Multiparameter Patient Monitoring Market size is poised to reach USD 24 Billion by the end of 2036, expanding around 8% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of multiparameter patient monitoring was USD 11 Billion. The reason behind the growth is due to the rising cases of chronic diseases. Healthcare providers can closely monitor patients with chronic diseases using multiparameter patient monitoring systems since it is effective for monitoring patients' acute and chronic illnesses and helps to reduce treatment costs in critically ill patients. According to the World Health Organization (WHO), Noncommunicable diseases (NCDs) kill around 41 million people per year, accounting for 74% of all deaths worldwide.
The growing advancements in wearable technology are believed to fuel the market growth. Technological advancements such as biostickers, artificial intelligence (AI), wearable patient monitoring devices, for multi-parameter diagnosis and monitoring, and wireless neonatal body monitors have resulted in patient monitoring devices that provide faster, more accurate results, and their use in healthcare has given rise to the concept of "smart health."
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~8% |
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Base Year Market Size (2023) |
~ USD 11 Billion |
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Forecast Year Market Size (2036) |
~ USD 24 Billion |
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Regional Scope |
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Device (Fixed, Portable)
The portable segment in the multiparameter patient monitoring market is estimated to gain a robust revenue share of 66% in the coming years owing to the increasing demand for wearable devices. Portable multiparameter patient monitoring systems allow for convenient mobility in patients as they can be easily transferred within the ward or from one hospital to another. Moreover, Furthermore, they are available in a variety of wearable forms to monitor the user's health. The combination of wearable devices with multiparameter monitoring systems has improved patient monitoring ease of use and accessibility that may be utilized pleasantly without causing any harm to the user and make monitoring more secure and comfortable. For instance, smartwatches are one of the most popular wearables categories worldwide, with revenues of over USD 44 billion predicted by 2023, with shipments of more than 250 million units in the same year.
Additionally, the fixed segment is expected to gain a significant market share of 34% by the year 2036. Fixed systems are most commonly found in hospital wards or other healthcare facilities where patients stay for extended periods to provide continuous monitoring of patient's vital signs and parameters at a centralized monitoring station.
Acuity Level (High Acuity Level, Mid-Low Acuity Level)
Multiparameter patient monitoring market from the high acuity segment is set to garner a notable share of 46% shortly. Patient monitoring systems, have become an essential component of all hospitals across the globe for better monitoring patients as they are primarily used to monitor vital signs during surgery as well as other parameters such as cardiac output, cerebrospinal fluid pressure, intracranial pressure, and ECG in ICUs, operating rooms, and emergency departments in a variety of healthcare settings, particularly in high-acuity areas, that have advanced significantly.
Multiparameter patient monitoring market from the mid-low acuity level segment is expected to garner significant revenue share during the forecast timeframe. Low acuity monitors are simple multi-parameter monitors that are used to monitor a patient's basic vital signs and are commonly used in ambulatory surgery centers as mid-acuity patient monitors are designed to fulfill the needs of a variety of hospital settings, as they are simple and portable, and they may work for up to four hours without the need for an additional battery attachment.
End-Use (Hospitals, Ambulatory Surgical Centers, Homecare Settings)
The hospitals segment in the multiparameter patient monitoring market is set to garner a notable share of 41% during the forecast timeframe. Multiparameter patient monitoring devices are advanced monitoring equipment that are commonly integrated into bedside monitors in intensive care units, acute care units, and emergency rooms in hospitals they are used by healthcare professionals to continuously monitor patients' health, by simultaneously measuring and display the relevant vital parameters of patients suffering from critical illness.
Additionally, the homecare settings segment is expected to garner significant market share by the year 2036. The increased use of multiparameter monitoring devices in homecare settings allows healthcare clinicians to track illness progression and treatment efficacy and makes it easier to evaluate the health of patients before they are admitted to the hospital.
Our in-depth analysis of the global market includes the following segments:
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Device |
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Acuity Level |
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End-Use |
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Age Group |
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North American Market Forecast
Multiparameter patient monitoring market in North America is predicted to account for the largest share of 42% by 2036 impelled by the increasing spending in healthcare. The United States spends far more on health than other high-income countries as the region spends about more than 15% of its GDP on health.
This has led to an increase in the introduction of advanced multiparameter patient monitoring systems in the region. For instance, Royal Philips along with Masimo launched advanced monitoring capabilities for Philips high acuity patient monitors to assist doctors in making timely and informed judgments without the need for extra monitoring equipment and assist clinicians in easily assessing and monitoring blood saturation in the brain using the same monitor. According to estimates, in 2021, healthcare spending in the United States increased by more than 2% to around USD 4 trillion, or roughly USD 12,913 per person.
APAC Market Statistics
The APAC multiparameter patient monitoring market is estimated to be the second largest, during the forecast period led by increasing digitization in healthcare. Digital technology is a quickly changing landscape with the potential to transform healthcare in India since the Indian government is actively focused on eHealth/Digital Health to improve public healthcare in the country. Moreover, Digitization in the Indian health scene began with telemedicine in India that provides access to medical consultation from a remote location. Remote patient monitoring technology is being used by Indian health systems as advances in remote monitoring and home health technology are transforming the healthcare business which has to increase the demand for multi-parameter patient monitors (MPMs).
Author Credits: Radhika Gupta, Shivam Bhutani
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