Global Multiparameter Patient Monitoring Market Outlook Report 2023: A $15.2 Billion Market by 2028 - Growing Focus on Integration with Wireless and Remote Monitoring Platforms
The global multiparameter patient monitoring market is expected to reach a value of $15.2 billion by 2028 from $9.55 billion in 2022, growing at a CAGR of 8.06%.
Increasing Demand for Multiparameter Patient Monitoring in Homecare Settings
Home healthcare has always been recognized as a life-saving option for patients requiring long-term care to treat chronic diseases. Moreover, the worldwide increase in the geriatric and chronic disease population has led to a growing demand for home patient monitoring.
The increase in patient monitoring using multiparameter monitoring devices in homecare settings is expected to fuel the overall growth of the multiparameter patient monitoring market in the coming years. Home patient monitoring is convenient and cost-effective and helps patients monitor their health directly at home regularly.
Growing Demand for Portable/Compact Multiparameter Patient Monitors
Portable patient monitors are widely accepted in healthcare services. This is due to the flexibility of patient assessment with the portable features of multiparameter patient monitors from hospital care to ambulatory and mobility services.
This emergence of technological advances in multiparameter patient monitoring equipment is used in various applications such as transportation and, ambulances, outpatient care. The portable multiparameter patient monitors enable patient mobility and comfort, increasing patient demand.
Growing Focus on Integration of Multiparameter Patient Monitors with Wireless and Remote Monitoring Platforms
RPM is useful for monitoring patients' acute and chronic conditions and helps reduce the treatment cost. Over the past few years, breakthrough advancements have enabled RPM, virtual patient-physician interactions, and real-time data capture to transmit reality by incorporating passive home and body sensors to patients.
Multiparameter patient monitoring devices integrated with RPM and wireless technologies enable us to overcome these limitations and track changes in patient's vital signs without interrupting and visiting healthcare settings. The remote access/wireless monitoring systems enable patient vital signs monitoring even when not admitted to hospitals.
Advances in Remote Patient Monitoring Technology
The COVID-19 pandemic has accelerated this trend by highlighting the need and value of RPM. RPM has caught the attention of many medical professionals.
More recently, IoT-enabled monitoring devices have added even more functionality to RPM. Physicians using IoT-enabled RPM systems benefit more from their patients. By combining AI with the Internet of Things (IoT) and RPM, healthcare organizations and practitioners can better serve their patients and provide opportunities for improved healthcare outcomes.
Growing Demand for Real-time Patient Monitors in Critical Care
Continuous patient monitoring is one of the essential components in intensive care units, first to notice critical changes in a patient's health status and second to guide daily intensive care therapy. Vital signs are important in monitoring patients' health status in emergency and critical care units.
Trends in patient monitoring using multiparameter monitors also help physicians to identify the best location for the patient on transfer from EDs. Such factors contribute to the growth of the multiparameter patient monitoring market. Further, several developed countries are currently in the process of reforming their emergency and urgent care systems.
Increasing Target Patient Population with Various Diseases
The aging population needs regular assistance in terms of their health to avoid fatal situations. Moreover, countries such as Japan, Italy, and Portugal have the highest percentage of elderly population.
This increasing number of elderly populations demands advanced healthcare facilities and infrastructure to assist health and avoid fatal emergencies. Globally, chronic diseases are commonly called non-communicable diseases (NCD) or used interchangeably.
These diseases are gaining increasing attention as the burden of NCDs has surpassed that of epidemics in the Global South. Globally, heart diseases, cancer, and diabetes are leading causes of death and disabilities among chronic diseases.
Enhancements in Multiparameter Patient Monitoring
Vendors in the multiparameter patient monitoring market have introduced many advanced and innovative patient monitors globally as per end-users' needs and requirements.
Further, manufacturers collaborate with tech giants to integrate their advanced technology solutions. These advanced features also allow medical professionals to deliver improved healthcare to critical patients at home and hospital. Over the past decade, the market has witnessed many technological advancements across all aspects of patient monitoring systems.
As a wide range of multiparameter patient monitors, with portable and remote monitoring features, are launched, grabbing the attention of many end-users.
SEGMENTATION INSIGHTS
Segmentation by Devices
The global multiparameter patient monitoring market by devices is segmented into portable/compact and fixed devices. The portable/compact held the largest global market share at 57% in 2022.
The market is growing faster due to the rising awareness regarding healthcare and increasing concern for the continuous monitoring of real-time health parameters of patients, pre-and post-surgery, which are expected to drive the market's growth.
The portable multiparameter patient monitors will dominate the market over the forecast period, owing to growing home healthcare, ease of monitoring post-surgical recovery patients, rising ambulatory care facilities, and increasing adoption of remote patient monitoring.
Segmentation by Acuity Level
The high acuity level segment dominated the global multiparameter patient monitoring market and accounted for a significant share in 2022. The growth is mainly due to the rising incidence of chronic disease cases, leading to severe health conditions requiring continuous monitoring.
High-acuity monitors are mainly used in ICUs, operating rooms, and emergency departments of various healthcare settings to monitor vital signs during surgery. These devices are also used to monitor the real-time vital signs of patients under severe conditions. When this occurs, the demand for high-acuity monitors will likely increase as patient monitoring in high-acuity conditions is a major priority for healthcare providers.
Segmentation by Patient Group
The global multiparameter patient monitoring market by the patient group is segmented into a geriatric, adult, and pediatric patient groups. In 2022, the geriatric patient group segment accounted for a 48.27% share of the global multiparameter patient monitoring market.
In recent years the increased aging population, and global disease burden, especially chronic conditions, have escalated significantly. Age-related diseases require multiparameter patient monitoring systems due to the patient's immobile and critical nature.
Also, the establishment of homecare settings has increased, wherein caregivers take care of patients directly at homes, assisted living centers, and geriatric care centers. Under such a scenario, multiparameter patient monitoring systems become extensively helpful to caregivers.
Segmentation by End-User
The hospital end-user segment accounted for the largest global multiparameter patient monitoring market share of 65% in 2022.
Healthcare professionals in hospitals use multiparameter patient monitoring devices as advanced monitoring devices for diagnosing patients' vital signs. The market is growing healthy and will likely grow steadily during the forecast period. Majorly due to the adoption of advanced homecare settings by patients with low and mid acuity to avoid problems caused during the hospital stays.
The availability of skilled healthcare professionals with knowledge and expertise in handling multiparameter patient monitoring devices, along with the availability of these devices in the intense care units and emergency departments, coupled with the increasing chronic disease prevalence, is driving the demand for multiparameter patient monitoring devices in hospitals across the globe.
GEOGRAPHICAL ANALYSIS
North America dominated the global multiparameter patient monitoring market and accounted for 39.48% of the market share in 2022.
Factors like an increasingly old age population, a moderate increase in ICU admission, and the availability of advanced technology for remote patient monitoring & home care technology contribute to the industry's growth. It was estimated that by 2022, 63 million smart homes would be there in North America for the effective monitoring of vital parameters of the end-user.
This huge number of smart homes has increased the demand for remote multiparameter patient monitors, driving the North America market in the upcoming years.
COMPETITIVE LANDSCAPE
The global multiparameter patient monitoring market is highly competitive and characterized by global, regional, and local players offering multiparameter patient monitoring devices.
However, the key market players offering high-quality multiparameter patient monitoring devices account for considerable shares in the overall market. Most of the key players focus strategically on North America and Europe markets as they are the top two major revenue contributors.
Leading multiparameter patient monitoring market players are also focusing on expanding the product portfolio of portable/compact multiparameter patient monitors as the demand for such devices is increasing among the end-users.
Key Attributes:
Report Attribute
Details
No. of Pages
322
Forecast Period
2022 - 2028
Estimated Market Value (USD) in 2022
$9.55 Billion
Forecasted Market Value (USD) by 2028
$15.2 Billion
Compound Annual Growth Rate
8.0%
Regions Covered
Global
Market Opportunities & Trends
Increasing Demand for Multi-Parameter Patient Monitoring in Home Care Settings
Growing Demand for Portable/Compact Multi-Parameter Patient Monitors
Integration of Multi-Parameter Patient Monitors With Wireless and Remote Monitoring Platforms
Advances in Remote Patient Monitoring Technology
Market Growth Enablers
Growing Demand for Real-Time Patient Monitors in Critical Care
Increasing Target Patient Population With Various Diseases
Enhancements in Multi-Parameter Patient Monitoring
Market Restraints
False Alarms & Alarm Fatigue
Increasing Regulatory Complexities
High Cost of Multi-Parameter Patient Monitoring Devices
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