Multiparameter Patient Monitoring System Market Size, Share & Trends Analysis Report By Device Type (Fixed, Portable), By Acuity Level (High, Medium, Low), By Age Group, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the multiparameter patient monitoring system market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for multiparameter patient monitoring system market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of multiparameter patient monitoring system market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Multiparameter Patient Monitoring System Market Categorization:

The multiparameter patient monitoring system market was categorized into five segments, namely device (Portable, Fixed), acuity level (High, Medium, Low), age group (Pediatric, Adult, Geriatric), end-use (Hospitals, Homecare Settings, Ambulatory Surgical Centers), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The multiparameter patient monitoring system market was segmented into device, acuity level, age group, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The multiparameter patient monitoring system market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Norway; Denmark; Sweden; China; Japan; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Multiparameter patient monitoring system market companies & financials:

The multiparameter patient monitoring system market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Koninklijke Philips N.V. -The Company operates in the health technology field. The company’s reporting segments include the diagnosis & treatment business (comprising diagnostic imaging), image-guided therapy, ultrasound, and enterprise diagnostic informatics. Its associated care businesses include monitoring & analytics, sleep & respiratory care, therapeutic care, population health management, connected care informatics, personal health businesses consisting of oral healthcare, mother & childcare, personal care, and domestic appliances. Other segments include IP royalties, innovation, and central costs & others. It has a presence in more than 100 countries worldwide, including the regions: North America, Europe, Asia Pacific, the Middle East, and Latin America.

• General Electric Company - General Electric is a high-tech industrial firm that operates globally through four segments: healthcare, aviation, renewable energy, power, and financial services. It provides a wide portfolio of products as well as services & solutions in diagnosis, treatment, and monitoring of patients, along with the development & manufacture of biopharmaceuticals. It has various businesses, such as GE Aviation, GE Additive, GE Capital, GE Healthcare, GE Digital, GE Lightning, GE Research, GE Power, and Business Innovations. GE Healthcare has expertise in medical diagnostics, medical imaging & information technologies, patient monitoring systems, biopharmaceutical manufacturing technologies, drug discovery, additive manufacturing, and performance solutions services. It has a presence in more than 170 countries. It has 94 manufacturing plants in 30 states in the U.S. & Puerto Rico and 190 manufacturing plants in 37 other countries.

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - It is a global leader in medical devices. It provides medical imaging systems, in-vitro diagnostics for patients, and monitoring & life support systems. It offers around 300 types of products. The company is present in over 190 countries across the globe and has 40 subsidiaries in the North and Latin Americas, Europe, Africa, and the Asia Pacific, along with 31 branches in China. It has a global R&D network with centers in Seattle, Silicon Valley, New Jersey, Shenzhen, Nanjing, Chengdu, Beijing, and Xi’an.

• Drägerwerk AG & Co. KGaA - It is a global leader in medical & safety technology. The company serves various markets, including hospitals, fire services, mining, the chemical industry, the oil & gas industry, and applicationdriven markets. In medical technology, the company develops, produces, and markets system solutions, equipment, & services for acute point of care. The group’s product portfolio includes products for therapy, monitoring, managing information, and process support. It is an international market leader with products for warming therapy, anesthetics, and ventilation, along with related accessories & consumables. Its safety technology portfolio includes products, services, and system solutions for integrated hazard management, gas detection technology, & personal protection. It has sales and services subsidiaries in 50 countries. Globally, the company has customers in more than 190 countries. Its development and production facilities are in Sweden, Brazil, the U.S., the Czech Republic, the UK, Germany, South Africa, and China.

• Medtronic Plc - It is a global leader in medical technology. The company operates in four verticals: restorative therapies group, diabetes group, minimally invasive therapies group, and cardiac & vascular group. It delivers various therapies, solutions, services, and medical technologies. The company also provides therapies for chronic diseases. It operates in 350 locations in more than 160 countries and has a principal executive office in Ireland. It has a presence in the U.S., Europe, Asia, and other regions.

• Smiths Medical - It is a prominent manufacturer of specialty medical devices and a major provider of innovative solutions in the global healthcare market. The company operates through four segments: vascular access, specialty products & services, infusion therapy, and vital care. Its products have applications in surgeries, a series of home infusion therapies, postoperative care during recovery, and critical & intensive care. It has operations in over 50 countries and manufacturing centers in the U.S., the UK, Italy, Germany, & China. It offers products through direct sales and distribution networks. The company operates as part of Smiths Group, which is involved in medical technology and other markets worldwide.

• SCHILLER - It is a prominent manufacturer & supplier of devices for patient monitoring, defibrillation, cardiopulmonary diagnostics, and software solutions for the medical industry. Its product portfolio includes resting ECG, patient monitoring, diagnostic station, blood pressure, emergency care & resuscitation, pulmonary function testing, Holter monitors, and Medical IT. The company has competence centers in France and Austria.

• Masimo - It is an international medical technology firm that develops and manufactures noninvasive patient monitoring technologies, monitoring devices, & a range of sensors. The company offers its products directly through distributors & OEM partners to longterm care facilities, veterinarians, physician offices, emergency medical service providers, and hospitals. The company’s core business includes Masimo SET pulse oximetry. Other products are anesthetic agent monitoring, capnography, respiration rate, brain function ECG monitoring, breath & brain monitoring, and noninvasive blood constituent. It also provides clinical solutions to prehospital, perioperative, acute, and alternate care.

• Spacelabs Healthcare - The company designs and manufactures clinical networking, diagnostic cardiology, & acute care patient monitoring solutions. The company provides patient monitoring solutions for perioperative, subacute, and acute areas of hospitals. The diagnostic cardiology segment includes electrocardiography devices, ambulatory blood pressure monitors, Holter recorders, analyzers, stress event data management systems, & related software, along with other services. It offers products to hospitals, physicians’ offices, and medical clinics. The company operates as a subsidiary of OSI Systems, Inc. It has offices in the U.S., Canada, the UK, Germany, France, Italy, and Singapore, with global distributors in over 100 countries.

• Skanray Technologies Pvt. Ltd. - It is a leading healthcare technology company specializing in high-frequency X-ray imaging systems, telemedicine devices, dental care, critical care, telemedicine devices, and primary healthcare. The company designs & manufactures its products in India and Europe. It has a strong sales and service network with around 100 dealers & 50 service franchisees. Its R&D facilities are present across two continents with a large portfolio of medical devices, and it has the largest congregation of business & biomedical professionals in the healthcare industry.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Multiparameter Patient Monitoring System Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Multiparameter Patient Monitoring System Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.