Global Multi-Parameter PatientMonitoring Equipment Market Restraints
The Multi-ParameterPatient Monitoring Equipment Market growth can hamper due to productfailures and product recalls. MPM equipment are sometimes recalled from theFood and Drug Administration (FDA) when these equipment do not match theguidelines for marketing as per the FDA guidelines. For instance, in 2014, aproduct named DPM 6 Monitor by Mindray DS USA Inc. used for measuring ECG,arrhythmia detection, ST segment analysis, heart rate, respiration rate,temperature, pulse oxygen saturation, pulse rate, non-invasive blood pressure,and invasive blood pressure was recalled by FDA, as DPM 6 Monitor includedcardiac ST/Arrhythmia analysis feature, which is not cleared for marketing.
The multi-parameter patientmonitoring (MPM) equipment offers a flexible solution for various critical careneed. The need for home-based healthcare is expected to drive themulti-parameter patient monitoring market growth. A MPM equipment is a systemdesigned to give multiple information on one screen. It measures bodyactivities such as temperature of body, blood pressure, pulse rate, respiratoryrate, and measures the activity of various body organs.
Presence of major companies inthe multi-parameter patient monitoring (MPM) equipment market increase thecompetition with launch of new devices with the latest technologies. Forinstance, in 2018, Skanray Technologies launched TruSKAN series six-channelmulti-parameter patient monitoring systems. TruSKAN offers integrated pulmonaryindex (IPI) for quick assessment of patient’s respiratory status and SatSecondsadvanced alarm management algorithm to reduce false alarms.
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Global Multi-Parameter PatientMonitoring Equipment Market Drivers
The emerging technology of remotepatient monitoring is expected to contribute to growth of the multi parameterpatient monitoring (MPM) equipment market size. The new remote patientmonitoring devices are wireless, compact, wearable devices through whichmedical professionals can check the condition of a patient inside or outsidethe hospital. These devices are used to reduce hospital stay and expenses. Forinstance, use of remote patient monitoring system @HOME by Geneia can savearound US$ 8,375 of hospital expenses per person annually.
Multi-parameter patientmonitoring (MPM) equipment market revenue is expected to increase, owing toincreasing demand for multi parameter patient monitoring equipment in hospitalsfor 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 cardiovasculardisease in the U.S. annually.
Global Multi-Parameter PatientMonitoring Equipment Market: Regional Analysis
North America held dominantposition in the multi-parameter patient monitoring (MPM) equipment market in2017, owing to the development of advanced technologies in the healthcaresystem and new product launches in MPM equipment market. For instance, inOctober 2017, Abbott Laboratories launched the first and only smartphonecompatible insertable cardiac monitor in the U.S.
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Asia Pacific is the fastestgrowing region in the multi-parameter patient monitoring (MPM) equipment marketsize due to increasing geriatric population suffering from any kind ofage-related disease, which directly contributes to growth of MPM equipmentmarket size. According to China National Committee on Aging (CNCA), around 241million people in China are aged above 60, representing 17.3% of China’s totalpopulation in 2018.
Global Multi-Parameter PatientMonitoring Equipment Market: Competitive Landscape
Key players operating in theglobal multi-parameter patient monitoring equipment market include PhilipsHealthcare, GE Healthcare, and Drägwerk AG & Co. KGaA. Other prominentplayers include Nihon Kohden Corporation, Spacelabs Healthcare, Medtronic, MindrayDS USA Inc., Natus Medical, Abbott Laboratories, AMD Global Telemedicine,Baxter International, Bosch Medical, Boston Scientific, CR Bard, andCardiocom.
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