Multiparameter Patient Monitoring Market

Global Multiparameter Patient Monitoring Market Size (2023 to 2028)

The global multiparameter patient monitoring market is estimated to grow at a CAGR of 6.08% from 2023 to 2028. The market size is anticipated to grow from USD 16.4 billion by 2028 to USD 12.2 billion in 2023.

Multiparameter patient monitors are medical devices mainly used for hospitalization, intensive care, or emergency to continuously measure and monitor a patient's vital signs like blood pressure, temperature, cardiac activity, and oxygen saturation levels. Due to the low requirement of the probability of loss by missing an alarm or probability of a false alarm, MPMs use is on the rise.

Impact of COVID-19 on the global multiparameter patient monitoring market:

COVID-19 has presented a humanitarian crisis worldwide, which has positively impacted the global multiparameter patient monitoring market, primarily due to the rising demand for respiratory monitoring devices due to increasing cases. This helps patients and healthcare systems maintain a line of defense against widespread viruses. In addition, this led to increased demand for patient monitoring devices in local hospitals and health centers, accelerating the production process by manufacturers, which is expected to drive the growth of the multiparameter patient monitoring market.

MARKET DRIVERS:

The rising incidence of chronic diseases is accelerating the need for multiparameter patient monitoring and boost the market growth.

Early diagnosis and patient follow-ups are becoming essential tools to control, identify, and treat the severity of the rising chronic diseases since the increasing prevalence of these chronic diseases in the world has become the most important driving factor of the market, requiring persistent monitoring. These diseases include cancer, hyperthyroidism, diabetes, endocrine diseases, and many more, which are seen on the rise in developed and developing regions, increasing the demand for multiparameter patient monitoring systems, thereby driving the growth of the market.

In addition, factors such as the growing aging population in developed economies, rising healthcare expenditures, and rising affluence in emerging markets are anticipated to boost the market. Moreover, there has been Rising awareness about the Availability of technologically advanced multiparameter patient monitors in many developing economic countries like India and China; with the help of Governments implementing various initiatives for the improvement of Availability of effective multiparameter monitoring devices for clinicians' awareness, enabling faster patient recovery, is driving the growth of the Multiparameter Patient Monitoring market in developing countries. Also, most developing regions offer price-sensitive products and machinery, which is why various government and regulatory authorities are undertaking various initiatives to reduce the price of multiparameter monitors, thereby increasing sales for these monitors.

MARKET RESTRAINTS:

The growth of the multiparameter patient monitoring (MPM) market is expected to decline significantly due to various factors, such as a strict regulatory environment due to stringent government rules, lack of skilled professionals, product recalls, and product failures. These are most likely to happen when MPM kits fail to meet marketing guidelines, routinely recalled by Food and Drug Administration (FDA). These factors hamper the growth of the multi-parameter patient monitoring market.

REPORT COVERAGE:

This research report on the global multiparameter patient monitoring market has been segmented and sub-segmented based on device type, acuity level, target area, end-user, and region.

Multiparameter Patient Monitoring Market – By Device Type:

• Portable
• Fixed

Based on device type, the portable devices segment is foreseen to hold a significant share in the global multiparameter patient monitoring market during the forecast period owing to the rise of ambulatory care facilities, the growth of home healthcare, and the increasing adoption of remote patient monitoring. In addition, they have improved accuracy and rapid patient recovery, along with their compact size, which makes them preferable over the fixed monitoring device.

The fixed multiparameter patient monitor segment is also expected to witness significant growth over the forecast period due to the development of technologically advanced patient monitors with the benefit of providing accurate analysis by some well-established market players.

Multiparameter Patient Monitoring Market – By Acuity Level:

• High Acuity Level
• Medium Acuity Level
• Low Acuity Level

Based on the acuity level, the high acuity level segment is estimated to witness significant growth during the forecast period. High acuity monitoring devices are used to monitor various parameters like respiratory rate, intensive care units, blood pressure, temperature, and blood oxygen saturation, especially for patients with severe medical conditions who require constant monitoring with maximum accuracy.

On the other hand, the low-acuity level segment is predicted to hold a substantial share in the global market owing to its more preference for outpatient surgery centers and low costs, whose adoption is seen in price-sensitive regions, which are used as virtual monitoring devices for non-emergency patients, further driving the growth of the segment.

Multiparameter Patient Monitoring Market – By Target Area:

• Cardiology
• Neurology
• Respiratory
• Fetal and Neonatal
• Temperature Monitoring
• Other Target Areas

Based on the target area, the cardiology segment had a significant share of the multiparameter patient monitoring market in 2021 owing to the rise in cardiovascular disease worldwide, which leads to life-threatening heart attacks and strokes. In addition, significant market players, technological developments, regional expansion, and government initiatives are other factors that boost the growth of the cardiology segment.

On the other hand, segments such as neurology and respiratory are expected to account for a substantial share of the market during the forecast period due to the increasing disorders related to the brain and lungs, which requires efficient and accurate monitoring devices, thereby driving the market's growth.

Multiparameter Patient Monitoring Market – By End-User:

• Hospitals
• Home Homecare
• Ambulatory Surgical Centers

Based on the end-user, the hospital segment had the leading share of the market in 2022 and the dominance of this segment can be attributed to the increasing umber of hospitals worldwide and the rising number of cases of various diseases that need quick and efficient treatment. Also, cost-effective treatments are the major driving factors for this segment's growth.

The ambulatory surgical centers segment, on the other hand, is the fastest growing healthcare facility and is proving to be gaining patients satisfaction with the outcome of the surgery, low cost, and quality of care they receive and also impressed with the way the facility is run, which is why the ambulatory surgical centers are also expected to grow over the forecast period.

Multiparameter Patient Monitoring Market – By Region:

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

North America had the most significant share of the global multiparameter patient monitoring market in 2022 and is anticipated to continue dominating the market throughout the forecast period owing to the Availability of state-of-the-art multiparameter patient monitoring devices, growing geriatric population, favorable regulatory scenario, increasing incidence of chronic diseases, presence of a sophisticated repayment structure, technological advancements, and new product launches, and increasing demand for wireless and wearable systems.

In the region of Asia-Pacific, the growing demand for high acuity multiparameter patient monitors in intensive care units, the increase in the geriatric population, the increase in various age-related diseases, and a large population base suffering from chronic diseases and infections are some of the reasons which are expected to drive the growth of multiparameter patient monitoring devices. In addition, some of the other factors, such as rising healthcare spending, poor lifestyle adoption like physical inactivity, poor diet, and high sugar intake, and increased risk of chronic diseases like diabetes and obesity as a result of these habits, are expected to show double-digit growth in the multiparameter patient monitoring market because of the requirement of regular monitoring to avoid chronic diseases from becoming life-threatening disorders for patients.

The regions of Europe, Latin America, the Middle East, and Africa are expected to show a high growth rate owing to the growing trend for using networks for the use of networked patient monitors like high, medium, and low acuity monitors. In addition, lifestyle changes leading to an increased burden of chronic disease, growing preference for home and remote monitoring, growing geriatric population, and ease of use of portable devices are other factors that might drive this market in these regions. For example, approximately 27,885 new cancer cases were reported in Saudi Arabia, 3,842 new cases of cancer in Kuwait, and 4,807 new cancer cases were reported in the United Arab Emirates, according to GLOBOCAN 2020. This shows the high cancer burden, which further demands effective treatment procedures, ultimately driving the growth of the Multiparameter patient monitoring market in the Middle East.

KEY MARKET PLAYERS:

Companies playing a notable role in the global multiparameter patient monitoring market profiled in this report are GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Drägerwerk AG & Co. KGaA, Medtronic, MASIMO CORPORATION, Skanray Technologies, SCHILLER, Spacelabs Healthcare, and Smiths Medical.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2022, BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence company, announced the acquisition of a patient monitoring solution approved by the FDA, AlertWatch. It is a clinically tested appliance that provides data analysis, robust integration, and patented intuitive visualization of contextual patient data to provide clinical intelligence across all acuity levels.
• In August 2022, a global health technology leader, Medtronic plc, announced its strategic partnership with a clinical intelligence and continuous health monitoring company, BioIntelliSense, for continuous remote monitoring of patients from hospital to home, with the simplification of care and helped deal with the staffing shortages.