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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

The patient monitoring system is used for monitoring physiological signals that include the parameters such as electro-cardio graph (ECG), respiratory signals, blood pressure, body temperature, and others. The same parameters can be recorded at a central station in the Intensive Care Unit (ICU), or home via a laptop or computer in order to helps the caregivers to constantly monitor their patients, these systems are called central patient monitoring systems. The monitoring system is installed in intensive care unit, anesthesia, and surgery departments.

Global Central Patient Monitoring Systems Market – Dynamics

A need for constant monitoring of a large number of patients, efficiently, in hospitals that have more than 500 beds, is expected to propel growth of the central patient monitoring system market over the forecast period. For instance, according to the National University Hospital of Iceland Landspitali, in April 2017, its emergency department contains 46 monitors and 3 central stations for patient monitoring. The hospital has installed Intellispace central monitoring system developed by Koninklijke Philips N.V., in intensive care, anesthesia, and surgery department.

However, increasing risk of false alarms in central patient monitoring systems is likely to restrain market growth over the forecast period. For instance, according to the American Association of Critical-Care Nurses (AACN), in May 2018, around 90% of alarms in critical care settings are either clinically irrelevant or false.

Global Central Patient Monitoring Systems Market – Regional Insights

North America accounted for the largest market share in 2018, owing to increasing launches and approvals of new central patient monitoring systems in the region. For instance, in March 2018, Nihon Kohden announced the launch of its NK- HiQ Wireless Patient Monitoring System in the U.S. The NK- HiQ uses Wi-Fi technology to provide safe continuous patient monitoring in the hospital setting. NK- HiQ is a smart, secure data acquisition and management platform with a fully-featured central station, bedside, transport and wearable patient monitors. The system captures and manages patient data from admission to discharge, effortlessly throughout the treatment. Moreover, in September 2019, Baxter International entered into a mutual agreement to acquire Cheetah Medical, a U.S.-based company of non-invasive fluid management and hemodynamic monitoring technology. The acquisition will result in improved clinical outcomes with an established Baxter’s patient monitoring technology to help clinicians’ in taking better treatment decisions.

Global Central Patient Monitoring Systems Market – Competitive Landscape

Key players operating in the global central patient monitoring system market include Koninklijke Philips N.V., GE Healthcare, Hipac Healthcare Pty Ltd, Infinium Medical, Universal Medical Instruments, Heyer Medical AG, MindRay, Criticare Systems Inc., Sunray, Mediana, Nihon Kohden, and others.

Global Central Patient Monitoring Systems Market – Taxonomy

On the basis of number of patients, the global central patient monitoring systems market is segmented into:

  • 16 Patients
  • 32 Patients
  • 64 Patients
  • 66 Patients
  • >250 Patients

On the basis of end users, the global central patient monitoring systems market is segmented into:

  • Hospitals
  • Ambulatory Surgical Centers
  • Trauma Centers
  • Others

On the basis of region, the global central patient monitoring systems market is segmented into:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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