Multiparameter Patient Monitoring Market Size By Device Type (Portable, Fixed), By Acuity Level (High-Acuity, Mid-Low Acuity), By End-use (Hospitals, Homecare Settings, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

Multiparameter Patient Monitoring Market size was valued at USD 10.5 billion in 2020 and is expected to grow at a CAGR of over 6.7% from 2021 to 2027. Rising awareness and availability of technologically advanced multiparameter patient monitors across the globe will boost the market growth. Numerous market players such as GE Healthcare, Philips and Medtronic have integrated enhanced technology within the multiparameter patient monitors enabling effective and accurate monitoring of patients. Similarly, technological developments of patient monitoring devices help patients at higher risk.
 

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The impact of COVID-19 on the industry is observed to be significant. These monitoring devices help patients to monitor the blood-oxygen levels, respiratory rate and several other vital signs that further proves beneficial for the industry growth.
 

Multiparameter patient monitoring devices are medical devices that are widely utilized to monitor individual’s vital signs under critical care. These monitors measures respiratory rate, pulse, blood pressure, heart rate as well as temperature.
 

Growing prevalence of chronic disorders will foster the demand for multiparameter patient monitors

The burden of chronic disorders is on the rise across the globe, and multiparameter patient monitors play a vital role in the precise monitoring of an individual’s health. Most of the demises by chronic conditions are attributable to diabetes, obesity, cardiovascular diseases as well as cancer. Physical inactivity, air pollution, tobacco as well as alcohol consumption and unhealthy diet are some of the risk factors leading to cancer. According to the WHO, cancer is the most common cause of death globally, accounting for around ten million deaths in 2020. Breast, lung, colon and rectum, prostate and skin cancers are the most common cancers worldwide. Therefore, rising disease burden including cancer will propel the demand for multiparameter patient monitors. However, high cost associated with these devices may hinder the industry share to a certain extent.
 

Higher preference of portable multiparameter patient monitors among older adults will accelerate the market demand

The portable segment in the multiparameter patient monitoring market is projected to exhibit around 6.6% growth rate through 2027 as the portable monitors are compact and lighter as compared to fixed systems and more convenient to carry around the premises. Portable multiparameter patient monitors have become increasingly noteworthy in providing quality care to patients. These portable units are extensively utilized in intensive care unit/ ambulances and mobility of these monitors favours the overall industry expansion. Moreover, these portable monitors are highly preferred by the geriatric patient pool at homecare settings due to ease and convenience, thereby positively impacting the market evolution.
 

Rising adoption of high acuity in hospital settings will influence the market progression

The high-acuity level segment accounted for USD 4 billion in 2020. Increasing prevalence of different health ailments and usage of high acuity systems for better patient monitoring will spur the industry demand. These devices can monitor all vital signs along with other parameters such as cerebrospinal fluid pressure, cardiac output, intra cranial pressure and ECG that surges its industry size. Additionally, technological advancements and rising adoption of high-acuity level systems in hospitals to accurately diagnose patient vitals will favour the market value.
 

Well-equipped patient monitoring devices in hospitals augments the market revenue

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The hospitals segment exceeded USD 4.4 billion in 2020. Higher demand for multiparameter patient monitors in hospital settings for accurate vital measurement will stimulate the market growth. Also, growing demand for appropriate patient management and care with the presence of skilled healthcare professionals in hospitals will favour the industry progression.
 

Increasing R&D expenses will fuel the industry value

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North America multiparameter patient monitoring market is predicted to expand at a CAGR of over 6.5% by 2027. Rising investment in research and developmental activities to introduce advanced patient monitoring products and better healthcare expenditure will strengthen the overall market. Furthermore, existence of refined healthcare facilities in ASCs and hospitals along with favourable government support for the development of advanced monitoring products is likely to help the market gain a significant momentum. In addition, presence of several manufacturers in the North America region will further drive the industry revenue.
 

Ongoing innovation by leading industry players have helped them capture larger the market share

Some of the prominent companies operating in the market include Nihon Kohden, Hillrom, Medion Healthcare, Medtronic PLC, Mindray, Opto India, OSI Systems, Philips Healthcare, Skanray Technologies, GE Healthcare and Drager. These market performers are implementing numerous growth strategies to sustain competition in the market.
 

Some of the recent industry developments:

• In September 2020, GE healthcare launched Mural remote patient monitoring solution. This solution enhanced the product portfolio of the firm and thus accelerated its industry demand.
   
• In February 2019, Mindray announced the launch of ePM Series a new patient monitoring device. This strategic move helped the company in generating significant revenue share.
   

The multiparameter patient monitoring market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Device Type, 2016-2027 (USD Million)

• Portable
• Fixed

Market, By Acuity Level, 2016-2027 (USD Million)

• High-Acuity
• Mid-Low Acuity

Market, By End-use, 2016-2027 (USD Million)

• Hospitals
• 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
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE