USD 10.99 billion
Multiparameter Patient Monitoring Market Size, Share, Growth Analysis, By Device(Portable, Fixed), By Acuity Level(High Acuity Level, Medium Acuity Level, Low Acuity Level), By Age Group(Pediatric, Adult, Geriatric), By End user(Hospital, Homecare Settings, Ambulatory Surgical Centers, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2662 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
63
|Figures:
65
Multiparameter Patient Monitoring Market Insights
Global multiparameter patient monitoring market size was valued at USD 10.99 billion in 2022 and is poised to grow from USD 11.54 billion in 2023 to USD 17.12 billion by 2031, growing at a CAGR of 5.05% in the forecast period (2024-2031).
Multi-parameter patient monitoring equipment refers to monitoring devices used to track a patient's condition by presenting various medical parameters on a screen. These parameters include two-channel ECG waveforms, respiratory waveforms, pulse rate, blood pressure, temperature, and more. By displaying real-time information about the patient's health, this equipment enables healthcare professionals to assess the patient's response to medications and treatment accurately. It plays a vital role in continuously monitoring patients and providing valuable insights into their overall well-being and medical status. The increasing prevalence of chronic conditions globally is a significant driver for the Multi-Parameter Patient Monitoring Equipment Market. Diseases like asthma, hypertension, diabetes, and cardiovascular and respiratory conditions require continuous monitoring, making early diagnosis and patient tracking essential for effective treatment and management. The expanding population of patients with these conditions contributes to market growth. Additionally, the aging population, especially those over 65 who may have difficulty traveling to hospitals, fuels the demand for multi-parameter patient monitoring devices and services. On a positive note, there are growth opportunities in developing countries like India and China, where increasing awareness about technologically advanced multiparameter patient monitors drives market expansion. Government initiatives to educate doctors about the availability of effective multiparameter monitoring devices further support industry growth prospects.
US Multiparameter Patient Monitoring Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
High Acuity
Fastest Growth
High Acuity
Growth Rate
5.05% CAGR
Global Multiparameter Patient Monitoring Market ($ Bn)
Country Share for North America Region (%)
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Multiparameter Patient Monitoring Market Segmental Analysis
Global multiparameter patient monitoring market is segmented based on device type, acuity level, end user and region. Based on device type, the market is segmented into portable and fixed. Based on acuity level, the market is segmented into high acuity level, medium acuity level, and low acuity level. Based on age group, the market is segmented into pediatric, adult, and geriatric. Based on end user, the market is segmented into hospital, homecare settings, and ambulatory surgical centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Multiparameter Patient Monitoring Market Analysis By Acuity Level
“High acuity” is the dominant segment. High acuity patient monitoring involves monitoring patients with severe medical conditions, such as those in intensive care units (ICUs) or critical care settings. The demand for high acuity monitoring is driven by the need for continuous and comprehensive surveillance to ensure timely intervention and patient safety.
On the other hand, “Low acuity” is the fastest growing segment. Low acuity patient monitoring pertains to patients with less severe medical conditions, often found in general wards or non-intensive care settings. The increasing adoption of low acuity monitoring systems can be attributed to their cost-effectiveness, ease of use, and the growing emphasis on patient-centric care beyond critical care units.
Multiparameter Patient Monitoring Market Analysis By End user
“Hospitals” dominate the segment owing to their extensive use in hospitals for continuous monitoring of patient’s vital signs. This allows healthcare professionals to track critical parameters and make prompt interventions when necessary. The efficiency and accuracy of these devices have led to their widespread adoption in hospital settings.
On the other hand, the “Homecare settings” segment is experiencing rapid growth and is the fastest growing segment due to the increasing trend of remote patient monitoring and the rising demand for home-based healthcare solutions. The convenience and ease of use offered by portable and user-friendly multiparameter patient monitoring devices have made them popular among patients and caregivers for at-home health monitoring. This growing acceptance of homecare settings as an alternative to hospital stays contributes to the robust expansion of the market in this segment.
Global Multiparameter Patient Monitoring Market By Acuity Level
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Multiparameter Patient Monitoring Market Regional Insights
The global multiparameter patient monitoring market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The “North American” region is identified as the most dominant segment in the global multiparameter patient monitoring market. This is primarily due to the presence of advanced healthcare infrastructure, high healthcare expenditure, and strong adoption of medical technologies in countries like the United States and Canada.
On the other side, “Asia Pacific” is considered to be the fastest growing region. This is due to the increasing awareness about healthcare, rising healthcare investments, and the growing adoption of advanced medical technologies in countries like China, India, Japan, and South Korea. Additionally, the large population base and the prevalence of chronic diseases in the region were also contributing to the market's fast-paced expansion.
Global Multiparameter Patient Monitoring Market By Region
- Largest
- Fastest
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Multiparameter Patient Monitoring Market Dynamics
Multiparameter Patient Monitoring Market Drivers
Technological Advancements:
- The continuous development of advanced technologies in medical devices, such as wireless connectivity, remote monitoring capabilities, and improved sensor accuracy, is driving the global multiparameter patient monitoring market. These innovations enhance the efficiency and reliability of patient monitoring, leading to better patient outcomes.
Rising Prevalence of Chronic Diseases:
- The increasing incidence of chronic diseases, such as cardiovascular disorders, respiratory diseases, and diabetes, has escalated the demand for continuous patient monitoring. Multiparameter patient monitoring systems enable healthcare providers to closely monitor patients with chronic conditions and detect early warning signs, facilitating timely interventions and reducing hospital readmissions.
Multiparameter Patient Monitoring Market Restraints
High Cost of Equipment:
- The initial investment and maintenance costs associated with multiparameter patient monitoring systems can be substantial, especially for healthcare facilities with limited budgets. The high cost of equipment can act as a deterrent to the adoption of these advanced monitoring solutions in certain regions, limiting market growth.
Data Security and Privacy Concerns:
- The collection and transmission of sensitive patient data in multiparameter patient monitoring systems raise concerns about data security and privacy. Healthcare providers and manufacturers need to implement robust cybersecurity measures to safeguard patient information, and adherence to data protection regulations can be challenging and may impact market growth.
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Multiparameter Patient Monitoring Market Competitive Landscape
The global multiparameter patient monitoring market features a highly competitive landscape with several key players vying for market share. Major companies in this market are focused on continuous technological advancements to enhance the capabilities and accuracy of their monitoring devices. They also emphasize expanding their product portfolios to cater to diverse medical needs. Additionally, strategic partnerships, acquisitions, and collaborations are common strategies employed by players to strengthen their market position. The competitive environment fosters innovation, cost-efficiency, and customer-centric solutions, driving the overall growth of the multiparameter patient monitoring market.
Multiparameter Patient Monitoring Market Top Player’s Company Profile
- Koninklijke Philips N.V. – (Netherlands)
- Drägerwerk AG & Co. KGaA – (Germany)
- Skanray Technologies Ltd. – (India)
- Opto Circuits (India) Limited – (India)
- OSI Systems Inc. - (US)
Multiparameter Patient Monitoring Market Recent Developments
- In October 2023, Vivalink has announce the launch of electrocardiogram badge which is a multi-parameter wearable and has continuous 14-day live stream capabilities. It is an extended duration remote CT monitoring and can be performed with a single application of the patch, therefore reducing both clinician and patient burden.
- In October 2023, Mindray has collaborated with Edwards Lifesciences and has announced the launch of Mindray's BeneVision N-Series which is a patient monitoring system and has integrated with Edwards FloTrac sensor for hemodynamic monitoring in the North American region.
- In July 2023, Royal Phillips and Masimo announced FDA clearance allowing the activation of SedLine Brain Function Monitoring, Regional Oximetry and CO2 measurements in Phillips Monitors – IntelliVue MX750 and MX850. It will help clinicians in providing quick and informed decisions.
Multiparameter Patient Monitoring Key Market Trends
Technological Advancements:
- The market has been witnessing continuous technological advancements in multiparameter patient monitoring systems. These advancements include the integration of wireless and wearable technologies, improved data analytics capabilities, and the incorporation of artificial intelligence (AI) and machine learning algorithms. These technological innovations have led to more accurate and real-time monitoring of patients' vital signs, enhanced data interpretation, and improved patient outcomes.
Increasing Demand for Remote Patient Monitoring:
- The rise in telemedicine and remote patient monitoring practices has fueled the demand for multiparameter patient monitoring solutions. The COVID-19 pandemic further accelerated this trend as healthcare providers sought ways to remotely monitor patients, especially those with chronic conditions, while minimizing in-person contact. Multiparameter patient monitoring systems have enabled healthcare professionals to remotely track patients' vital signs, allowing for timely interventions and reducing hospital readmissions.
Multiparameter Patient Monitoring Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global multiparameter patient monitoring market analyses, the increasing demand for advanced healthcare solutions and continuous patient monitoring are the key growth drivers. The adoption of multi-parameter patient monitoring systems is rising due to their ability to display various medical parameters in real-time, including ECG waveforms, respiratory waveforms, pulse rate, blood pressure, and temperature. These devices aid healthcare professionals in efficiently assessing patient responses to treatments and medications. Regionwise, North America leads the market with Asia Pacific in close competition. Additionally, technological advancements and the growing prevalence of chronic diseases further propel the market's expansion. However, challenges such as high costs and complex regulatory requirements may hinder the market's growth to some extent.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.99 billion |
| Market size value in 2031 | USD 17.12 billion |
| Growth Rate | 5.05% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Multiparameter Patient Monitoring Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Multiparameter Patient Monitoring Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Multiparameter Patient Monitoring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Multiparameter Patient Monitoring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Multiparameter Patient Monitoring Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Multiparameter Patient Monitoring Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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