The demand for advanced medical devices to monitor real-time vital signs is rising, which in turn is driving the growth of the South Korean multiparameter patient monitoring system market.
According to the latest Arizton's market research report, the patient monitoring system market size to reach USD 5.62 billion by 2025, growing at a CAGR of around 4% during the forecast period.
Patient Monitoring System Market Growth
Technologies are coming up with new marketing and sales strategies to increase sales of highly advanced multiparameter patient monitors such as wearable, portable, and bedside in the UK, which is expected to boost the market growth during the forecast period. The demand for advanced medical devices to monitor real-time vital signs is rising, which in turn is driving the growth of the South Korean multiparameter patient monitoring system market. Increased R&D investments and commercialization are key for long-term growth for the companies. Therefore, several players are investing significant capital in research and collaboration activities to penetrate the patient monitoring system market.
What’s Trending on the Market?
- Market players are focusing on strengthening their business structure in the US, that is the world’s major market and a center of leading-edge medical care to achieve revenue growth.
- Nihon Kohden has strong brand recognition for their products, which is expected to increase patient preferences and contribute to revenue growth during the forecast period.
- In 2020, the Nihon Kohden were planning to undergo strategic business expansion in the high growth emerging market, to cater to the medical needs of the target population and experience growth over the upcoming years.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by devices, acuity level, patient group, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 11 Other Prominent Vendors
Europe is Leading in the Global Multiparameter Patient Monitoring System Market?
The growth of multiparameter patient monitoring system market is majorly due to rising incidences of chronic diseases and changing lifestyles. The increasing of life expectancy and decreasing mortality, surge in the use of advanced medical technology devices such as multiparameter patient monitors in the hospitals of Europe for quick and immediate assessment of patients, and the real-time vital signs data to ensure correct line of treatment in critical care, thereby, increasing the demand for multiparameter patient monitoring devices in the European countries. Moreover, the growing focus of players on R&D activities to develop next generation is likely to have a significant impact on multiparameter patient monitoring system market growth.
Strategies Adopted by the Players of the Global Multiparameter Patient Monitoring System Market?
The global multiparameter patient monitoring system market is witnessing technological advancements and significantly affected by new product launches. The global market is highly competitive and characterized by the presence of global, regional, and local players offering multiparameter patient monitoring devices. It is also observed that there is a rise in the number of hospital beds in various healthcare settings of developing regions, which is boosting the growth opportunities for players. The leading companies are also focusing on expanding portable/compact multiparameter patient monitors product portfolio as the demand for such devices is increasing among the end-users. Multiple product launches, and diversified product portfolio has fueled the growth of multiparameter patient monitoring system market in recent years.
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