In 2023, the multi-parameter patient monitoring market is expected to be worth US$ 4.8 billion. It is expected to reach US$ 7.2 billion by 2033, growing at a CAGR of 4.0% between 2023 and 2033.
In intensive care units, emergency departments, and general wards, home monitoring devices are commonly used to monitor continuous vital signs such as heart rate, blood pressure, and respiration rate. During the forecast period, new technologies such as real-time, continuous, and remote patient monitoring are likely to have an impact on the market (RPM).
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The global prevalence of chronic disorders, such as asthma, hypertension, diabetes, and other cardiovascular and respiratory disorders, is one of the primary drivers of the multi-parameter patient monitoring market.
Moreover, the rising incidences of chronic diseases across the globe, surging preference for home care settings, advancing innovations in vital sign monitoring technology, increasing healthcare expenditure, growing geriatric population, and heightened demand for patient monitoring in critical care settings are some of the main aspects that likely positively influence the global sales of multi-parameter vital sign monitors during the forecast period.
“Rising demand for improved medical services coupled with increasing healthcare expenditure will drive the global growth of the multi-parameter patient monitoring market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High costs associated with the equipment will hinder the market growth.
- The multi-parameter patient monitoring market in North America will dominate the international market space.
- Europe will likely make significant contributions to the global sales of the target market.
- The tabletop multi-parameter patient monitors account for 57.4% of the overall share.
- The portable multi-parameter patient monitors segment holds about 42.6% of the global share.
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Competitive Landscape
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, and Schiller AG among others are some of the major players in the multi-parameter patient monitoring market profiled in the full version of the report.
Leading market players are investing in research and development activities to release innovative equipment with advanced technology. These enterprises are adopting strategic mergers and collaborations to strengthen their market position.
Key Segments of Multi-Parameter Patient Monitoring Industry Survey
Multi-Parameter Patient Monitoring Market by Acuity Level:
- High Acuity Level Multi-Parameter Patient Monitoring
- Mid Acuity Level Multi-Parameter Patient Monitoring
- Low Acuity Level Multi-Parameter Patient Monitoring
Multi- Parameter Patient Monitoring Market by Modality:
- Handheld/Portable Multi-Parameter Monitors
- Tabletop Multi-Parameter Monitors
Multi-Parameter Patient Monitoring Market by End User:
- Multi-Parameter Patient Monitoring at Hospitals
- Multi-Parameter Patient Monitoring at Ambulatory Surgical Centres
- Multi-Parameter Patient Monitoring at Specialty Clinics
- Multi-Parameter Patient Monitoring at Home Care Settings
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More Insights into Multi-Parameter Patient Monitoring Market Report
In its latest report, FMI offers an unbiased analysis of the global multi-parameter patient monitoring market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented on the basis of acuity level (high acuity level, mid acuity level, low acuity level), modality (handheld/ portable multi-parameter monitors, tabletop multi-parameter monitors), end user (hospitals, ambulatory surgical centers, specialty clinics, home care settings), and region.
According to the latest FMI reports, based on segmentation, the tabletop multi-parameter patient monitoring segment will continue to make significant contributions to the overall market. This segment will account for 57.4% of the global market share owing to extensive usage in hospital settings. However, the portable multi-parameter patient monitoring segment will register a higher demand than the tabletop segment because of its growing popularity in various end-use settings.
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