Multiparameter Patient Monitoring Market Trends

Growth Drivers

• Rising Geriatric Population – Multiparameter patient monitoring systems are required for age-related disorders as the system monitors vital signs and does descriptive and predictive analysis of patient data to enhance their standard of living.Lately, more than 7% of the world's population is 65 or older.
• Growing Popularity of Wireless Networks such as Radio Frequency Identification (RFID) and Medical Body Area Networks (MBAN) - Radio Frequency Identification (RFID) and Medical Body Area Networks (MBAN) have transformed patient health diagnostic processes by aiding in the monitoring of heart rate, blood pressure, body temperature, and oxygen levels.
• Increasing Popularity of Remote Patient Monitoring- Healthcare professionals can remotely monitor a patient's health through remote patient monitoring as a variety of portable and remote monitoring Multiparameter patient monitors are being introduced.
• Spiking Number of Surgeries- Veterinarians can base treatment choices on the full surgical with the help of multiparameter patient monitoring as the patient's vital signs must always be available to the surgeon.

Challenges

• High Cost of Multiparameter Patient Monitoring Systems - Multiparameter patient monitoring devices are advanced monitoring equipment used by healthcare professionals in hospitals to diagnose patients' vital signs by collecting patient data from advanced sensors. The integration of these sensors can be expensive. Besides this, the high cost of wearable technology, and the cost of purchasing new and upgraded devices as older versions may not be compatible with the latest wearables is expected to have a constricting effect on the demand for multiparameter patient monitoring systems.
• Risk of Data Security Rising from Vulnerabilities in the Monitoring System
• Unwillingness among Healthcare Professionals to Adopt Advanced Multiparameter Patient Monitoring Systems