Multiparameter Patient Monitoring Market - By Device (Portable, Fixed), By Acuity Level (High Acuity Level, Mid-low Acuity Level), By End-use (Hospitals, Homecare Settings, Ambulatory Surgical Centers) & Forecast, 2023-2032

Multiparameter Patient Monitoring Market Size

Multiparameter Patient Monitoring Market size was valued at more than USD 10 billion in 2022 and is anticipated to grow at over 5.5% CAGR between 2023 and 2032 driven by rising incidences of chronic illnesses in developing regions.

Increasing use of portable, at-home patient monitoring systems, particularly in North America and Europe, is expected to fuel industry expansion. The rising number of elder people with chronic illnesses in nations including the U.S. and Canada needing constant crucial monitoring is driving the adoption rate of portable multiparameter patient monitoring devices, which is likely to push the market progress.
 

Stringent regulatory framework may restrain industry development

Despite a positive outlook for product adoption, the multiparameter patient monitoring market faces a major hurdle as a result of strict guidelines by governments. Manufacturers and producers of such devices are subject to laws and restrictions set by regulatory bodies such as FDA and DCGI in developed and developing economies. For instance, under the European Union Law, manufacturers undergo the EC declaration of conformity procedures stated in Annex VII, which classifies multiparameter patient monitoring devices as Class IIb. Nonetheless, supportive initiatives by government agencies and regulatory authorities to lower the price of multiparameter patient monitors are bolstering product uptake.
 

Multiparameter Patient Monitoring Market Analysis

Portable multiparameter patient monitoring market is foreseen to garner more than USD 11 billion by 2032. Wearable multiparameter monitors developed by major industry players have increased accuracy and allowed patients to recover quickly, boosting product adoption. In August 2022, Medtronic plc, an American healthcare technology firm, joined BioIntelliSense, to expand its customer reach in the U.S. market for its BioButton multiparameter wearable monitoring device. Such pioneering portable devices aid ambulances & clinics and for remote patient monitoring.
 

With respect to end-use, the multiparameter patient monitoring market from the hospital segment is anticipated to grow at a 5.5% CAGR through 2032. The hospital sector observed a rise in demand for innovative technologies at affordable prices for effective treatment, especially during the pandemic. Multiparameter monitors play a crucial role in treating and following up on numerous diseases in hospitals. For instance, the FlexAcuity monitor by GE Healthcare allows hospitals to deploy lower acuity monitors with the capability to monitor ICU-level criticality, saving cost on investment.
 

The multiparameter patient monitoring market from the mid-low acuity level segment exceeded a valuation of USD 6 billion in 2022 owing to the extensive use of these systems in dependence wards and general wards of ambulatory surgery centers. Additionally, increased approval and introduction of cutting-edge mid-low acuity monitors offering several metrics are further fueling segment outlook.
 

Asia Pacific multiparameter patient monitoring imaging market accounted for over USD 2.3 billion in 2022 attributed to rising incidences of chronic diseases and the burgeoning number of accidents. As per World Health Organization speculations, nearly 2,60,000 people die in China each year as a result of traffic accidents, resulting in more procedures performed in hospitals, which in turn raises the demand for multiparameter monitoring devices.
 

Multiparameter Patient Monitoring Market Share

• General Electric Company (GE Healthcare)
• Medtronic
• Koninklijke Philips N.V.
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Drägerwerk AG & Co. KGaA
• Nihon Kohden Corporation
• Skanray Technologies Ltd.
• Opto Circuits (India) Limited
• Baxter International Inc.
• OSI Systems, Inc
• Medion

are some of the key participants involved in the multiparameter patient monitoring market engaging mainly in new product launches and effective R&D initiatives to achieve a competitive edge in the future.
 

For instance, in December 2022, Mindray, a medical device firm, launched a wearable patient monitoring device, mWear system that has vital sign parameters for efficient workflow and patient care. This is set to improve the company’s product portfolio.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic presented significant difficulties in the form of a growing number of patients death and a quick rate of infection. In the U.S., the total number of deaths due to coronavirus reached 1,109,145 by February 2023. However, this had a positive impact on the demand for multiparameter patient monitors used for efficient patient monitoring despite a substantial public health emergency. Countries such as the U.S., Germany, England, France, Italy, and India among others, adopted rigid lockdowns, allowing only emergency services authorization while canceling other elective and non-emergency surgical procedures, which propelled the need for multiparameter patient monitoring devices.
 

The multiparameter patient monitoring market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Device

• Portable
• Fixed

By Acuity Level

• High-acuity level
• Mid-low acuity level

By End-use

• Hospital
• Homecare Settings
• Ambulatory Surgical Centers

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE