The global multi-parameter patient monitoring equipment is envisaged to exhibit a steady growth in the forthcoming years, as reported by Transparency Market Research (TMR). The industry’s competitive ecosystem is featured by intense competition among the vendors. The three leading companies, namely, Philips Healthcare, GE Healthcare, and Drägwerk AG & Co. KGaA hold over 70% of the overall market share in 2014. Vendors involved in the global multi-parameter patient monitoring equipment market are seen focusing on innovative product development. The product is witnessing an escalation in demand, which could attract new entrants to the market in the coming years. However, high initial investments might deter new market vendors. Over the coming years, the demand for the product is expected to intensify, providing rich growth opportunities to the vendors.
Other prominent players operating in the global multi-parameter patient monitoring equipment market are Nihon Kohden Corporation, Spacelabs Healthcare, Medtronic, and Natus Medical.
According to TMR’s projections, the global market for multi-parameter patient monitoring equipment is expected to rise at a 4.4% CAGR from 2015 to 2023. The market is likely to touch a valuation of US$4.65 bn by 2023 rising from US$3.47 bn in 2016.
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In terms of acuity, the segment of high-acuity monitors are predicted to lead, with a 5.2% CAGR, on account of the burgeoning demand from end use segment of hospitals. Over the forecast period, North America is prognosticated to emerge as a lucrative regional market ascribed to high adoption rate of advanced healthcare solutions.