The global multi-parameter patient monitoring market, currently valued at USD 4.8 billion, is projected to reach USD 7.2 billion by 2033, growing at a compound annual growth rate (CAGR) of 4% from 2023 to 2033. This growth highlights the increasing importance and reliance on advanced patient monitoring systems in healthcare.
The multi-parameter patient monitoring systems are indispensable in modern healthcare settings. These systems continuously track critical health parameters such as pulse rate, heart rate, blood pressure, and several other vital signs, providing real-time data that is crucial for patient care. In emergency situations, these monitors play a vital role by alerting nurses or physicians, ensuring prompt diagnosis and treatment.
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Technological advancements in these systems have significantly enhanced their efficiency, enabling physicians to monitor patients’ health consistently and accurately. The data provided by these sophisticated monitors is essential for making informed clinical decisions, ultimately improving patient outcomes.
As healthcare technology continues to evolve, the adoption of multi-parameter patient monitoring systems is expected to increase, driven by the demand for improved patient care and the need for timely medical interventions. The projected market growth reflects the critical role these systems play in modern healthcare delivery.
Key Takeaways from Multi-Parameter Patient Monitoring Market:
- North America holds the largest market share with the US being subject to substantial rise in the ones suffering from chronic disorders. The USA Census Bureau states that close to 89 Million Americans would cross 65 by the year 2050.
- The Asia-Pacific is expected to grow at a sizable rate in the multi-parameter patient monitoring market. This could be reasoned with the fact that ~40% of Japanese population would be crossing 65 by the year 2060. India Medtronic Pvt. Ltd., in September 2021, did announce partnering with Stasis Health too have an enhanced access to Stasis Monitor approved by the US FDA.
- Europe holds the second-largest market share on the grounds that the UK is expected to witness aging at a rapid pace.
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Competitive Monitoring:
- Masimo Corporation, in March 2020, did announce that it has obtained clearance from the US FDA for continuous RRp monitoring of adult and pediatric patients with Radius-7 Pulse Co-Oximeters, Rad-97, and Radical-7.
- Mindray DS USA, in January 2019, put forth ePM SERIES – a patient monitor delivering exceptional visual experience, precise physiological measurements, intelligent operation, and comprehensive connectivity.
- Fitbit Health Solutions, with September 2022, collaborated with Google Cloud for tabling Fitbit solution, whose basic objective is that of giving healthcare organizations a holistic view of the patients out of clinical settings by using data from the wearable devices.
- SmartCardia, in August 2022, came up with Cardiac Monitoring Patch in India. Its AI platform does track 7L patch that is developed from ECG segments that are interpreted by certified cardiac technicians and cardiologists. It detects vital arrhythmia events’ real-time detection at cardiologist-level precision.
- Mindray, in December 2022, launched wearable patient monitoring device called mWear system having vital sign parameters for proper patient care and workflow.
What does the Report monitor?
- The research study is based on acuity level (high acuity level, mid acuity level, and low acuity level), by modality (handheld/portable multi-parameter monitors and tabletop multi-parameter monitors), and by end-user (hospitals, ASCs (Ambulatory Surgical Centers), specialty clinics, and home care settings).
- Growing incidences of chronic disorders like hypertension, asthma, diabetes, and the other respiratory and cardiovascular disorders, the global multi-parameter patient monitoring market is expected to grow on a stellar note in the forecast period.
Significant Market Players Include:
- 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
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Key Segments of Multi-parameter Patient Monitoring Market:
By Acuity Level:
- High Acuity Level
- Mid Acuity Level
- Low Acuity Level
By Modality:
- Handheld/Portable Multi-parameter Monitors
- Tabletop Multi-parameter Monitors
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Home Care Settings
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
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