Dedicated equipment like electrocardiograph (ECG) machines are giving way to more flexible and informative monitors. Bedside multiparameter monitors are capable of recording and displaying signals from several sensor types, depending on patient requirements. These products can monitor ECG, specific oxygen, respiration, blood pressure, temperature, and more.
Companies like Philips and Dragerwerk are producing these new products that aim to consolidate bedside monitoring functions. Each signal being monitored will use different sensors or accessories, but interface with a single monitor and allow for connectivity and easier data collection. The bedside multiparameter monitors market segment is expected to be valued at $1.9 billion in 2023 according to GlobalData, a leading data and analytics company.
Bedside multiparameter monitors deliver better value and flexibility to hospitals, as one monitor can potentially do the work of several dedicated devices. This reduction in devices should lead to hospitals saving on cost, space, training, and maintenance. Ideally sensors will be platform-agnostic, but there may be some products that require proprietary versions and limit purchasing options.
GlobalData expects that these devices will show slow but strong growth as the long lifecycles of existing hospital equipment wind down. Developed economies will be the first to adopt them due to high levels of digitisation and larger hospital budgets. There are significant barriers to entry for any companies looking to enter this market segment, as these devices are highly regulated and healthcare providers have strict accuracy and reliability expectations.