In 2023, the Multi-Parameter Patient Monitoring Market Size is anticipated to be worth US$ 4.8 billion. It is predicted to reach US$ 7.2 billion by 2033, with a CAGR of 4.0% between 2023 and 2033.
In critical care units, emergency departments, and general wards, home monitoring devices are routinely used to monitor continuous vital signs such as heart rate, blood pressure, and respiration rate. During the forecast period (RPM), new technologies such as real-time, continuous, and remote patient monitoring are expected to have an impact on the market.
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The global incidence of chronic diseases such as asthma, hypertension, diabetes, and other cardiovascular and respiratory illnesses is one of the key drivers of the Multi-Parameter Patient Monitoring market.
Furthermore, rising chronic disease incidences worldwide, a preference for home care settings, advancing innovations in vital sign monitoring technology, rising healthcare expenditure, a growing geriatric population, and increased demand for patient monitoring in critical care settings are some of the key factors that will likely positively influence global sales of multi-parameter vital sign monitors during the forecast period.
“Over the forecast period, the global growth of the Multi-Parameter Patient Monitoring market will be driven by rising demand for improved medical services as well as rising healthcare expenditure.,” says an FMI analyst.
Multi-Parameter Patient Monitoring Market Key Takeaways:
- The high equipment costs will hinder market growth.
- The Multi-Parameter Patient Monitoring market in North America will dominate the international market.
- Europe will almost certainly contribute significantly to the global sales of the target market.
- Tabletop multi-parameter patient monitors control 57.4% of the market.
- The sector of portable multi-parameter patient monitors accounts for 42.6% of the global market.
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Multi-Parameter Patient Monitoring Market Competitive Landscape:
Multi-Parameter Patient Monitoring Market Major Players:
- Koninklijke Philips N.V.
- GE Healthcare
- Drägerwerk AG & Co. KGaA
- Medtronic plc
- OSI Systems Inc.
- Nihon Kohden Corporation
- MASIMO
Leading market players are investing in R&D in order to release innovative equipment with cutting-edge technology. These businesses are strengthening their market position through strategic mergers and collaborations.
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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