Decoding the COVID-19 impact on global multi-parameter patient monitoring equipment market – Revenues to spike over 2020-2026
COVID-19 impact on global Multi-Parameter Patient Monitoring Equipment Market - Overview
The new research report analyzes the COVID-19 impact on global multi-parameter patient monitoring equipment market using high accuracy and data integrity. The primary objective of this research document is to help major players and others to achieve a strong market position by offering critical information regarding this business sphere such as growth stimulants, hindering factors, and additional expansion trends.
According to reliable estimations, global multi-parameter patient monitoring equipment market had reached a valuation of USD 3903.9 million in the year 2019. The market is likely to witness considerable growth owing to widespread product adoption in several healthcare institutions, especially amidst the ongoing COVID-19 pandemic.
The study offers a comparative assessment of the past records as well as the current market trends in order to provide an upper hand to several stakeholders, players and other participants in this industry vertical. Moreover, it delivers vital data regarding the different market segmentations and their relevant contribution towards the overall industry remuneration over the study duration.
For those uninitiated, multi-parameter patient monitoring equipment is used for monitoring vital signs of an individual’s health. The equipment is extensively used for measuring data such as respiration rate, temperature, and blood pressure among others.
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Impact of COVID-19
Since the Coronavirus outbreak in December 2019, the virus has spread to over 100 countries across the globe with the WHO (World Health Organization) declaring it has a public health emergency. This has compelled worldwide governments to impose strict lockdowns in order to minimize the spread of the disease, directly resulting in supply chain disruptions, and adverse financial impact on numerous companies and other financial markets.
However, the demand for multi-parameter patient monitoring equipment has being witnessing significant demand amidst the pandemic owing to its vast capabilities of tracking and managing human health, thereby facilitating the overall business outlook.
Summarizing the market segmentations
Based on type, although the high-acuity monitors segment accounted for 54.7% market share in the year 2017, the low-acuity monitors segment is predicted to expand significantly during the study period. Several countries, particularly in Europe, are focusing on improving patient care in low-acuity wards in a bid to lower the cost burden of high acuity wards, thereby fueling the demand for low-acuity monitors.
By application scope
In terms of application spectrum, hospitals captured 67.9% market share in the year 2017 and is likely to showcase similar expansion in the upcoming years. Multi-parameter patient monitoring equipment are widely used in hospital settings for keeping track of an individual’s health, thereby favoring the overall market scenario.
By geographical reach
As per COVID-19 impact on global multi-parameter patient monitoring equipment industry report predictions, North America accounted for 41.8% market share in 2017, followed by Asia-Pacific which held approximately 26.8% revenue share.
An overview of the competitive arena
According to COVID-19 impact on global multi-parameter patient monitoring equipment industry report, GE Healthcare, Nihon Kohden, and Philips Healthcare are the top three companies which collectively hold 70.6% share in Europe multi-parameter patient monitoring equipment industry. Surging R&D investments and subsequent innovative product launches are
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Global Multi-Parameter Patient Monitoring Equipment Market by Type (Revenue, USD Million, 2015-2026)
- Low-acuity Monitors
- Mid-acuity Monitors
- High-acuity Monitors
Global Multi-Parameter Patient Monitoring Equipment Market by Application Scope (Revenue, USD Million, 2015-2026)
- Home Healthcare
- Infants & Young Children
Global Multi-Parameter Patient Monitoring Equipment Market Regional Analysis (Revenue, USD Million, 2015-2026)
- United States
- South Korea
- United Kingdom
Middle East & Africa
- Saudi Arabia
Central & South America
Global Multi-Parameter Patient Monitoring Equipment Market Competitive Landscape (Revenue, USD Million, 2015-2026)
- CAS Medical Systems, Inc.
- Schiller AG
- OSI Systems (Spacelabs Healthcare)
- Mindray Medical International Limited
- Drägerwerk AG
- Nihon Kohden Corp.
- GE Healthcare
- Koninklijke Philips N.V.
Patient Monitoring Devices Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Patient Monitoring Devices Market size is poised to grow at a CAGR of over 6.1% between 2020 and 2026, as per new research report. Patient monitoring devices measure, distribute, record and display combinations of biometric values including temperature, blood pressure and heart rate, among others. From past few years, the digital technologies powering patient monitoring devices have widely influenced the operational costs. With the COVID-19 pandemic, the use of telemedicine has also become the new norm for the healthcare industry. These industry conditions are further slated to provide ample growth opportunities for the patient monitoring devices sector.
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