The global medical facility environmental monitoring system market size is poised to grow by USD 155.15 million during 2020-2024, progressing at a CAGR of over 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Medical Facility Environmental Monitoring System Market 2020-2024 (Graphic: Business Wire)
The higher efficiency offered by advanced medical monitoring systems will be one of the key drivers of this market during the forecast period. According to medical regulations, all medical facilities must provide temperature readings throughout the period of storing or transporting of medicines, during regulatory audits. Even blood banks and pharmacies are expected to maintain a constant required temperature. The medical facility's environmental monitoring systems are able to capture and analyze real-time data, which aids in overcoming the tediousness of manual work to find the captured data. These systems also bring to light any malfunction in refrigerators used for medicine storage. These factors simplify the whole temperature and humidity monitoring, thus driving the growth of the medical facilities' environment market during the forecast period.
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Report Highlights:
- The major market growth came from the hospital segment. The increasing number of mid-sized hospitals and the growing incidence of chronic diseases are the key factors for this growth.
- North America was the largest medical facility environmental monitoring system market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the growing investment in healthcare facilities, the presence of key vendors, and strong regulations implemented by government organizations on environmental monitoring in healthcare facilities.
- The global medical facility's environmental monitoring system market is fragmented. B Medical Systems Sarl, CiK Solutions GmbH, Elitech Technology lnc., ELPRO-BUCHS AG, Gemini Data Loggers (UK) Ltd., Halma Plc, Hanwell Solutions Ltd., Mesa Labs Inc., Stanley Black Decker Inc., and tempmate GmbH. some of the major market participants. To help clients improve their market position, this medical facility's environmental monitoring system market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global medical facility environmental monitoring system market 2020-2024 is expected to have neutral impact. As the pandemic spreads in some regions and plateaus in other regions, we continue to revaluate the impact on businesses and update our report forecasts.
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Adoption of Cloud-based Analytics will be a Key Market Trend
Cloud-based analytics enable access and ensure the availability of data at any location using mobile devices. Vendors in the market are making real-time data available that provides wide visibility of accumulated monitored data across any end-user organization. These factors encourage the use of this technology and they are used to analyze the data captured while reducing the need to manage a data warehouse. The use of this technology is expected to rise during the forecast period which will also result in the growth of the Medical Facility Environmental Monitoring System Market.
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Medical Facility Environmental Monitoring System Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist medical facility environmental monitoring system market growth during the next five years
- Estimation of the medical facility environmental monitoring system market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the medical facility environmental monitoring system market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of medical facility environmental monitoring system market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End user
- Hospitals Market size and forecast 2019-2024
- Pharmacies Market size and forecast 2019-2024
- Medical storage centers Market size and forecast 2019-2024
- Market opportunity by End user
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- APAC Market size and forecast 2019-2024
- ROW Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Competitive scenario
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- B Medical Systems Sarl
- CiK Solutions GmbH
- Elitech Technology lnc.
- ELPRO-BUCHS AG
- Gemini Data Loggers (UK) Ltd.
- Halma Plc
- Hanwell Solutions Ltd.
- Mesa Labs Inc.
- Stanley Black Decker Inc.
- tempmate GmbH
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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