According to the latest market study of Future Market Insights (FMI), The global multi-parameter patient monitoring market accounted for revenue worth US$ 4.6 Bn in 2022, and is projected to reach a valuation of US$ 6.1 Bn by 2028. Demand for multi-parameter patient monitors is anticipated to increase at a CAGR of 4.6% (2022-2028).
The study finds that the multi-parameter patient monitoring market in North America and Europe, combined, will account for a share of over 60% of the total revenue. The concentration of global multi-parameter patient monitoring market revenue in developed regional markets has been attributed to consolidation of healthcare facilities and rapid technology adoption within these regions.
Rising affluence in emerging markets and increasing aging population in developed economies are expected to boost the healthcare spending, which is expected to boost the multi-parameter patient monitoring market. Increasing healthcare spending is expected to boost the demand for chronic disease treatment, thereby creating high growth opportunities for competitors in the global the multi-parameter patient monitoring market landscape.
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Multi-parameter Patient Monitoring Systems Ubiquitous in Emergency Care Units
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According to the World Bank, around 1.25 million people get injured in road accidents, annually.
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The global cost of addressing road traffic injuries is estimated to be over US$ 500 billion, each year.
FMI finds that the rising number of accidents has increased the rate of hospital admissions, particularly in emergency care, which is expected to be another factor driving the global multi-parameter patient monitoring market.
Moreover, the market for multi-parameter patient monitoring is rising due to the increasing demand for improved intensive care in the healthcare system. Earlier, intensive care services were limited to developing countries, however, with increasing awareness about the importance of better patient care, the demand for intensive care is also increasing in the developing and emerging regions.
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Dearth of Skilled Healthcare Professionals May Continue to Restrict High-potential Sales Opportunities
People who treat patients directly and play a vital role in a healthcare system are meant to be the primary line of defence against widespread epidemics. However, the lack of skilled professionals is likely to hamper the growth of the global multi-parameter patient monitoring market. Some of the countries of the Asia Pacific region do not have the required number of skilled professionals for patient care and handling, which continues to challenge market growth within the region.
Multi-parameter Patient Monitoring Market Segmentation Analysis
- Based on the acuity level, the global multi-parameter patient monitoring market has been segmented broadly into high acuity level, mid acuity level, and low acuity level. The high acuity level segment is expected to hold a prominent share in the global multi-parameter patient monitoring market value.
- Based on modality, table-top multi-parameter patient monitors will continue to handheld or portable variants, according to FMI’s analysis.
- Among end user segments, maximum adoption of multi-parameter patient monitoring devices and services will reportedly prevail in hospitals, as indicated by the report.
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Some of the key players of the multi-parameter patient monitoring market are General Electric Company, Koninklijke Philips N.V., Medtronic plc, OSI Systems, Inc., Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA (Draeger, Inc.), Masimo, Contec Medical Systems Co., Ltd., General Meditech, Inc., Mindray Medical International Limited, and Schiller AG.
Explore FMI’s Extensive ongoing Coverage on Healthcare Domain
Remote Patient Monitoring Devices Market – Remote patient monitoring devices supports in monitoring of patient’s physical condition. Patient does not need to visit the medical practitioner. Digital technology is used in remote patient monitoring devices to gather health and other forms of medical data to securely pass on to healthcare providers situated at different location for clinical review.
Patient Handling Equipment Market – Patient handling devices are assistive devices which allows the patients in hospitals and nursing homes and other medical centers to transfer between beds and chair other places. Patient handling equipment designed to help the patients with some mobility but who are lack the strength to control their body movements.
MRI Compatible Patient Monitoring Systems Market – The magnetic resonance imaging (MRI) is an imaging technique designed to visualize internal structures of the body using magnetic and electromagnetic fields which induce a resonance effect of hydrogen atoms.
Critical Care Patient Monitoring Products Market – The critical care patient monitoring products market is expected to grow at a CAGR of 8.6%. The introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are significant drivers boosting the critical care patient monitoring products market’s growth.
Wireless Patient Monitoring Market – Despite high level of medical observation, medical monitoring and record maintenance by a physician or a nurse, it is difficult to keep in mind/track the various patient data/information for over a period of time. Hence, the Patient Monitoring System (PMS) is invented.
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