The Multi-Parameter Patient Monitoring Market is anticipated to be worth USD 4.8 billion in 2023. It is expected to reach USD 7.2 billion by 2033, registering a 4.0% CAGR between 2023 and 2033.
| Report Attribute | Details |
|---|---|
| Multi-parameter Patient Monitoring Market Value (2023) | USD 4.8 billion |
| Multi-parameter Patient Monitoring Market Anticipated Value (2033) | USD 7.2 billion |
| Multi-parameter Patient Monitoring Market Growth Rate (2023 to 2033) | 4.0% CAGR |
Home monitoring devices are commonly used in intensive care units, emergency departments, and general wards to monitor continuous vital signs such as heart rate, blood pressure, and respiration rate. During the projection period, the market is likely to be influenced by introducing new technologies such as real-time, continuous, and remote patient monitoring (RPM).
One of the key drivers of the multi-parameter patient monitoring market is the global prevalence of chronic disorders, as conditions such as asthma, hypertension, diabetes, and other cardiovascular and respiratory disorders necessitate regular and ongoing monitoring.
The importance of early diagnosis and patient monitoring in diagnosing, treating, and managing the severity of these disorders cannot be overstated. As a result, the expanding target patient group may operate as a market driver. Furthermore, the aging of the population has a direct impact on the expansion of these gadgets.
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The market for multi-parameter patient monitoring was valued at USD 4.6 billion in 2022 and registered a CAGR of 4.6% from 2017 to 2022. Global market absolute dollar growth is USD 2.3 billion.
The rising frequency of chronic diseases and the growing older population are expected to be the primary drivers of the multi-parameter patient monitoring market.
Globally, the prevalence of chronic diseases like cancer is rising at an alarming rate due to changing lifestyles, an aging population, environmental pollution, and a rise in smokers. All of these causes are projected to raise demand for such devices.
These portable devices do not impede patients' mobility and allow them to change inside the ward or transfer from one hospital to another.
Because of advanced healthcare infrastructure and advantageous reimbursement policies, these devices are widely used and are expected to fuel market expansion in developed economies throughout the forecast period.
Currently, the multi-parameter patient monitoring market is expected to grow due to increased chronic diseases, reduced regulations on medical equipment import and export, and demand for patient monitoring and home-based devices. As a result, the market is predicted to rise steadily during the study's forecast period.
A multi-parameter monitor is a device that measures a variety of parameters, including arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have grown in popularity since they are compact, portable, and easy to use.
In addition, periodic reporting and instant notifications for any unexpected changes in the health of sick patients may enable people to act swiftly and save the person's life.
The increased frequency of chronic illnesses around the world is the market's most significant driver, as such conditions necessitate routine and ongoing monitoring. Therefore, the importance of early diagnosis and patient monitoring in diagnosing, treating, and managing the severity of these disorders cannot be overstated.
According to the USA Census Bureau, around 89 million Americans will be over 65 by 2050. Similarly, by 2060, nearly 40% of Japanese people will be over 65. As a result, the rapid growth of the geriatric population propels the market growth. According to the American Heart Association's 2022 estimate, over 40 million persons over 65 in the USA suffer from cardiovascular diseases each year.
The rising prevalence of chronic diseases such as cancer and diabetes in developed and developing countries drives demand for multi-parameter patient monitoring systems.
According to the WHO, over 18.1 million new cancer cases will be diagnosed worldwide in 2022. Furthermore, the frequency of endocrine illnesses such as diabetes and hyperthyroidism is particularly high in developing economies, fuelling demand for crucial monitoring of vital indicators.
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Increasing awareness in developing nations such as India and China regarding the availability of technologically advanced multi-parameter patient monitors boosts the market growth.
Governments in underdeveloped countries are launching a few programs to raise physician awareness about the availability of effective multi-parameter monitoring systems, allowing patients to recover faster.
Developing regions are price sensitive. Therefore, government and regulatory bodies are launching several initiatives to reduce the cost of multi-parameter monitors. However, the market's expansion is hampered by a stringent regulatory environment.
The multi-parameter patient monitoring market is expected to shrink significantly due to product failures and recalls. When multi-parameter patient monitoring equipment fails to meet marketing criteria, the Food and Drug Administration frequently recalls goods off the market.
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The portable Multi-parameter Patient Monitors Market is expected to Expand During the Forecast Period
There are two types of multi-parameter monitors: portable and fixed. Portable monitors are expected to increase in the market over the forecast period due to their ease of use and convenience.
In addition, growing home healthcare, ease of monitoring post-surgical recovery patients increased ambulatory care facilities, and increasing usage of multi-parameter monitors are driving market expansion.
The portable smart small patient monitor prototype gathered and presented vital physiological signals such as heartbeats, body temperature, ECG, and SPO2 for improved healthcare outcomes and patient-centered care.
It illustrated the integration of many sensors into a single portable device capable of producing multiple physiological signals simultaneously and with pinpoint accuracy. It is simple to record, save, and use for medical diagnosis.
The growing concern for continuous monitoring of patients' health parameters, both pre-and post-surgery, is likely to fuel the expansion of the market.
A Glimpse of Country-wise Insights
| Country | United States of America |
|---|---|
| CAGR (2017 to 2022) | 3.7% |
| Valuation (2023 to 2033) | USD 2.2 billion |
| Country | United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 4.7% |
| Valuation (2023 to 2033) | USD 441.7 million |
| Country | China |
|---|---|
| CAGR (2017 to 2022) | 5.4% |
| Valuation (2023 to 2033) | USD 449.5 million |
| Country | Japan |
|---|---|
| CAGR (2017 to 2022) | 4.8% |
| Valuation (2023 to 2033) | USD 710.5 million |
| Country | South Korea |
|---|---|
| CAGR (2017 to 2022) | 5.5% |
| Valuation (2023 to 2033) | USD 119.9 million |
North American region is predicted to grow steadily because of an aging population, a moderate increase in ICU admissions, and the availability of improved RPM technology.
The presence of a big population with a variety of chronic conditions, combined with the widespread acceptance of modern and novel multi-parameter patient monitoring systems, is expected to support the region's supremacy in the global market.
Growing patient demand for multi-parameter monitoring systems, modern medical technology, and a high-quality healthcare system in the region is projected to fuel regional market expansion. Key factors driving regional market expansion include a highly aging population, rising GDP, and increased technological discoveries in the region.
The multi-parameter patient monitoring market in the United Kingdom is predicted to increase as a result of factors such as improved healthcare infrastructure, disease prevalence, and technological innovation. The rising cost of healthcare in the United Kingdom is driving the demand for telemedicine in the country, adding to market growth.
Europe is anticipated to increase gradually as the prevalence of chronic diseases rises. Over 50 million people in Europe are likely to have more than one chronic condition. The leading income contributors to the Europe market are Germany, France, the United Kingdom, Italy, and Spain.
The high level of awareness about the availability of multi-parameter monitoring devices, an increase in research and development expenditure for the creation of innovative devices, and growing technological breakthroughs in new product approvals/launches are likely to boost growth throughout the projection period.
During the projection period, the Asia Pacific region is expected to grow rapidly. Chronic diseases such as cancer and diabetes affect a sizable population in both India and China. In 2018, the cancer incidence in China and India was 4,285,033 and 1,157,294, respectively.
China is the leading revenue contributor to the Asia Pacific multi-parameter patient monitoring industry. Japan, India, South Korea, and Australia are likely to see considerable growth rates as healthcare expenditures rise and favorable public and private measures to enhance healthcare access are implemented.
Rising Investments in Healthcare Sector & Developing Healthcare Infrastructure in India to Provide Lucrative Market Opportunities
Focus on the healthcare sector has substantially increased in India over the past few years, and this has significantly propelled the demand for medical diagnostic equipment and medical monitoring devices. Developing healthcare infrastructure and increasing government initiatives are expected to bolster demand for patient monitoring and other medical services.
Multi-parameter patient monitoring companies can capitalize on India’s untapped market potential through mergers, new launches, and acquisitions.
For instance, in September 2021, India Medtronic Private Limited, a subsidiary of Medtronic in India, announced a partnership with Stasis Health. This partnership was aimed at scaling up and increasing access to the FDA-cleared Stasis Monitor, which is a bedside medical monitoring device.
High Healthcare Spending to Boost Sales of Vital Sign Monitors
The USA is known for its highly developed healthcare infrastructure, and increasing healthcare spending is expected to boost demand for medical diagnostic equipment. The presence of key multi-parameter patient monitoring companies is also expected to favor market potential in the USA.
The easy availability of multiple patient monitoring devices and the increasing frequency of launches by multi-parameter patient monitoring system manufacturers are expected to lift market potential over the forecast period.
For instance, in February 2022, Masimo, a renowned medical technology firm based in California, USA, announced that it had acquired FDA approval for the use of brain monitoring devices in kids. This clearance further bolstered the scope of application of the 2004-approved SedLine brain function monitoring system and sensors.
The high-acuity category is expected to develop as the prevalence of chronic diseases that require continual intensive care rises. Monitoring in high-acuity circumstances is a key focus for healthcare providers.
Therefore, the demand for high-acuity monitors is predicted to grow at a CAGR of 3.6 from 2023 to 2033. However, due to limited area usage, these devices are exclusively used in intensive care units and operating rooms. As a result, demand for high-acuity devices is smaller than for low-acuity devices.
At present, tabletop multi-parameter patient monitors hold a dominant market share of 57.4% in the global marketplace. On the other hand, portable multi-parameter patient monitoring products account for 42.6% of the global industry landscape and are expected to see significant demand than tabletop multi-parameter patient monitors owing to their increase in popularity.
The increasing use of portable multi-parameter patient monitors in ambulatory centers and ICUs, the rising popularity of these devices in the geriatric population, and increasing demand from homecare settings are substantial factors expected to drive demand for portable multi-parameter vital sign monitors.
To promote market growth, top players are engaging in strategic moves such as mergers, acquisitions, and collaborations.
Significant Market Players Include:
| Attribute | Details |
|---|---|
| Market Size Value In 2023 | USD 4.8 billion |
| Market Size Value at End of Forecast (2033) | USD 7.2 billion |
| Market Analysis | USD billion for Value |
| Key Region Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East & Africa (MEA) |
| Key Segments | By Acuity Level, By Modality, By End User, By Region |
| Key Companies Profiled | Koninklijke Philips N.V.; GE Healthcare; Drägerwerk AG & Co. KGaA; Medtronic plc; OSI Systems Inc.; Nihon Kohden Corporation; MASIMO; Contec Medical Systems Co. Ltd.; General Meditech Inc.; Mindray Medical International Limited; Schiller AG |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 4.8 billion in 2023.
OSI Systems Inc., Nihon Kohden Corporation, MASIMO are the prominent market players.
The market is forecast to register a CAGR of 4.0% through 2033.
The market was valued at USD 4.6 billion in 2022.
North America is expected to dominate the market.
1. Executive Summary | Multi-Parameter Patient Monitoring Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Acuity Level 5.1. High Acuity Level 5.2. Mid Acuity Level 5.3. Low Acuity Level 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Modality 6.1. Handheld/Portable Multi-Parameter Monitor 6.2. Table Top Multi-Parameter Monitor 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End User 7.1. Hospitals 7.2. Ambulatory Surgical Centers 7.3. Specialty Clinics 7.4. Home Care Settings 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. East Asia 8.5. South Asia 8.6. Oceania 8.7. Middle East and Africa (MEA) 9. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Koninklijke Philips N.V. 18.2. GE Healthcare 18.3. Drägerwerk AG & Co. KGaA 18.4. Medtronic plc 18.5. OSI Systems Inc. 18.6. Nihon Kohden Corporation 18.7. MASIMO 18.8. Contec Medical Systems Co. Ltd. 18.9. General Meditech Inc. 18.10. Mindray Medical International Limited 18.11. Schiller AG 19. Assumptions & Acronyms Used 20. Research Methodology
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Multi-Parameter Patient Monitoring Market
