancements in the region are some of the factors responsible for the growth of the regional market. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the rapid growth of healthcare industry and ever-increasing government initiatives towards developing technologically advanced multiparameter patient monitoring devices in emerging economies. Multiparameter patient monitoring devices are increasingly being used to remotely monitor the physiological parameters of the patients due to the ongoing advancement in wireless technology.
Market Players
The multiparameter patient monitoring market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Medtronic, Inc., F. Hoffmann-La Roche Ltd., Siemens Healthcare, Biotronik, Lifewatch AG, Masimo Corporation, Care Innovations, LLC., Nihon Kohden Corporation, GE Healthcare Ltd., Johnson & Johnson, Abbott Laboratories, and Koninklijke Philips N.V., Omron Healthcare Co. Ltd., Honeywell International Inc., St. Jude Medical, Inc. and Smiths Medical.
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