The global multi-parameter patient monitoring market is worth US$ 4.8 Billion as of now and is expected to reach US$ 7.2 Billion by the year 2033 at a CAGR of 4% between 2023 and 2033.
The multi-parameter patient monitoring system, as the name suggests, is used for continuously monitoring the health parameters of patient like pulse rate, heart rate, blood pressure, and several other vital aspects. When it comes to emergency, the multi-parameter patient monitoring systems are able to alert concerned nurse or physician for quick treatment after diagnosis. Technologically advanced multi-parameter patient monitors do help physicians in constantly monitoring the health of patient. The information that monitoring systems dole out is important to go for clinical decisions concerned with patients.
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Tabletop multi-parameter patient monitors hold more than 50% of the market share, followed by portable multi-parameter patient monitors (~42%).
With growing awareness regarding imperativeness of early diagnosis and monitoring in treating, diagnosing, and managing severity of the disorders, the global multi-parameter patient monitoring market is expected to grow on an unstoppable note going forward.
Future Market Insights has walked through these facets with insights in its latest market study entitled ‘Multi-Parameter Patient Monitoring Market’. It has its line of expertise in the form of analysts and consultants to deploy a 360-degree approach across macros and micros.
“With the fact that multi-parameter patient monitoring systems providing advanced patient care along with improved education and support to patients, the global multi-parameter patient monitoring market is expected to grow on a good note in the forecast period”, says an analyst from Future Market Insights.
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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