Multiparameter Patient Monitoring Market Analysis

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.