Home > Pressrelease > Multiparameter Patient Monitoring Market size to exceed $17Bn by 2032
Multiparameter Patient Monitoring Market size to exceed $17Bn by 2032
- Published Date: March 17, 2023
Multiparameter Patient Monitoring Market size is anticipated to reach USD 17 billion by 2032, as per a new research report announced by Global Market Insights Inc.
The rising incidence of chronic diseases in developed and emerging regions is a chief driver for the multiparameter patient monitoring industry trends. The upsurge in the occurrence of several chronic conditions such, as diabetes mellitus, smoking, hypertension, and obesity, is impelling the requirement for surgery and critical monitoring of vital parameters. According to the International Diabetes Federation (IDF), there are currently more than 4 million diabetics in South Africa aged between 20 and 79, representing a prevalence rate of 11.3%.
Superior serviceability and durability to help fixed MPM systems gain traction
Fixed segment is estimated to grow at a CAGR of 5.5% by 2032. These systems' substantially greater serviceability, durability, and life expectancy are foreseen to fuel the demand for fixed multiparameter patient monitoring systems in the coming years. Moreover, new product launches are positively influencing segment expansion. In February 2022, Healthnet Global, a health-tech firm, launched AutoMaid, a smart in-patient room automated system that enables continuous and accurate monitoring with an AI-powered triaging system.
Browse key industry insights spread across 158 pages with 181 market data tables & 21 figures & charts from the report, “Multiparameter Patient Monitoring Market Size, By Device (Portable, Fixed), By Acuity Level (High Acuity Level, Mid-low Acuity Level), By End-use (Hospitals, Homecare Settings, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Increasing self-care among patients with wireless technology to push high-acuity level segment
The high-acuity segment is progressing steadily due to improvements in technology with wireless networks being integrated into these monitoring devices, clearing out ICU havoc. Recently, in one of the theories from a 2022 qualitative research study, it was found that nurses are extremely busy with clinical duties in high-acuity wards and these monitors encourage self-care in patients, especially after surgery, which is promoting product uptake in these hospitals.
Strategic partnerships with government firms to augment ambulatory surgical centers segment revenues
Multiparameter patient monitoring market from ambulatory surgical centers segment to grow at 6% CAGR by 2032 propelled by favorable partnerships among government organizations and industry players with ASC businesses. To cite an instance, in May 2022, Surgery Partners, Inc., a healthcare services firm, announced a partnership agreement with Value Health, LLC, a business management consultant, to increase access and care for patients in ambulatory surgical units. The dealership aimed to cater to the soaring need for affordable and patient-driven surgical treatment and enable portfolio expansion.
Expanding geriatric population to complement Europe industry
Europe multiparameter patient monitoring market to hit USD 4 billion by 2032. The region may emerge as a major hub for this industry owing to the mounting number of baby boomers. According to the United Nations Global Population Ageing statistics, by 2050, the elderly population of Europe is expected to account for about 35% of the population in the region. This is likely to escalate the occurrences of serious ailments, such as cancer and cardiovascular diseases, thereby pushing regional market growth.
Integration of advanced capnography technologies to boost strategic landscape
Some key players profiled in the multiparameter patient monitoring market report include General Electric Company (GE Healthcare), Medtronic, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, and others.