The Global Multi-item Patient Monitor market sales was held at around US$ 39.0 Billion in 2022 and is predicted to grow at a CAGR of 3.61% to reach a value of US$ 55.6 Billion from 2022 to 2032. A patient monitor is a medical device that comprises a processing unit, monitoring sensors, and a screen display to measure and record a patient’s vital signs, such as blood pressure, body temperature, respiratory rate, and pulse rate.
Multi-item Patient Monitors are equipped to measure the activity of various organs and ensure superior patient care quality. These monitors leverage electronic and technological advancements that employ wireless and intelligent communication technology to monitor a patient’s vitals.
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In addition to displaying waveforms and numerical data for patients, Multi-item Patient Monitors are used for diagnosis and treatment in various healthcare facilities, primarily for post-acute care and chronic diseases. These devices are not only used in healthcare facilities but also in home-based care as they are portable and easy to use.
Multi-item patient monitor Market: Drivers and Restraints
Multi-item Patient Monitors are continuously evolving in terms of technology, particularly for improved algorithm-based monitoring. The advancement of remote patient monitoring over the years has significantly increased the demand for Multi-item Patient Monitors.
The paradigm shift of Multi-item Patient Monitors from hospitals to mobility services and ambulatory centers is expected to drive the market growth for these monitors during the forecast period. Additionally, factors such as an increase in healthcare expenditure, improved healthcare infrastructure, and a rise in disposable income are expected to contribute to the market growth of Multi-item Patient Monitors.
The growing popularity and product penetration across different regions could also propel the Multi-item Patient Monitors market. However, the high costs associated with these monitors and poor reimbursement policies for the device may hinder their market growth during the forecast period.
Moreover, the maintenance requirements of these monitors and economic crises in developing regions could also limit the market growth of Multi-item Patient Monitors over the forecast period.
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Multi-item patient monitor Market: Overview
The growth of the global multi-item patient monitor market can be attributed to the increasing number of private healthcare facilities worldwide. These monitors are extensively used for emergency and post-acute care, and the adoption of portable Multi-item Patient Monitors has further expanded the market.
Several monitors leveraging wireless technology have received U.S. FDA clearance and are being installed in various hospital settings worldwide. Improved technologies, such as mobile augmented reality and wireless sensor networks, enable real-time remote measurement of heart rate and body temperature for patient care.
Multi-item Patient Monitors have become popular for home-based care due to their easy-to-operate features. The demand for these monitors in emergency, critical, and other ambulatory services has also increased due to the availability of portable Multi-item Patient Monitors.
Multi-item patient monitor Market: Region-wise Outlook
Geographically, the market for Multi-item Patient Monitors is divided into eight regions: North America, Asia-Pacific except China and Japan, China, Japan, Western Europe, Eastern Europe, Latin America, and the Middle East and Africa. The market for Multi-item Patient Monitors in North America is developing due to high product penetration, and it will remain dominant throughout the projected period due to an increase in the number of critical care facilities and better healthcare infrastructure.
Multi-item patient monitor Market: Key Market Participants
Some of the market participants in the Global Multi-item patient monitor market identified across the value chain include: GE Healthcare, Mindray, NIHON KOHDEN CORPORATION, Koninklijke Philips N.V., OSI Systems, Inc, Microchip Technology Inc., Hipac Healthcare Pty Ltd, Arjo, Schiller, Heyer Medical AG, SUNRAY MEDICAL APPARATUS CO.LTD, TENKO MEDICAL, Drägerwerk AG & Co. KGaA and Fukuda Denshi
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Key Segments Profiled In The Multi-Item Patient Monitor Industry Survey
Multi-item patient Monitor Market By Acuity Type:
- High-acuity monitors
- MRI-compatible monitors
- Critical care monitors
- Peri-operative monitors
- Medium-acuity monitors
- Post-anaesthesia care monitors
- Emergency care monitors
- Low-acuity monitors
- Vital Sign monitors
- Ambulatory monitors
Multi-item patient Monitor Market By Application:
- Neurology
- Cardiology
- Respiratory
- Fatal & Neonatal
- Remote Monitoring
- Weight Monitoring
- Temperature Monitoring
Multi-item patient Monitor Market By End-User:
- Hospitals
- Ambulatory Care Centers
- Clinics
- Diagnostic Laboratories
- Home-care Settings
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