The — multiparameter patient monitoring market has registered commendable appreciation as the healthcare ecosystem has evolved and patient monitoring systems have been majorly implemented in the healthcare setting to augment patient care and improve clinical performance. Patient monitoring is an integral and essential part of making informed clinical decisions. As the infrastructure connects different modules of the healthcare ecosystem patient monitoring inside and outside, hospitals play an important role in this process of effective patient care.
The multiparameter patient monitoring industry is gaining stimulus not only due to the technological advancements in healthcare but also due to the rising prevalence of chronic diseases like cancer, diabetes, obesity and cardiovascular disorders. Besides these, the geriatric population has come to account for a large part of the global population and this section of people necessarily require increased medical attention and monitoring. With hospitals across the globe witnessing increasing patient admission rates, but a comparative shortage of medical personnel, multiparameter patient monitoring systems are finding more usage. The rising incidence of home-based healthcare is also creating a substantial scope for multiparameter patient monitoring market growth.
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Multi-parameter monitoring systems can measure vital signals like respiration rate, ECG, blood pressure, brain waves, SPO2, gas anesthetic concentration and body temperature etc. Speaking of the acuity levels, high acuity accounted for 43.8% of the multiparameter patient monitoring market share in 2018 and is expected to make significant contribution to the growth of the industry over 2019-2025. In case of high acuity patients, monitoring equipment is composed of electro – biomedical devices that conduct continuous or pulsed measurement of patients' vital signs and other parameters as a diagnostic representation of patients' wellbeing.
Patient monitoring systems, especially those in the high acuity areas are very well developed and have become an indispensable part of all hospitals. The awareness among medical professionals for use of these systems coupled with the increasing incidence of diseases has driven the market for these systems.
Healthcare providers are continuing to look for innovative products that can provide enhanced levels of patient care to the widening patient population. An exodus wired to wireless patient monitoring technology has facilitated paramedics, clinicians, and medical personnel with a wireless, hands-free means to monitor the vital signs of patients, creating a safer environment for both emergency medical services personnel and patients.
Technologies have evolved to allow real-time connectivity between the emergency room and on-field medical technician team. High acuity monitors have increasingly come to adopt wireless network to reduce clutter of wires in ICU and elsewhere. With monitors providing alarm notification under critical situations and other such technological integrations in patient monitoring devices, the expansive growth of high acuity multi-parameter patient monitoring market is indeed inevitable.
The advancement of healthcare has become largely dependent on the development of novel technologies. Such cases are also apparent in the multiparameter patient monitoring market as has been underlined by Medical Informatics Corp. (MIC) which has raised $11.9M in Series A funding round and is known for being the provider of a patient monitoring and predictive analytics platform called Sickbay.
Sickbay has been cleared by the FDA and was developed at a time when the medical community was looking for means to implement artificial intelligence and machine learning in the process of complex patient care. The machine learning and artificial intelligence capabilities of Sickbay have been developed to rapidly generate and deploy real-time, software-based, predictive analytics and accelerate care to reduce risk to patients’ lives in the most complex critical care environments.
The healthcare business of Philips also reported winning a $450 million worth 10-year, contract with the Defense Logistics Agency to provide patient monitoring systems, accessories and training services to U.S. service branches and federal civilian agencies.
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Such tendencies clearly underline the need for healthcare to become more data-driven and less dependent on trial-and-error deductions, a case that can only be achieved with technologies like multiparameter patient monitoring. It is expected that next-generation medicine will utilize more complex models of physiology, and more sensor data to suggest personalized diagnosis. Estimates claim the global multiparameter patient monitoring market will surpass $11 billion by 2025 with increased application across healthcare facilities of all sizes.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 500647