Global multiparameter patient monitor systems market was valued at USD 10.0 million in 2020. It is expected to grow at a compound annual rate (CAGR of 5.7%) between 2021 and 2028. Market growth is likely to be driven by the growing demand for early diagnosis of and treatment for chronic diseases, high demand in critical care units for real-time patient monitoring systems, better clinical decisions, and the ability to document changes in patients' conditions at all stages. The global coronavirus epidemic caused huge losses in markets and drove countries into financial crisis. The CDC reports that in March 2020, all private clinics were ordered by regulators and health authorities to stop treating patients except for emergencies. This led to a significant revenue loss. The multiparameter monitoring device market has seen a positive impact from the pandemic. Recent studies have shown that patients could suffer from heart problems post-COVID infection. Remote patient monitoring will be the best option to treat and evaluate patients.
Multiparameter patient monitors can be used to improve the quality of healthcare both in the ICU and in-patient wards. Critically ill patients need monitoring, particularly in emergency departments. The physiological response to critical illness and the outcome of the treatment are strongly linked to monitoring. Multiparameter monitors are used to monitor critically ill patients and determine the effectiveness of therapeutic interventions.
Wireless communication technology and wearable devices have made it possible to monitor patients both inside and outside of hospitals. These technological advances enable the recording and transmission of data immediately from a patient’s device to a healthcare professional, which reduces the time it takes for evaluation and treatment.
Wireless networks, such as Radio Frequency ID (RFID), and Medical Body Area Networks(MBAN), have revolutionized healthcare diagnostics. There has been no discomfort due to their wireless design. This helps to monitor heart rate, blood pressure and body temperature as well as oxygen levels.
Single-use portable devices have increased patient flexibility and saved money on hospital visits. These portable devices are convenient and easy to use due to the increasing demand for home-based medical treatment for the elderly population.
With a market share of more than 65.0%, portable multiparameter patient monitor systems dominated in 2020. They are expected to maintain their dominance over the forecast period. Portable systems offer many advantages, including their portability and ease of transporting within and outside hospitals. They are also available in a wearable design that allows patients to move more easily and can be used in all environments, even homecare.
Multiparameter portable patient monitoring systems allow for mobility between different departments in and outside of the hospital. These lightweight, technologically advanced devices incorporate digital technology.
The market was dominated by high-acuity multiparameter patient monitor systems in 2020, with a revenue share exceeding 45.0%. They are expected to maintain their dominance over the forecast period. These systems are more expensive than low- and mid-acuity systems.
The increasing number of chronic conditions such as CVDs and respiratory disorders that require continuous monitoring is the reason for the growth in the high-acuity segment. Healthcare providers should prioritize high-acuity patients. In ICUs and operating theatres, high-acuity monitoring equipment is common.
With a market share of more than 53.0%, the geriatric segment was dominant in 2020. This segment is expected to see the fastest growth during the forecast period. This is due to the rapidly growing geriatric population, which is vulnerable to many chronic diseases, and requires continuous patient monitoring.
Due to an increasing number of people with chronic diseases and needing critical monitoring, the geriatric market is the leader. According to WHO statistics, 2018 saw 125 million people 80 years old or older. The projected number of people living in the 434 million range is expected to rise to 434 millions by 2050.
Many of the older population is affected by chronic diseases. Due to diabetes, elderly people are more likely to develop heart disease. According to the National Council of Aging, 80% of older people have at least one chronic condition and 77% have more than two. Around 12.2 million Americans aged 60 and older are affected by diabetes. One in four people over 60 years old are affected by mental disorders such as depression, anxiety disorder, and dementia. This number will likely reach 15 million in 2030.
In 2020, the hospitals segment accounted for 35.0% of the total market. This can be attributed to an increasing number of patients admitted to hospitals for chronic diseases, injuries, or other emergency situations. The market can be divided into hospitals, homecare, ambulatory surgical centres, and other settings based on end use. This includes clinics, diagnostic centers and academic research institutions.
Hospital growth is being boosted by an increasing number of patients admitted to hospitals for chronic diseases, injuries, or other emergency situations. Multiparameter patient monitors, which are used in general wards as well as ICUs, are widely used to monitor the health of patients. They can be used to monitor various vital parameters such oxygen saturation, heart rate, blood pressure, blood pressure, and respiration rate.
North America accounted for the largest market share, with more than 40% in 2020, due to its higher research spending, increased initiatives to develop advanced products and the private-public partnership. The high prevalence of chronic illnesses and the introduction support reimbursement schemes are key factors driving the market's growth in this region.
Asia Pacific is expected to grow at 6.2% CAGR over the forecast period. The region's market growth will be driven by rising per capita income, increased economic development, and the unmet needs of large populations in this region. The market is expected to grow due to rising demand for remote monitoring of patients and related services, as well as increased government spending on healthcare. China is also the largest producer of low-cost electronic products and chips. It is expected to draw investors from China and contribute to market growth.
To remain competitive and increase market share, market leaders are using key strategies like mergers and acquisitions, product launches and collaborations. Masimo Corporation, for example, announced in March 2020 that it had received FDA approval for continuous RRp monitoring of children and adults with Radius-7 Pulse Cooximeters Radical-7 and Rad-97. The device is now on sale in the United States, which has contributed to its growth. The following are some of the major players in the multiparameter global market for patient monitoring systems:
Koninklijke Philips N.V.
GE Healthcare
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
Dragerwerk AG & Co. KGaA
Medtronic
MASIMO CORPORATION
Skanray Technologies
SCHILLER
Spacelabs Healthcare
Smiths Medical
SternMed GmbH
Up Market Research published a new report titled “Multiparameter Patient Monitoring Systems Market research report which is segmented by Activity Level (Medium, Low, High), by Device Type (Portable, Fixed), By Players/Companies  MASIMO CORPORATION, Koninklijke Philips NV,  Shenzhen Mindray Bio-Medical Electronics Co Ltd, SternMed GmbH,  Dr¤gerwerk AG & Co KGaA,  Spacelabs Healthcare,  Smiths Medical,  GE Healthcare, SCHILLER,  Skanray Technologies,  Medtronic”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Multiparameter Patient Monitoring Systems Market Research Report |
By Activity Level | Medium, Low, High |
By Device Type | Portable, Fixed |
By Companies | Â MASIMO CORPORATION, Koninklijke Philips NV, Â Shenzhen Mindray Bio-Medical Electronics Co Ltd, SternMed GmbH, Â Dr¤gerwerk AG & Co KGaA, Â Spacelabs Healthcare, Â Smiths Medical, Â GE Healthcare, SCHILLER, Â Skanray Technologies, Â Medtronic |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 201 |
Number of Tables & Figures | 141 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Activity Level (Medium, Low, High), by Device Type (Portable, Fixed).
Multiparameter Patient Monitoring Systems Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Multiparameter Patient Monitoring Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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