Centralized patient monitoring system systems have the capacity to connect more than 64 bedside units together which means staff members can complete the ward check at a glance with real-time data displayed. These have user-friendly interfaces combined seamless networking system with wired or wireless LAN networking. These can provide flexible access to critical patient data along with advanced clinical decision support, enhanced care, and streamlined workflow. Moreover, a typical central patient monitoring system has a lifespan of about 7-10 years and may cost US$ 4,500 - 40,000.
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The global centralized patient monitoring system market is segmented on the basis of the number of patients, end-users, and geography. On the basis of the number of patients, the market is segregated into up to 16 patients, 17-32 patients, 33-64 patients, and more than 64 patients. Additionally, the end-users of a centralized patient monitoring system include hospitals, ambulatory surgical centers, trauma centers, and others.
In 2019, North America held the major share (%) of the global centralized patient monitoring system market, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The presence of major players in the region is which are creating demand in the market are contributing to the growth. The major developed economies of the region including the US and Canada are having a potential share in the region.
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Furthermore, Asia Pacific is projected to experience the fastest growth over the forecast period. The rapidly growing economies of the region including China and India are major contributors to the regional market growth. The expansion of major players in the region in order to take advantage of available opportunities is further bolstering the regional market value. The Some of the leading competitors are Criticare Systems Inc. (US), GE Healthcare (US), Heyer Medical AG (Germany), Hipac, Healthcare Pty Ltd (Australia), Infinium Medical (US), Mediana (South Korea), MindRay (China), Nihon Kohden (Japan), Philips Healthcare (Netherlands), Sunray (US), Universal Medical Instruments, and others. Centralized patient monitoring system companies have announced mergers and acquisitions, partnerships & collaborations, and new product development to expand their position in the centralized patient monitoring system industry. Major players are also expanding into new regions along with their advanced technologies for gaining a competitive advantage along with the increased market share.
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Some of the key observations regarding centralized patient monitoring system industry include:
- According to the United Kingdom National Health Service (NHS), the reported number of hospital admissions during 2015-16 was record high i.e., 16.2 million as compared to 12.7 million ten years ago.
- According to the American Association of Critical-Care Nurses (AACN) estimates in May 2018, around 90 percent of alarms in critical care settings are either clinically irrelevant or false.
- Nihon Kohden has announced the launch of its NK- HiQ Wireless Patient Monitoring System in March 2018 in the United States. The NK- HiQ is a smart, secure data acquisition and management platform that uses Wi-Fi technology with a fully-featured central station, bedside, transport, and wearable patient monitors. It provides safe continuous patient monitoring in the hospital setting.
- Baxter International has entered into a mutual agreement to acquire Cheetah Medical in September 2019. Cheetah Medical is a United States-based company of non-invasive fluid management and hemodynamic monitoring technology. The strategic acquisition is intended to result in improved clinical outcomes by helping clinicians’ in taking better treatment decisions with an established Baxter’s patient monitoring technology.
- According to the National University Hospital of Iceland Landspitali, its emergency department contains 46 monitors and 3 central stations for patient monitoring as of April 2017. The hospital has installed Intellispace central monitoring system in the intensive care unit (ICU), anesthesia, and surgery department which was developed by Koninklijke Philips N.V.
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