In 2023, it is expected that the market for multi-parameter patient monitoring will be worth US$4.8 billion. It is anticipated to grow at a 4.0% CAGR between 2023 and 2033 to reach US$ 7.2 billion.
According to the latest market study of Future Market Insights (FMI), the global Multi-Parameter Patient Monitoring Market is expected to reach the valuation of US$ 6.1 billion by the end of 2028. Over the decade-old projection period, 2022-2028, the global revenue through demand for multi-parameter patient monitoring devices and services will reportedly moderately grow at a CAGR of 4.6%, says FMI.
The study finds that the multi-parameter patient monitoring market in North America and Europe, combined, will account for a share of over 60% of the total revenue. The concentration of global multi-parameter patient monitoring market revenue in developed regional markets has been attributed to consolidation of healthcare facilities and rapid technology adoption within these regions.
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Rising affluence in emerging markets and increasing aging population in developed economies are expected to boost the healthcare spending, which is expected to boost the multi-parameter patient monitoring market. Increasing healthcare spending is expected to boost the demand for chronic disease treatment, thereby creating high growth opportunities for competitors in the global the multi-parameter patient monitoring market landscape.
Multi-parameter Patient Monitoring Systems Ubiquitous in Emergency Care Units
- According to the World Bank, around 1.25 million people get injured in road accidents, annually.
- The global cost of addressing road traffic injuries is estimated to be over US$ 500 billion, each year.
FMI finds that the rising number of accidents has increased the rate of hospital admissions, particularly in emergency care, which is expected to be another factor driving the global multi-parameter patient monitoring market.
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Moreover, the market for multi-parameter patient monitoring is rising due to the increasing demand for improved intensive care in the healthcare system. Earlier, intensive care services were limited to developing countries, however, with increasing awareness about the importance of better patient care, the demand for intensive care is also increasing in the developing and emerging regions.
Dearth of Skilled Healthcare Professionals May Continue to Restrict High-potential Sales Opportunities
People who treat patients directly and play a vital role in a healthcare system are meant to be the primary line of defence against widespread epidemics. However, the lack of skilled professionals is likely to hamper the growth of the global multi-parameter patient monitoring market. Some of the countries of the Asia Pacific region do not have the required number of skilled professionals for patient care and handling, which continues to challenge market growth within the region.
Multi-parameter Patient Monitoring Market Segmentation Analysis
- Based on the acuity level, the global multi-parameter patient monitoring market has been segmented broadly into high acuity level, mid acuity level, and low acuity level. The high acuity level segment is expected to hold a prominent share in the global multi-parameter patient monitoring market value.
- Based on modality, table-top multi-parameter patient monitors will continue to handheld or portable variants, according to FMI’s analysis.
- Among end user segments, maximum adoption of multi-parameter patient monitoring devices and services will reportedly prevail in hospitals, as indicated by the report.
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Some of the key players of the multi-parameter patient monitoring market are General Electric Company, Koninklijke Philips N.V., Medtronic plc, OSI Systems, Inc., Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA (Draeger, Inc.), Masimo, Contec Medical Systems Co., Ltd., General Meditech, Inc., Mindray Medical International Limited, and Schiller AG.
Explore FMI’s Extensive ongoing Coverage on Healthcare Domain:
Critical Care Patient Monitoring Products Market – Healthcare institutions can now provide better patient care thanks to advancements in critical care devices used in surgical operations and intensive care units, which will help the critical care patient monitoring products market, grow.
Remote Patient Monitoring Devices Market – Remote patient monitoring devices supports in monitoring of patient’s physical condition. Patient does not need to visit the medical practitioner. Digital technology is used in remote patient monitoring devices to gather health and other forms of medical data to securely pass on to healthcare providers situated at different location for clinical review.
MRI Compatible Patient Monitoring Systems Market – The magnetic resonance imaging (MRI) is an imaging technique designed to visualize internal structures of the body using magnetic and electromagnetic fields which induce a resonance effect of hydrogen atoms.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.
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