July 19, 2024

Multiparameter Patient Monitoring Market Size, Share, Report by 2033

The global multiparameter patient monitoring market size was estimated at USD 10.90 billion in 2023 and is predicted to rake around USD 18.67 billion by 2033, growing at a CAGR of 5.53% from 2024 to 2033.

Key Points

  • North America dominated the global multiparameter patient monitoring market share of 40% in 2023.
  • Asia Pacific is the fastest-growing region in the global market.
  • By device type, the portable segment dominated the market in 2023.
  • By acuity levels, the mid-low acuity level segment held a significant share of the market in 2023.
  • By end use, the hospital segment is anticipated to witness rapid growth in the upcoming years.

Multiparameter Patient Monitoring Market Size 2024 to 2033

The multiparameter patient monitoring market is witnessing substantial growth globally due to several factors, including the increasing prevalence of chronic diseases, technological advancements in healthcare monitoring devices, and the rising demand for remote patient monitoring solutions. Multiparameter patient monitoring systems enable healthcare professionals to monitor various vital signs such as heart rate, blood pressure, temperature, and oxygen saturation in real-time, facilitating early detection of critical health issues and improving patient outcomes. These systems are widely used in hospitals, ambulatory care settings, and home healthcare settings to monitor patients’ physiological parameters continuously and provide timely interventions when necessary.

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Growth Factors:

Several factors are driving the growth of the multiparameter patient monitoring market. The aging population, coupled with the increasing incidence of chronic diseases such as cardiovascular diseases, diabetes, and respiratory disorders, is fueling the demand for continuous monitoring solutions to manage patients’ health effectively. Technological advancements, including wireless connectivity, wearable sensors, and cloud-based data analytics, have transformed patient monitoring devices, making them more accurate, user-friendly, and cost-effective. Moreover, the COVID-19 pandemic has accelerated the adoption of remote patient monitoring solutions to monitor patients’ vital signs remotely, reduce hospital admissions, and minimize the risk of exposure to infectious diseases in healthcare settings.

Region Insights:

The multiparameter patient monitoring market exhibits significant regional variations driven by differences in healthcare infrastructure, regulatory frameworks, and healthcare expenditure. North America dominates the market, owing to the presence of a well-established healthcare system, high adoption of advanced medical technologies, and increasing investments in telemedicine and remote patient monitoring solutions. Europe is also a key market for multiparameter patient monitoring systems, driven by government initiatives to promote digital health technologies, aging population demographics, and the prevalence of chronic diseases. In Asia Pacific, rapid urbanization, increasing healthcare spending, and the growing adoption of telemedicine in countries like China and India are driving market growth.

Trends:

Several trends are shaping the multiparameter patient monitoring market. One prominent trend is the integration of artificial intelligence (AI) and machine learning algorithms into patient monitoring systems to analyze large volumes of data and provide predictive analytics for early detection of health deterioration. Wearable multiparameter monitoring devices, such as smartwatches and fitness trackers, are gaining popularity among consumers for continuous health monitoring and fitness tracking. Furthermore, the shift towards value-based care models and the emphasis on preventive healthcare are driving the adoption of remote patient monitoring solutions to monitor patients’ health outside traditional healthcare settings, reduce hospital readmissions, and improve patient outcomes.

Multiparameter Patient Monitoring Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 5.53%
Global Market Size in 2023 USD 10.90 Billion
Global Market Size in 2024 USD 11.50 Billion
Global Market Size by 2033 USD 18.67 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Device, By Acuity Level, and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Multiparameter Patient Monitoring Market Dynamics

Drivers:

Key drivers of the multiparameter patient monitoring market include the increasing prevalence of chronic diseases, rising healthcare expenditure, and the growing adoption of telemedicine and remote patient monitoring solutions. Technological advancements in sensor technologies, wireless connectivity, and data analytics are also driving market growth, enabling real-time monitoring of patients’ vital signs and facilitating early intervention to prevent adverse health events. Moreover, the shift towards patient-centric care models, emphasis on preventive healthcare, and the need to reduce healthcare costs are driving the demand for multiparameter patient monitoring solutions that enable continuous monitoring and proactive management of patients’ health.

Opportunities:

The multiparameter patient monitoring market presents several opportunities for stakeholders, including healthcare providers, medical device manufacturers, and technology companies. The increasing adoption of telemedicine and remote patient monitoring solutions presents opportunities for companies to develop innovative multiparameter monitoring devices and software platforms that enable seamless integration with electronic health records (EHRs) and interoperability with other healthcare systems. Moreover, expanding market penetration in emerging economies, increasing investments in digital health infrastructure, and the rising adoption of wearable monitoring devices offer growth opportunities for companies operating in the multiparameter patient monitoring market.

Challenges:

Despite the promising growth prospects, the multiparameter patient monitoring market faces several challenges, including data privacy and security concerns, interoperability issues, and regulatory hurdles. Ensuring the accuracy, reliability, and security of patient data collected from multiparameter monitoring devices is essential to maintain patient trust and compliance with data protection regulations. Moreover, achieving interoperability between different monitoring devices and healthcare systems remains a challenge, hindering seamless data exchange and integration across care settings. Regulatory uncertainty and reimbursement challenges also pose barriers to market entry and adoption, particularly for emerging technologies and innovative remote monitoring solutions.

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Recent Developments

  • In June 2023, Royal Philips and Masimo, the leading global health and medical technology companies, announced the advancements in Brain Function Monitoring, Regional Oximetry (O3), and COâ‚‚ measurements in Philips Patient Monitors. The Masimo and Philips collaboration helps healthcare providers make quick and informed decisions without the requirement of attaching any additional monitoring equipment; instead, they observe different parameters on the same screen.
  • In Nov 2023, BioIntelliSense and UC Davis Health companies jointly announced the launch of a novel hospital monitoring initiative for patients hospitalized for bone marrow transplants and hematology or oncology treatments. These issues require continuous monitoring because critical patients can be at risk from changes in conditions and parameters during treatment.
  • In Oct 2023, RDS announced funding from Capital Grand Est, for helping the company to invest in the development of MultiSense. It is a patented Remote Patient Monitoring (RPM) solution which provides a comprehensive, and high-quality multi-parameter solution for patients continuous monitoring of various parameters in hospitals or at home.
  • In Dec 2022, Mindray introduced a novel wearable monitoring solution, mWear system, for continuously monitoring patient multiparameter. This system combines complete wireless interconnection with streamlined workflows for determination of various factors such as temperature, oxygen, blood pressure, pulse rate, and ECG.

Multiparameter Patient Monitoring Market Companies

  • General Electric Company (GE Healthcare)
  • Medtronic
  • Koninklijke Philips N.V.
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Nihon Kohden Corporation
  • Skanray Technologies Ltd.
  • Opto Circuits (India) Ltd.
  • Spacelabs Healthcare
  • Baxter International Inc.
  • OSI Systems, Inc
  • Medion
  • ICU Medical, Inc.
  • Drägerwerk AG & Co. KGaA
  • Contec Medical Systems

Segments Covered in the Report

By Device

  • Portable
  • Fixed

By Acuity Level

  • High-acuity Level
  • Mid-low Acuity Level

By End-use

  • Hospitals
  • Homecare Settings
  • Ambulatory Surgical Centres

By Geography

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

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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