Global Multi-parameter Patient Monitoring Market Outlook, 2028

Global Multi-parameter Patient Monitoring Market Outlook, 2028

In the realm of modern healthcare, continuous and accurate patient monitoring is fundamental for delivering optimal care. Multiparameter patient monitoring devices have emerged as essential tools in healthcare settings, enabling healthcare professionals to track and analyze a multitude of physiological parameters in real time. These devices provide real-time data on various physiological parameters, enabling healthcare providers to monitor and manage patients more effectively. As technology continues to advance, the multiparameter patient monitoring device industry is poised for significant growth and innovation. Multiparameter patient monitoring devices are sophisticated instruments designed to track and display multiple physiological parameters simultaneously. These parameters typically include vital signs such as heart rate, blood pressure, respiratory rate, temperature, and oxygen saturation. Advanced devices may also incorporate additional parameters such as cardiac output, electrocardiography (ECG or EKG), and capnography. The development of multiparameter patient monitoring devices has come a long way since the early days of single-parameter monitors. Today's devices are capable of monitoring multiple physiological parameters simultaneously, offering a comprehensive view of a patient's health. Many modern multiparameter monitoring devices feature wireless connectivity, allowing healthcare professionals to access real-time patient data remotely. This wireless capability enhances flexibility in patient care and supports the trend toward telemedicine. Some multiparameter monitors can sync with smartphones and other smart devices, enabling patients to monitor their health conditions at home conveniently. This integration promotes patient engagement and allows for more proactive self-care. These devices are equipped with customizable alarm systems that alert healthcare providers to deviations from normal ranges in vital signs. The alarms are tailored to specific patient needs, ensuring that healthcare professionals are notified promptly of any critical changes. The widespread adoption of multiparameter patient monitoring devices has had a positive impact on patient outcomes globally. These devices contribute to early intervention, improved patient safety, and better overall healthcare management.

According to the research report, “Global Multi-parameter Patient Monitoring Device Market Outlook, 2028” published by Bonafide Research, the market is anticipated to cross USD 14 Billion by 2028, increasing from USD 10.04 Billion in 2022. The market is expected to grow with more than 5.98% CAGR by 2023-28. The market growth is primarily driven by the increasing demand for early diagnosis and treatment of chronic illnesses, the growing need for real-time patient monitors in critical care units, utilizing data points for enhanced clinical decisions, and providing hospital-like care in home care settings. The growth trajectory faced a few obstacles during the covid-19 pandemic. According to the CDC, in March 2020, regulators & health authorities ordered all private clinics and ambulatory care centers to stop screening patients, except for emergency procedures, resulting in high revenue loss across the health sector. Despite such obstacles, the COVID-19 epidemic has had a positive effect on the multiparameter monitoring devices industry. Ongoing advancements in sensor technologies, wireless connectivity, and data analytics contribute to the development of more sophisticated and accurate multiparameter monitoring devices. The increasing prevalence of chronic diseases, such as cardiovascular disorders, diabetes, and respiratory conditions, is driving the demand for continuous monitoring solutions. Multiparameter devices play a crucial role in managing and preventing complications associated with these conditions. As the global population ages, there is a growing need for healthcare solutions that enable proactive and preventive care. Multiparameter monitoring devices support the monitoring of elderly patients, allowing for timely interventions and reducing hospital admissions. The trend towards home healthcare is gaining momentum, with patients preferring the comfort of their homes for long-term care. Multiparameter devices that are user-friendly and portable facilitate effective remote monitoring, empowering patients to actively participate in their care. Multiparameter patient monitoring devices are adaptable to various healthcare settings, including hospitals, clinics, ambulatory care, and even home healthcare. This versatility makes them valuable tools across different stages of patient care. Advanced signal processing techniques and algorithms help minimize false alarms, ensuring that healthcare providers receive accurate and actionable alerts. This is crucial for preventing alarm fatigue and maintaining the effectiveness of the monitoring system.

North America dominated the global market in 2022 owing to the higher healthcare expenditure, growing initiatives to offer advanced patient monitoring products, and private-public partnerships.
Factors such as an aging population, an increase in ICU admissions, and the availability of improved technology for remote patient monitoring and home care technologies all contribute to the industry's expansion. It is expected that by 2022, there will be over 60 million smart homes in North America for effective monitoring of end-user important indicators. Because of the large number of smart homes, there is a rising demand for remote multiparameter patient monitors, which will drive the North American market in the next years. Rising healthcare spending, as well as increased investment in R&D activities to manufacture sophisticated patient monitoring technology, will help the entire industry. Furthermore, the existence of contemporary healthcare institutions in ASCs and hospitals, as well as favorable government support for the innovation of improved monitoring products, is expected to help the market gain significant traction. Furthermore, the presence of a varied range of manufacturers in North America will improve industry income. In addition, key players are implementing strategic initiatives to gain a higher market share within the regional market. For instance, in July 2021, Abbott introduced Jot Dx, an insertable cardiac monitor. It can reduce data burden and diagnose abnormal heart rhythms. In February 2021, Flosonics Medical, a Canadian medical device company focused on non-invasive hemodynamic monitoring, closed funding of USD 14 million. The grant helps to develop non-invasive wireless sensors to improve the management of critically ill patients. Moreover, in June 2022, GE Healthcare launched its wireless patient monitoring system, Portrait Mobile. Its new device help clinicians detect early patient deterioration and constantly monitor patients' health during their stay at the hospital.

The portable segment dominated the revenue share in 2022 attributed to various advantages offered by portable systems, such as they are lightweight for easy transportation.

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. In addition, they come in a wearable form that offers greater mobility to patients and can be used in any environment, including homecare settings. They offer vital benefits to healthcare facilities; cancer centers, hospitals, and other healthcare facilities are seeking ways to increase their reach & provide better care to patients. Portable multiparameter patient monitoring systems offer easy mobility across different departments within and outside the hospital. The portable systems or devices are technologically advanced lightweight products that incorporate digital technology and the ubiquity of smartphones with wireless connectivity and cloud integration. 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. Increasing home healthcare, the expansion of ambulatory care facilities, the expanding convenience of monitoring post-surgical recovery patients, and the increasing acceptance of remote patient monitoring are some of the primary drivers accelerating the segment growth during the forecast period. Portable multiparameter patient monitors have become more important in providing high-quality treatment to patients.

The high acuity multiparameter patient monitoring systems segment dominated the market with higher revenue share in 2022 attributed to the high cost of these systems, the ability to store patient data, along with advanced connectivity options.

High acuity multiparameter patient monitoring systems are experiencing growth as continuous advancements in technology have led to the development of more sophisticated and accurate monitoring devices. These systems can now measure and track multiple parameters simultaneously, providing a more comprehensive view of a patient's health status. Patients in critical care or high acuity settings often have complex medical conditions and may require monitoring of multiple physiological parameters. As healthcare evolves to manage a more diverse range of conditions, the need for comprehensive monitoring solutions has grown. High acuity monitoring allows healthcare providers to detect changes in a patient's condition in real time. Early detection of deteriorating health can lead to quicker interventions and improved patient outcomes. Timely response to changes in vital signs or other parameters can prevent complications and reduce mortality rates. The rise of remote patient monitoring has contributed to the growth of high acuity monitoring systems. These systems enable healthcare professionals to monitor patients outside traditional hospital settings, providing continuous care and reducing the need for frequent hospital visits. Modern patient monitoring systems often offer seamless integration with electronic health records (EHRs) and other healthcare information systems. This connectivity allows for more efficient data sharing, coordination among healthcare teams, and a holistic approach to patient care. The focus on patient-centered care emphasizes the importance of monitoring patients in a way that minimizes discomfort and allows for more personalized treatment plans. High acuity monitoring systems can provide necessary data without invasive procedures, contributing to a more patient-friendly healthcare experience. The increasing prevalence of chronic diseases, such as cardiovascular conditions and respiratory disorders, has led to a higher demand for continuous monitoring. Patients with these conditions often require close surveillance of various parameters to manage and prevent exacerbations.

The geriatric segment accounted for the highest revenue share. The dominant share is owing to higher chronic disease prevalence in the elderly, which requires continuous patient monitoring.

The elderly population is more prone to chronic health conditions such as cardiovascular diseases, respiratory disorders, diabetes, and hypertension. Multiparameter patient monitoring systems are essential for continuous surveillance of these conditions, allowing for early detection and timely intervention. Geriatric patients often have complex healthcare needs due to the presence of multiple comorbidities. Multiparameter monitoring systems are capable of simultaneously tracking various physiological parameters, providing a comprehensive overview of the patient's health status and aiding healthcare providers in managing complex medical conditions. Older adults are at a higher risk of experiencing acute health events, such as cardiac events or respiratory distress. Multiparameter patient monitoring allows for real-time tracking of vital signs, helping healthcare providers detect and respond promptly to any deviations from normal values. Timely detection of health deterioration is crucial in the geriatric population. Multiparameter monitoring systems enable continuous monitoring, facilitating the early identification of subtle changes in vital signs or other parameters that may indicate a decline in health. Continuous monitoring at home or in long-term care settings using multiparameter systems helps in reducing the likelihood of hospital readmissions. By providing healthcare professionals with real-time data, these systems assist in managing patients' health outside of traditional healthcare settings, improving overall healthcare outcomes and reducing healthcare costs. The global population is aging, and a significant proportion of healthcare resources is dedicated to addressing the healthcare needs of the elderly. This demographic shift contributes to the increasing demand for multiparameter patient monitoring systems designed to meet the specific requirements of the geriatric population. The geriatric population may face challenges in visiting healthcare facilities frequently. These systems, especially those integrated with telehealth technologies, enable remote monitoring. This is particularly valuable for elderly patients who can receive continuous care from the comfort of their homes.

The hospital end-user segment accounted for the largest global multiparameter patient monitoring market share in 2022 as 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. Multiparameter patient monitors are commonly used in general hospitals and intensive care units to continually monitor individuals' health based on individual vital factors such as blood pressure, respiration rate, oxygen saturation, as well as heart rate. 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. However, the home healthcare settings are expected to grow at the highest CAGR rate during the forecast period. It is due to the increasing demand for home care monitoring equipment. Also, due to the increasing elderly population, there is significant growth for delivery and portability of medicare at home, which is boosting the market growth. Furthermore, the hospitals' segment is expected to capture the largest market share in terms of revenue throughout the forecast period. The segment will maintain its dominance during the forecast period owing to an increase in the number of people admitted to hospitals due to injuries, chronic diseases, and other emergencies. In addition, the growing demand for adequate patient management and care, along with the presence of trained healthcare practitioners in hospitals, will support industry advancement.

Market Drivers

• Rising Geriatric Population: The increasing global geriatric population is a significant driver for the multiparameter patient monitoring system market. With aging comes a higher prevalence of chronic diseases and complex healthcare needs. Multiparameter monitoring systems are essential in managing the health of the elderly, providing continuous surveillance of vital signs and enabling early detection of potential health issues. As the elderly population continues to grow, the demand for advanced monitoring technologies tailored to their specific requirements is expected to increase, driving market growth.

• Technological Advancements and Connectivity: Technological advancements play a pivotal role in the growth of the multiparameter patient monitoring system market. Continuous innovation has led to the development of more sophisticated devices capable of monitoring multiple parameters simultaneously. Moreover, the integration of these systems with electronic health records (EHRs), telehealth platforms, and other healthcare information systems enhances connectivity, allowing for seamless data sharing and improving overall patient care. The evolving landscape of healthcare technology and connectivity is a key driver shaping the market's trajectory.

Market Challenges

• Data Security Concerns: One of the primary challenges facing the multiparameter patient monitoring system market is the increasing concern over data security. With the proliferation of connected healthcare devices and the transmission of sensitive patient data, there is a heightened risk of cybersecurity threats. Healthcare providers and manufacturers must invest in robust security measures to safeguard patient information and maintain the trust of both healthcare professionals and patients in the use of these monitoring systems.

• High Implementation Costs: The implementation costs associated with acquiring and integrating multiparameter patient monitoring systems can be a significant barrier, particularly for smaller healthcare facilities and those in resource-limited settings. The initial investment in these advanced technologies, along with training healthcare staff to effectively use and interpret the data, poses a financial challenge. Striking a balance between the benefits of improved patient care and the upfront costs remains a key challenge for widespread adoption.

Market Trends

• Rise of Remote Patient Monitoring (RPM): A prominent trend in the multiparameter patient monitoring system market is the increasing adoption of Remote Patient Monitoring (RPM). The integration of multiparameter systems with RPM allows healthcare providers to monitor patients in real-time outside traditional healthcare settings. This trend is driven by the growing emphasis on delivering care beyond the hospital, improving patient outcomes, and reducing healthcare costs. The COVID-19 pandemic has further accelerated the acceptance and implementation of remote monitoring technologies.

• Artificial Intelligence (AI) and Predictive Analytics: The incorporation of Artificial Intelligence (AI) and predictive analytics into multiparameter patient monitoring systems is a transformative trend. AI algorithms analyze vast amounts of patient data in real-time, enabling early identification of patterns indicative of health deterioration. This trend not only enhances the accuracy and efficiency of monitoring but also supports predictive and preventive healthcare strategies. As AI capabilities continue to advance, the integration of intelligent analytics into multiparameter monitoring systems is poised to redefine patient care.

Covid-19 Impacts

The healthcare landscape underwent a rapid transformation as the pandemic highlighted the critical need for continuous patient monitoring and remote healthcare solutions. With an increased emphasis on minimizing in-person interactions to reduce the risk of virus transmission, there has been a heightened demand for remote patient monitoring systems, including multiparameter solutions. These systems played a pivotal role in monitoring COVID-19 patients in both hospital and home settings, allowing healthcare providers to track vital signs, oxygen levels, and other parameters remotely. The pandemic accelerated the adoption of telehealth and remote monitoring technologies, pushing healthcare systems to invest in advanced multiparameter patient monitoring solutions that support virtual care delivery. Furthermore, the pandemic underscored the importance of early detection and intervention, aligning with the capabilities of multiparameter monitoring systems to provide real-time insights into patients' health status. While the initial focus was on managing COVID-19 cases, the lasting impact has been a broader recognition of the value of multiparameter patient monitoring in enhancing overall healthcare resilience and responsiveness in the face of unforeseen challenges.

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. The market is witnessing technological advancements and is significantly affected by new product launches. Abbott Laboratories, Medtronic plc , Koninklijke Philips N.V., Becton, Dickinson and Company, GE HealthCare Technologies, Inc., Nihon Kohden Corporation, Baxter International Inc., OSI Systems, Inc., Mindray Medical International Limited, Omron Corporation, Schiller AG, Masimo Corporation, BPL Medical Technologie and Natus Medical Incorporated are the key vendors in the global multiparameter patient monitoring market. Other prominent players such as Drägerwer and Skanray Technologies are also competing stiffly by launching technologically advanced devices such as multiparameter patient monitors with portable and remote monitoring and wearable features. Therefore, the multiparameter patient monitoring market is witnessing moderate competition among key and other players.

Key Developments

• In December 2022, Mindray, a medical device firm, launched a wearable patient monitoring device, mWear system that has vital sign parameters for efficient workflow and patient care. This is set to improve the company’s product portfolio.

• September 2022- Google Cloud and Fitbit Health Solutions launched the Device Connect for Fitbit solution, which aims to give healthcare organizations a more holistic view of patients outside clinical settings using data from wearable devices. Google's technology aims to ""help people live better lives"" by reducing time to insights for healthcare companies while maintaining security and privacy.

• August 2022- SmartCardia launched a Cardiac Monitoring Patch in India. SmartCardia's AI platform tracks the 7L patch, developed from millions of ECG segments interpreted by cardiologists and certified cardiac technicians. It also performs real-time detection of important arrhythmia events at cardiologist-level accuracy.

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Multi-parameter Patient Monitoring market with its value and forecast along with its segments
• Region & Country-wise Multi-parameter Patient Monitoring market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Device

• Portable
• Fixed

By Acuity Level

• High-Acuity Level
• Medium Acuity Level
• Low Acuity Level

By End User
• Hospital
• Homecare Settings
• Ambulatory Surgical Centers

By Age Group

• Geriatric
• Pediatric
• Adult

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from
secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Multi-parameter Patient Monitoring industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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