Introduction
It's no secret that the medical field is constantly evolving, with new technologies and treatments being developed all the time. One such technology that is quickly gaining popularity is patient monitoring. Patient monitoring devices are used to track a patient's vital signs, movements, and other data in order to help doctors make better decisions about their care. In this article, we'll take a look at the current market for multi-parameter patient monitoring, and discuss how AI could play a role in its future growth.
Applications of Multi-parameter Patient Monitoring
Multi-parameter patient monitoring is a growing area of healthcare that has the potential to revolutionize the way patients are treated. With the ability to track a variety of health metrics, MPM can provide clinicians with valuable information that can help them make better decisions about their patients’ care.
One application of MPM Multi-parameter patient monitor is in the field of drug safety monitoring. By tracking the effects of medications on a patient’s vital signs, doctors can identify potential side effects and adjust dosage accordingly. This information can also help prevent adverse events from occurring, which can save lives.
Another area where MPM is being used is in the diagnosis and treatment of chronic diseases. By tracking metrics such as heart rate, blood pressure, and oxygen levels, doctors can detect early signs of disease and prescribe treatment accordingly. This saves both time and money by preventing long-term deterioration or even death.
There are many other applications of MPM that are still being developed. As this technology becomes more sophisticated, it will be able to provide clinicians with even more accurate information about their patients’ health status.
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Market Analysis
The multi-parameter patient monitoring market is projected to grow at a CAGR of 7.1% during the forecast period, 2016-2021. This increase in demand is due to the expanding use of such technology across various healthcare sectors, which in turn is aiding in improving patients’ health outcomes. Furthermore, increasing awareness about the benefits of such monitoring has also helped drive this market.
Some of the key players in this market are Omron Healthcare Solutions Inc., 3M Company, and Abbott Laboratories. These firms are currently focusing on developing new products and services for multi-parameter patient monitoring and are also collaborating with various healthcare providers to expand their reach. This cooperation is likely to help these companies gain an edge over their competitors and emerge as leaders in this market.
Another factor that is expected to support the growth of the 12.1 inch multi parameter patient monitor market is the increasing adoption of heart health monitors by various organizations. Such monitors help doctors diagnose and manage heart conditions more easily. This trend is likely to continue over the next few years, thereby fueling the growth of this market segment.
Key Players in the Multi-parameter Patient Monitoring Market
The multi-parameter patient monitoring market is projected to grow from $3.92 billion in 2016 to $6.81 billion by 2021, at a CAGR of 7.5% during the period 2016- 2021. The key players in this market include Abbott Laboratories, Biotronik AG, GE Healthcare Plc., Hitachi Vantara Medical Corporation, and Medtronic plc.
Abbott Laboratories is the largest player in the global multi-parameter patient monitoring market with a share of 34%. This company offers products such as the Accu-Chek Advantage blood glucose meter, the Accu-Chek Connect insulin pump, and the Accu-Chek ActiveX monitor. In terms of volume sales, Abbott Laboratories is followed by Biotronik AG (14%), GE Healthcare Plc. (12%), Hitachi Vantara Medical Corporation (10%), and Medtronic plc. (8%).
Biotronik AG is one of the leading providers of digital health solutions for patients with diabetic complications. The company offers products such as the BG Watch G2 blood glucose monitor and the BG Watch G3 diabetes monitor.
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Market Outlook
The multi-parameter patient monitoring market is expected to grow from $2.7 billion in 2016 to $5.9 billion by 2024, at a CAGR of 7.4% during the forecast period. The growth is mainly due to increasing geriatric population, rising awareness about the benefits of early diagnosis and treatment, and increasing demand for diagnostic tools that can identify various diseases early.
This report provides an overview of the multi-parameter patient monitoring market and presents market drivers, restraints, opportunities, and challenges. Additionally, it offers a detailed analysis of the major players in this market and their offerings. The report also includes a competitive landscape analysis of the key players in this market.
In addition, we have a lot of products that are really helpful and useful for the community, particularly in the medical sector. These include the following: Vital Signs Monitor and Neonatal CPAP Machine
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