Global Hospital Centralized Monitoring Systems Market Size (2023 - 2030)

According to the report published by Virtue Market Research in Global Hospital Centralized Monitoring Systems Market was valued at USD 0.73 Billion in 2022 and is projected to reach a market size of USD 2.35 Billion by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 18.2%. 

Market Overview: 

The healthcare industry is actively working towards addressing healthcare professionals’ weak points. For an instance, a hospital centralized monitoring system addresses one such vital point of monitoring a large set of patients. Enhancements in connectivity due to wireless networks and high-speed internet have created vast possibilities in patient monitoring and their overall treatment. Hospital centralized monitoring system primarily includes clinical assistance and telemetry tools which are collaborative, secure, and significant in improving patient care and healthcare staff performance and efficiency. The monitoring system can seamlessly connect to PCs, medical-surgical floors, mobile phones, and alert and notification platform systems within the hospital network. Such monitoring has the potential of providing real-time vital statistics of patients who are intensive care patients, and maternity patients, and helps in saving multiple lives. Centralized monitoring also notably reduces the cost, minimizes shift hours, and avoids unnecessary/false alarms by providing centralized patient surveillance. 

COVID-19 Impact on the Hospital Centralized Monitoring Systems Market: 

The COVID-19 crisis brought about years of change in the way companies operate and do business in almost all sectors including the healthcare industry. Ascribing to the increasing patient hospitalization during the pandemic, demand for the monitoring system skyrocketed. Hospitals and Healthcare Institutes faced an acute scarcity of medical professionals and this significantly fuelled the demand for digitization and centralized monitoring systems to notably reduce the time and cost and provide efficient treatment to the patients. This paradigm shift in the way the healthcare industry adapted to the change is bound to create lucrative opportunities for the Hospital Centralized Monitoring System market shortly. 

Market Drivers: 

Increased cases of hospitalizations are resulting in boosting the market growth of Hospital Centralized Monitoring Systems: 

The increase in the number of hospitalization cases due to a variety of reasons such as increased accident and casualty cases, aging population, and prevalence of several chronic diseases among people are providing an upsurge to the hospital centralized monitoring system market in the forecast period.  

Increased pressure on the already existing healthcare industry is opening up new opportunities in the Hospital Centralized Monitoring Systems market: 

The lack of skilled healthcare professionals at every level, and increased pressure on the existing healthcare infrastructure are propelling the growth of the global market. Therefore, the growing number of patients in the hospitals along with the unmet medical assistance from health professionals are factors responsible for augmenting the global market size for Hospital Centralized Monitoring Systems.  

The inclination of governments toward digitization of the healthcare industry is propelling the growth of market size: 

Digitization of technologies plays a vital role in connecting people with enhanced healthcare infrastructure and further helps in efficient assistance of people. The inclination of government toward digital technology and the formulation of such policies and initiatives and promote digitization to escalate the pace of innovation, optimize the workflow of the healthcare industry to gain efficiencies, reduce costs and enhance patient experiences, especially in developing nations, is one of the major factors to fuel the growth of the Hospital Centralized Monitoring Systems market.  

The rapid drop in the cost of technology has made patient care procedures more affordable making it a key factor to boost the market growth: 

With the availability of reliable patient monitoring devices and technologies associated with digital transformation, it has become increasingly affordable owing to their presence in almost every industry, making it possible for individuals and small businesses to adopt them. Due to it being highly popular and with growing industry knowledge, it has become very inexpensive to incorporate it into the healthcare industry as well to provide affordable patient care, making the market grow exponentially. 

Market Restraints: 

Underdeveloped information and communication technology infrastructure in the less developed and developing nations hinder the growth of global market size: 

Developed countries have undoubtedly facilitated the infinite potential of the internet and ICT in every stratum of society. This had resulted in significant cost reduction and increased standard of living for their citizens. However, many underdeveloped and developing nations are yet to gain all the potential of ICT due to reasons such as poor technological infrastructure, Wi-Fi and network coverage issues, and lack of skilled human resources to address these problems. These are the factors that are restraining the potential growth of the Hospital Centralized Monitoring Systems market worldwide.  

Increasing security concerns may hinder the market expansion during the forecast period: 

With such large-scale digitization, its processing has become increasingly complicated, resulting in risks concerning false alarms in the monitoring systems. The complexity of these technology systems presents unique risks and challenges involved with it. The security challenges increase with the increased adoption of IoT and cloud-based services among organizations. Therefore, efficient cybersecurity measures are needed to properly implement these monitoring systems and tackle this problem thus, slowing down the growth of the market. 

HOSPITAL CENTRALIZED MONITORING SYSTEMS MARKET REPORT COVERAGE:

This research report on the Hospital Centralized Monitoring Systems Market has been segmented and sub-segmented based on Deployment Type, End-User, Region, and Key Companies. 

Hospital Centralized Monitoring Systems Market – By Deployment Type. 

• On-Premise 
• Cloud-Based 

Based on deployment type, the Hospital Centralized Monitoring System market has been segmented into 2 categories - on-premise and cloud-based types. 

Several companies are leaning towards on-premise deployment owing to the viable opportunities and considerable customization offered by the on-premise deployment of the monitoring system. The on-premise installation provides high-end data security while authorizing the party involved to adhere to various government regulations. The on-premise deployment also permits large healthcare organizations and enterprises associated with it to control access to confidential data. The ability of on-premise deployment to allow improvisation according to the needs of their processes particularly goes well for the growth of the on-premise segment globally. 

The cloud-based segment holds the largest market share of around 65% and is estimated to project the highest CAGR over the forecast period, 2023 - 2030. Advancements in information-sharing technologies, IoT, AI, and the growing use of mobile devices are likely to encourage the development of applications for effective and efficient data management and service delivery. The cloud-based deployment also increases accessibility while reducing maintenance costs, providing fast integration, and reducing operational workforce requirements. 

Hospital Centralized Monitoring Systems Market – By End-User. 

• Hospitals 
• Clinics 
• Ambulatory Surgical Centers 
• Trauma Centers 
• Others 

Based on the end-user type, the Hospital Centralized Monitoring System market has been segmented into 5 categories – hospitals, clinics, ambulatory surgical centers, trauma centers, and others.  

The product demand in hospitals is witnessing substantial growth through 2030 leading to the extensive need for medical healthcare professionals. The increasing number of hospital admissions has resulted in expanding hospitalization capacities, further propelling the need for continuous monitoring systems for a large number of patients. 

Hospital Centralized Monitoring Systems Market – By Region. 

• North America 
• Europe 
• Asia-Pacific 
• South America 
• Middle-East and Africa 

North America dominates the market share and holds the majority of revenue due to the high penetration of digital technologies, the fast-growing geriatric population, and the adoption of various advanced technologies in the market. The stronghold of key industry leaders in the region has surfaced the path for these advancements along with the surging frequency of launches and approvals for advanced patient monitoring systems. 

The Asia-Pacific market for hospital centralized monitoring systems is estimated to rise at a substantial rate due to the lack of sufficient medical healthcare professionals in the region. 

Hospital Centralized Monitoring Systems Market – By Companies 

1. Philips Healthcare 
2. GE Healthcare 
3. Hipac Healthcare Pty Ltd  
4. Infinium Medical 
5.  Universal Medical Instruments 
6. Nihon Kohden  
7. Heyer Medical AG  
8. MindRay, Criticare Systems Inc.  
9. Sunray, Mediana 

These industry players are progressively implementing new strategic measures, like capacity expansions, acquisitions, mergers, partnerships, and collaborations to strengthen their footprint in this extremely competitive business landscape.