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The medical facility environmental monitoring system market is estimated to grow at a CAGR of 5.96% between 2022 and 2027. The size of the market is forecast to increase by USD 99.19 million. The growth of the market depends on several factors, including higher efficiency than manual monitoring, enhanced profitability by lowering medical losses, and stringent regulations on environmental monitoring in healthcare facilities.
This report extensively covers market segmentation by type (monitoring equipment, software, and microbiology services), end-user (hospitals and diagnostic centers, pharmacies, and medical storage centers), and geography (North America, Europe, Asia, and Rest Of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global medical facility environmental monitoring system market as a part of the global environmental and facilities services market within the global industrials market. The global environmental and facilities services market comprises service companies providing environmental and facilities maintenance services, including waste management, facilities management, and pollution control services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The enhanced profitability by lowering medical losses is notably driving the market growth, although factors such as improper execution of healthcare information systems may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Medical Facility Environmental Monitoring System Market Driver
The enhanced profitability by lowering medical losses is notably driving the market growth. Seasonal weather changes require medical facilities to change the settings of HVAC systems on a periodic basis. Poorly maintained HVAC systems may not only affect the condition of patients, but uneven temperature conditions can lead to the deterioration of critical medicines as well as the blood, tissues, and organs stored, thus affecting their quality. Even a minor snag in refrigeration can lead to medicines and essential healthcare products becoming useless or losing their potency, ultimately resulting in huge losses to medical operators.
The use of medical facility environmental monitoring systems protects such medicines from getting spoiled and ensures their safety and potency in actual use. These systems also send alerts if there is any variation from the set temperature limit, thus ensuring the safe monitoring of medicines and vaccines and reducing product losses.
Significant Medical Facility Environmental Monitoring System Market Trend
The growing adoption of cloud-based analytics is the primary trend in the market. Cloud computing is a service using remote servers hosted on the Internet to store, manage, and process data - rather than running an application on a local server on-premise. The deployment of cloud-based analytics to analyze the data captured for monitoring medical environments will reduce the need for managing a data warehouse. The interactive dashboard provides information regarding the temperature and humidity trends for the out-of-range units and simultaneously improves temperature control and data management to provide timely alerts regarding system failure or any changes in temperature.
Medical facility environment-monitoring system vendors are trying to enhance the user experience by simplifying data visuals, making the dashboard interactive, and providing information regarding the performance of air handling systems. Thus, the adoption of cloud-based analytics in medical facility environmental monitoring systems is expected to drive the growth of the market during the forecast period.
Major Medical Facility Environmental Monitoring System Market Challenge
Improper execution of healthcare information systems is the major challenge impeding market growth. The management in healthcare and medical facilities needs an integrated device to reduce interoperability issues. Healthcare information systems aid in information sharing as well as connecting different departments of a facility. A medical facility environmental monitoring system offers superior technology in capturing data and providing insights into variables such as temperature, humidity, and patients' health.
But the available data cannot be extrapolated to its full potential if a proper healthcare information system is not present. The absence of proper healthcare information systems in some hospital premises makes information exchange throughout the facility very difficult. Thus, improper execution of healthcare information systems affects the overall performance of the medical facility environmental monitoring system. Hence, such factors impede the growth of the market during the forecast period.
Key Medical Facility Environmental Monitoring System Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Facility Environmental Monitoring System Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Vizzia Technologies - The company offers medical facility environmental monitoring systems such as Vizzia healthcare environmental monitoring solutions. Through this segment, the company offers RTLS technologies, process improvement expertise, and managed services.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the monitoring equipment segment will be significant during the forecast period. To streamline the management of environmental measurement data at multiple places in a factory, environmental monitoring equipment is used. It ensures the accuracy, comprehensiveness, completeness, and secure storage of environmental data while monitoring and managing environmental factors such as temperature, humidity, differential room pressure, and particle count in manufacturing, testing, and storage areas.
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The monitoring equipment segment was valued at USD 107.77 million in 2017 and continued to grow until 2021. New product launches by various vendors are also anticipated to drive market growth during the forecast period. For instance, in 2020, Yokogawa Electric Corporation launched OpreX Environmental Monitoring System for the pharmaceutical and medical device industries. The new product is a data gathering and recording system that monitors and manages environmental data in regions where pharmaceutical and medical device manufacture, testing, and storage occur. Such product launches are anticipated to drive the monitoring equipment segment during the forecast period. Hence, the global market in focus is expected to witness growth during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing demand for biological and biosimilar products and stringent regulations on life science shipments are the major factors spurring the demand for precise environmental monitoring devices in pharmaceutical cold chain facilities. Conventional logistics and cold chain temperature management systems use conventional control room temperature techniques similar to those used by pharmaceutical manufacturers. But the tightening of policies and regulations has forced manufacturers to adopt temperature-monitoring devices. The increasingly stringent regulations and policies on the maintenance of the correct temperature limit in medical and healthcare premises will be the major factor driving the demand for the market in North America during the forecast period.
In 2020, the outbreak of COVID-19 positively impacted the market in the region. Furthermore, many companies are developing vaccines that are in clinical trials, which will further drive the demand for these medical facility environmental monitoring systems during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Medical Facility Environmental Monitoring System Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.96% |
Market growth 2023-2027 |
USD 99.19 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.35 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, UK, Germany, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Azenta Inc., CiK Solutions GmbH, CirrusCon, Compliant Healthcare Technologies LLC, Danaher Corp., Dickson Inc., Elitech Technology lnc., ELPRO BUCHS AG, Gemini Data Loggers (UK) Ltd., Halma Plc, Hanwell Solutions Ltd., Mesa Laboratories Inc, Tecnosoft Srl, tempmate GmbH, Testo SE and Co. KGaA, TSI Inc., Vaisala Oyj, Vizzia Technologies, and Xylem Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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