Multiparameter Patient Monitoring Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Multiparameter Patient Monitoring Market Size accounted for USD 10,902 Million in 2021 and is estimated to achieve a market size of USD 17,565 Million by 2030 growing at a CAGR of 5.6% from 2022 to 2030. One of the key factors of multiparameter patient monitoring market growth is the increased prevalence of chronic illnesses worldwide. Furthermore, increased awareness and availability of technologically sophisticated equipment around the globe will boost the multiparameter patient monitoring market value.

Multiparameter Patient Monitoring Market Report Key Highlights

• Global multiparameter patient monitoring market revenue intended to gain USD 17,565 million by 2030 with a CAGR of 5.6% from 2022 to 2030
• North America region led with more than 41% multiparameter patient monitoring market share in 2021
• Asia-Pacific regional market is expected to grow at a CAGR of more than 6% during the forecast period
• Among age group, geriatric category occupied more than 54% of the total market share
• By type, portable segment generated about 66% market share in 2021
• Rising demand for real-time and remote patient monitoring, drives the multiparameter patient monitoring market size

The multiparameter patient monitoring system is a solution that helps healthcare centers to enhance and improve clinical performance. The multiparameter patient monitors are available in a broad range. The multiparameter patient monitors have various functions such as drug dose calculation, pace detection, pediatric, adult, and neonatal monitoring and night mode facility.

Global Multiparameter Patient Monitoring Market Trends

Market Drivers

• Rising prevalence of chronic diseases 
• Growing awareness of the availability of technically sophisticated multiparameter monitors
• Increased demand for home care monitoring equipment
• Rising demand for real-time and remote patient monitoring

Market Restraints

• Strict regulatory framework
• High cost of multiparameter monitoring devices

Market Opportunities

• Increasing adoption of compact home multiparameter patient monitoring devices in Europe and North America
• Integration of advanced technology into multiparameter monitors

Multiparameter Patient Monitoring Market Report Coverage

Growing incidences of chronic diseases such as diabetes and cancer, rising awareness regarding the accessibility of technologically advanced multiparameter patient monitoring solutions, increasing geriatric population and several initiatives taken by governments are some of the fundamental factors that are driving the multiparameter patient monitoring market growth globally. Growing incidences of chronic diseases such as diabetes and cancer in various regions and rapid growth in the healthcare sector are some of the factors driving the growth of the global market. Various technical innovations and advancements in this field are expected to boost the development of the market in the coming years. Furthermore, the growing penetration of mobile healthcare technology and increasing inclination towards the internet of things (IoT) in the medical field are some of the factors boosting the growth of the market. Furthermore, occurrences of endocrine diseases such as hyperthyroidism and diabetes are exclusively high in emerging countries and these diseases consequence in chronic conditions that need critical monitoring and surgeries of vital parameters. Portable multiparameter patient monitors are easy to operate and are very accurate which boosts the demand for multiparameter patient monitoring devices in the treatment of the elderly population base.

Also, favorable demographic trends such as the increasing geriatric population vulnerable to diseases and various infections have positively influenced the global multiparameter patient monitoring market growth. Additionally, rising awareness regarding the accessibility of technologically advanced multiparameter patient monitoring solutions among developing economies is anticipated to spur overall market growth in the coming future. However, the high cost associated with multiparameter patient monitoring devices and the lack of awareness towards technologically advanced healthcare devices are some of the factors that may restrict the growth of the global multiparameter patient monitoring market.

Multiparameter Patient Monitoring Market Segmentation         

The worldwide multiparameter patient monitoring market segmentation is based on the type, acuity level, age group, end use, and geography.

Multiparameter Patient Monitoring Market By Type

• Fixed
• Portable

According to a multiparameter patient monitoring industry analysis, the portable segment leads the market in 2021. This could be ascribed to the numerous benefits provided by portable medical systems, such as their light weight for simple transit within and outside of hospitals. Furthermore, they are available in a wearable version that allows patients greater movement and may be used in any context, including homecare settings.

Multiparameter Patient Monitoring Market By Acuity Level

• High-Acuity
• Mid-Acuity
• Low-Acuity

In terms of acuity level, the high-acuity level segment held the largest market share in 2021. The rise in the prevalence of various health issues, as well as the use of high-acuity devices for better monitoring patients, will drive market demand. These devices can monitor all vital signs as well as other parameters including cardiac output, cerebrospinal fluid pressure, intracranial pressure, as well as ECG, which increases the size of the segment.

Multiparameter Patient Monitoring Market By Age Group

• Pediatric
• Adult
• Geriatric

Based on the age group, the geriatric segment held the largest share of the multiparameter patient monitoring system market. The segment is also predicted to develop the fastest over the forecast timeframe, owing to a constantly growing elderly population prone to a variety of chronic illnesses that necessitate constant monitoring of patients.

Multiparameter Patient Monitoring Market By End Use

• Hospitals
• Ambulatory Surgical Centers
• Homecare Settings

According to a multiparameter patient monitoring market forecast, the hospital segment leads the market and is predicted to increase significantly in the coming years. This is due to an increase in the number of individuals treated in hospitals for wounds, chronic diseases, and other situations. 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.

Multiparameter Patient Monitoring Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)