Global Multi-parameter Patient Monitoring Market Overview, 2023-28

Global Multi-parameter Patient Monitoring Market Overview, 2023-28

Growing incidences of chronic diseases such as diabetes and cancer, rising awareness about the availability of technologically advanced multiparameter patient monitoring solutions, an aging population, and various government initiatives are some of the key factors driving the global multiparameter patient monitoring market growth. Growing prevalence of chronic diseases such as diabetes and cancer in various areas, as well as rapid growth in the healthcare industry, are some of the reasons driving worldwide market growth. Various technological improvements and advancements in this industry are projected to drive market growth in the future years. Furthermore, the increasing penetration of mobile healthcare technology and the growing interest in the internet of things (IoT) in the medical industry are some of the factors boosting the growth of the market. Furthermore, endocrine illnesses such as hyperthyroidism and diabetes are exclusively prevalent in developing countries, and these diseases result in chronic situations that necessitate critical monitoring and surgery of essential parameters. Portable multiparameter patient monitors are simple to use and extremely accurate, which increases the demand for multiparameter patient monitoring devices in the treatment of the geriatric population. Furthermore, favorable demographic trends such as a growing geriatric population prone to diseases and infections have influenced the growth of the worldwide multiparameter patient monitoring market. Furthermore, increased awareness among developing economies about the availability of technologically advanced multiparameter patient monitoring solutions is expected to drive overall market growth in the coming years. However, the high cost of multiparameter patient monitoring devices and a lack of awareness about technologically advanced healthcare technologies are two factors that may limit the worldwide multiparameter patient monitoring market's growth. The growing popularity of portable, at-home patient monitoring devices, notably in North America and Europe, is likely to drive industry growth. The growing number of elderly people with chronic illnesses in countries such as the United States and Canada who require continual vital monitoring is boosting the adoption rate of portable multiparameter patient monitoring devices, which is expected to propel the market forward.

According to the research report, “Global Multi-parameter Patient Monitoring Device Market Overview, 2023-28” 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 global population is aging, leading to an increased prevalence of chronic diseases and conditions that require continuous monitoring. Multi-parameter patient monitoring devices are crucial in managing the complex healthcare needs of the elderly population, as they allow simultaneous tracking of multiple vital signs and parameters associated with various medical conditions. There is a growing awareness of the importance of regular health monitoring and preventive care among individuals. Patients and healthcare providers alike recognize the value of continuous monitoring to detect and address health issues early, contributing to better overall health outcomes. This increased awareness has driven the demand for multi-parameter patient monitoring devices. The rise of telehealth and remote patient monitoring has been accelerated, especially in response to the COVID-19 pandemic. Multi-parameter patient monitoring devices play a crucial role in remote monitoring, allowing healthcare professionals to track patients' vital signs and health metrics without the need for frequent in-person visits. This trend is expected to persist as healthcare delivery models continue to evolve. There is a growing trend towards home healthcare, and patients are increasingly taking an active role in managing their health. Multi-parameter monitoring devices empower individuals to monitor their health in the comfort of their homes, fostering a sense of control and allowing for early detection of any changes or abnormalities. Multi-parameter patient monitoring devices provide healthcare providers with valuable, real-time data, enabling them to make informed decisions and intervene promptly when necessary. This not only improves patient outcomes but also contributes to more efficient healthcare delivery and resource utilization. The integration of artificial intelligence (AI) and machine learning algorithms into multi-parameter patient monitoring devices enhances their capabilities. AI-driven analytics can analyze large datasets, identify patterns, and provide predictive insights, assisting healthcare professionals in making more accurate diagnoses and personalized treatment plans.

The Asia-Pacific region is experiencing significant growth in the Multi-parameter Patient Monitoring Device Market due to several key factors. First and foremost, the increasing prevalence of chronic diseases and a rapidly aging population in countries across the region have heightened the demand for advanced healthcare solutions, including multi-parameter patient monitoring devices. As the healthcare infrastructure continues to improve, there is a greater emphasis on adopting state-of-the-art technologies to enhance patient care and outcomes. Moreover, the rising awareness among healthcare professionals and patients about the benefits of continuous monitoring for early detection and management of medical conditions has spurred the uptake of these devices. Additionally, favorable government initiatives, investments in healthcare technology, and collaborations between international and local companies have contributed to the expansion of the market in the Asia-Pacific region. The ongoing advancements in technology, coupled with the increasing affordability and accessibility of healthcare devices, further support the robust growth of the multi-parameter patient monitoring device market in this dynamic and diverse geographical area. The growth of fixed devices in the Multi-parameter Patient Monitoring Device Market can be attributed to several factors. Fixed devices, such as bedside monitors and central monitoring systems, are becoming increasingly popular due to their ability to provide continuous and real-time monitoring of multiple vital signs in a hospital or clinical setting. These devices offer a comprehensive and centralized approach to patient care, allowing healthcare professionals to efficiently track and analyze crucial parameters like heart rate, blood pressure, respiratory rate, and more, all from a centralized location. The demand for fixed devices is also driven by the growing emphasis on patient safety and the need for early detection of potential health issues. The integration of advanced technologies, such as wireless connectivity and data analytics, into fixed monitoring devices enhances their functionality, making them more attractive to healthcare facilities looking to optimize patient outcomes. Additionally, the rising prevalence of chronic diseases and the increasing number of patients requiring continuous monitoring contribute to the expanding market for fixed multi-parameter patient monitoring devices, as they play a crucial role in delivering timely and effective healthcare interventions.

The growth of low acuity level devices in the Multi-parameter Patient Monitoring Device Market is driven by a shifting healthcare paradigm towards more decentralized and remote patient monitoring solutions. Low acuity level devices, such as wearable monitors and home-based monitoring systems, have gained prominence as they enable continuous tracking of vital signs outside traditional healthcare settings. These devices empower individuals to actively participate in managing their health by providing real-time data on parameters like heart rate, blood oxygen levels, and activity patterns. The increasing prevalence of chronic conditions and the desire for more personalized and patient-centric healthcare solutions contribute to the rising demand for low acuity level devices. Furthermore, advancements in sensor technologies, improved battery life, and enhanced connectivity options have made these devices more user-friendly and reliable. The COVID-19 pandemic has also accelerated the adoption of remote monitoring solutions, emphasizing the importance of low acuity level devices in monitoring patients in the comfort of their homes. This trend aligns with the broader healthcare industry's focus on preventive care, early intervention, and reducing hospital readmissions, making low acuity level devices a crucial and growing segment in the multi-parameter patient monitoring market. The growth of adult-oriented multi-parameter patient monitoring devices in the market can be attributed to several key factors. The aging global population, particularly in developed regions, has led to an increased prevalence of chronic diseases and age-related health concerns among adults. As a result, there is a growing need for continuous and comprehensive monitoring of vital signs in this demographic. Adult-focused multi-parameter patient monitoring devices offer sophisticated and tailored solutions to address the unique healthcare requirements of this population, providing real-time data on parameters such as heart rate, blood pressure, and respiratory rate.

The rise in lifestyle-related diseases and the increasing awareness of the importance of preventive healthcare contribute to the expanding market for adult-oriented monitoring devices. Furthermore, advancements in technology, including wearables and smart sensors, have improved the convenience and usability of these devices, making them more attractive to adult users. As healthcare systems strive to enhance patient outcomes and optimize resource utilization, the demand for adult-specific multi-parameter patient monitoring devices is expected to continue growing as they play a crucial role in proactive health management and early detection of potential health issues in the adult population. The growth of multi-parameter patient monitoring devices in homecare settings is a result of several interconnected factors. A notable shift in healthcare delivery towards patient-centric and value-based models has spurred the demand for solutions that enable remote monitoring and management of health conditions outside traditional clinical environments. The aging population and the prevalence of chronic diseases have increased the need for continuous monitoring, making homecare settings an ideal space for the deployment of multi-parameter patient monitoring devices. These devices empower individuals to actively participate in their healthcare by providing real-time data on vital signs, promoting early detection of potential issues, and facilitating timely interventions. Advances in technology, such as compact and user-friendly wearable devices, have enhanced the feasibility and comfort of monitoring patients at home. Additionally, the COVID-19 pandemic has accelerated the adoption of telehealth and remote monitoring solutions, further emphasizing the importance of homecare settings in the multi-parameter patient monitoring device market. As healthcare systems strive for efficiency, cost-effectiveness, and improved patient outcomes, the expansion of multi-parameter monitoring devices into homecare settings is expected to continue as a pivotal aspect of modern healthcare delivery.

Market Drivers

• Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases, such as cardiovascular disorders, diabetes, and respiratory conditions, contributes significantly to the demand for multiparameter patient monitoring systems. These systems are crucial for the continuous monitoring and management of patients with chronic illnesses, enabling healthcare providers to make informed decisions and optimize treatment plans.

• Patient-Centric Care and Empowerment: There is a growing emphasis on patient-centric care and empowerment, with patients actively participating in the management of their health. Multiparameter patient monitoring systems empower patients by providing them with real-time data about their health status. This trend aligns with the broader shift toward personalized medicine, where treatment plans are tailored to individual patient needs and characteristics.

Market Challenges

• Interoperability Issues: Interoperability challenges pose a hurdle to the seamless integration of multiparameter patient monitoring systems with existing healthcare infrastructure. Variability in data formats and communication standards across different devices and platforms can hinder the efficient exchange of information. Overcoming interoperability issues is crucial for ensuring the smooth functioning of these systems in diverse healthcare ecosystems.

• Regulatory Compliance and Standardization: The multiparameter patient monitoring system market faces challenges related to regulatory compliance and standardization. Different regions may have varying regulatory requirements, and ensuring that monitoring systems comply with these standards can be complex. Harmonizing regulatory frameworks and establishing industry standards are essential to foster innovation and facilitate the global adoption of these technologies.

Market Trends

• Wearable Technology Integration: The integration of multiparameter patient monitoring capabilities into wearable devices is a notable trend. Wearable technologies, such as smartwatches and fitness trackers, equipped with advanced sensors, allow individuals to monitor their health continuously. This trend aligns with the increasing interest in proactive health management and wellness, expanding the application of multiparameter monitoring beyond clinical settings.

• Focus on Preventive Healthcare: A trend towards preventive healthcare is driving the development of multiparameter patient monitoring systems that emphasize early detection of health issues and risk factors. These systems support a shift from reactive to proactive healthcare, enabling healthcare providers to intervene early and implement preventive measures, ultimately improving health outcomes and reducing the burden on healthcare systems.

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.

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-wise Multi-parameter Patient Monitoring market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & 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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