In 2023, the multi-parameter patient monitoring market is expected to be worth US$ 4.8 billion and is estimated to reach US$ 7.2 billion by 2033.
The rise in demand for early diagnosis and treatment of chronic diseases around the world, as well as the high demand for real-time patient monitors in critical care units to make better clinical decisions on the spot, and to document changes in a patient’s condition at every stage, are expected to drive market growth.
The multi-parameter patient monitors are commonly utilized to improve patient health in both in-patient wards and intensive care units (ICU). Monitoring is a vital component of critically ill patients, particularly in emergency rooms, because the functional response to critical illness is directly linked to the outcome. Monitoring critically ill patients with multi-parameter monitors enable physiological reserve measures and reflects the success of treatment interventions.
Wearable gadgets and wireless communication technology advancements for medical telemetry have expanded the scope of monitoring solutions for patients both within and outside of hospital facilities. Such technical improvements allow for the rapid recording and transmission of data from a patient’s gadget to a healthcare practitioner, reducing the duration of evaluation and treatment.
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The emergence of wireless networks in the healthcare sector, such as Radio Frequency Identification (RFID) and Medical Body Area Networks (MBAN), has changed patient health diagnostic processes while generating no discomfort due to their wireless architecture. This helps to monitor heart rate, blood pressure, body temperature, and oxygen levels in the body.
The introduction of single-use portable gadgets has expanded patient flexibility while also lowering the cost of frequent hospital visits. Moreover, the growing demand for home-based medical treatments for the elderly population is driving the demand for these portable patient monitoring devices that are simple to use.
Key Takeaways:
- The multi-parameter patient monitoring market is estimated to register a CAGR of 4.0% from 2023 to 2033.
- The multi-parameter patient monitoring market is dominated by North America in 2023.
- China is the leading revenue contributor in the multi-parameter patient monitoring market in the Asia Pacific region.
- Portable multi-parameter monitor is likely to thrive in the modality category due to its increasing popularity among geriatric population.
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Key Developments
- In December 2019, Nihon Kohden Corporation introduced its Life Scope SVM-7200 series vital sign monitors for outpatient facilities in the United States.
- Schiller AG and VISUS, a prominent provider of image management systems, formed technical cooperation in January 2015. This collaboration improved the integration and presentation of E.C.G. data in the image data management system (JiveX Medical Archive).
- Nihon Kohden Corporation announced the formation of a sales subsidiary, Nihon Kohden Latin America S.A.S., in March 2014 in order to grow sales in Mexico, Central America, South America, and the Caribbean. The new sales subsidiary complements and improves the sales network throughout Central and South America.
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
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