The function of Patient Monitoring equipment is to monitor and display condition of the patient with the help of few devices by keeping a keen observation over various conditions of the patients few of which include, heartbeat using ECG, Blood Pressure, respiratory rate and others. The end users for Multi-Parameter Patient Monitoring market mainly include hospitals and home health care. Hospitals are expected to have the largest market share up to 2023 as they are majorly used in ICU’s an operation theatre. Implementation of Patient Monitoring equipment in home healthcare will lead to a reduction in the number of visits to hospitals and medical expenses for a patient.
The Multi-Parameter Patient Monitoring market has got high demand due to an advancement in wireless communication technology. The progress in this market can be seen via various generations, in which the first generation includes the establishment of a wireless local connection like Micropaq whose function is to collect and transmit data within a hospital. The next generation offers disease management through a secured, authenticated communication channel that connects patients to healthcare through TV sets and cable systems.
Another advantage of using Multi-Parameter Patient Monitoring System is that with the help of PDA (personal digital assistant) which is similar to a handy calculator, a keen observation can be put over the patient’s healthcare thereby reducing the treatment duration.
Multi-Parameter Patient Monitoring Market by Geography
North America is expected to have the largest market share followed by Asia-Pacific and Europe due to a high percentage of the elderly people and a rapid increase in chronic diseases.
The key players in Multi-Parameter Patient Monitoring marketing include GE Healthcare, Philips Healthcare, Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA, and Spacelabs Healthcare.
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