Multiparameter Patient Monitoring Market Size, Share, and Trends 2024 to 2033

Multiparameter Patient Monitoring Market Size and Growth 2024 to 2033

The global multiparameter patient monitoring market size was valued at USD 10.90 billion in 2023 and is anticipated to reach around USD 18.67 billion by 2033, growing at a CAGR of 5.53% from 2024 to 2033. The global increase in chronic diseases mainly affects the geriatric population, expanding the adoption of monitoring devices in patients and care providers, resulting in contributing growth to the multiparameter patient monitoring market.

Key Takeaways

• North America dominated the global multiparameter patient monitoring market share of 40% in 2023.
• Asia Pacific is the fastest-growing region in the global market.
• By device type, the portable segment dominated the market in 2023.
• By acuity levels, the mid-low acuity level segment held a significant share of the market in 2023.
• By end use, the hospital segment is anticipated to witness rapid growth in the upcoming years.

Multiparameter Patient Monitoring Market Size in U.S. 2024 to 2033

The U.S. multiparameter patient monitoring market size was estimated at USD 1.74 billion in 2023 and is projected to surpass around USD 3.02 billion by 2033 at a CAGR of 5.66% from 2024 to 2033.

North America dominated the global multiparameter patient monitoring market in 2023 and is expected to continue doing so throughout the forecast period. Advancements in healthcare facilities is the reason behind the growth of the region. Adoption of strong medical technologies in countries such as U.S. and Canada also expanding the growth in the market. Also growing demand for wireless and portable systems more in the region contributing to the growth in the multiparameter patient monitoring market.

Asia Pacific is the fastest-growing region in the global multiparameter patient monitoring market. The growth in the region is attributed to the growing prevalence of chronic diseases and the increasing geriatric population. To decrease the number of critical disorders, better healthcare facilities were needed. Advancements in the healthcare sector are anticipated to uplift the market growth in the region. Low-income regions of Asia pacific focusing more to adopt low acuity patient monitoring devices further increasing growth in the market.

Multiparameter Patient Monitoring Market Overview

Multiparameter monitors are designed to provide multiple information about a patient on a single screen and thus provide a lot of data needed to understand the patient’s condition. They have evolved as a flexible monitor that can be used for multiple intensive care of patients. Also, it provides a comprehensive view of the patient by providing a wider monitoring area. These monitors give readings of various parameters such as heart rate, central venous pressure, blood pressure, ECG, and temperature. The monitors also have an alarm for setting various parameter readings and show an alert if the reading fluctuates from the set one. Both inpatient and intensive care units (ICU) require patient monitoring devices to provide qualitative treatment and improve the health of patients.

Multiparameter monitoring is an essential part of critically ill patients. Emergency departments have a strong emphasis on multiparameter monitoring to observe various improvements in critically ill patients from the given treatments and therapies. These monitors allow the measurement of different physiological loads and demonstrate the effectiveness of therapeutic measures.

Due to various applications, the demand for these multiparameter monitors has increased. Also, advancements such as wearable devices and wireless technologies have increased the need for multiparameter monitoring systems both inside and outside of hospitals. The productivity of devices increases with a decrease in the duration of treatment. Hence, it propels the growth of the multiparameter patient monitoring market.

Growth Factors

• An increase in cases of chronic illness and diseases requires the early detection and treatment of particular diseases to limit further expansion. This primarily demands the need for monitoring devices and hence increases the growth in the multiparameter patient monitoring market.
• Wearable devices and other remote monitoring devices launched in the medical industry have increased the scope of multiparameter patient monitoring anytime and anywhere, expanding the growth of devices in the multiparameter patient monitoring market.
• The geriatric population requires routine monitoring of different parameters in the body to observe and treat any health issues during the early phase of the disease.
• Development of multiparameter patient monitoring devices due to the introduction of advancements such as radio frequency identification (RFID) propel the market growth.

Multiparameter Patient Monitoring Market Scope

Multiparameter Patient Monitoring Market Dynamics

Driver

Increase in prevalence of chronic diseases

People suffering from chronic diseases such as cancer, heart disease, diabetes, stroke, etc., require continuous assistance and guidance for tracking the improvement or deterioration of health conditions. The rising prevalence of chronic diseases increases the need and demand for multiparameter patient monitoring by various devices. Also, aging people require regular monitoring of different parameters to ensure the well-functioning of the body's health and avoid any fatal conditions. So, the increase in the geriatric population demands better healthcare facilities in case of any emergencies. Hence, the geriatric population and the increasing population of critical infections and chronic diseases, especially in developing countries, are expected to uplift the multiparameter patient monitoring market.

Restraints

High expense of multiparameter monitoring devices

The high cost required for monitoring different parameters hampers the market. Low-income regions are not able to use these devices because the profit income is comparatively lower than that of high-income region manufacturers. Hence, due to the high cost, consumers are not using these technologies, decreasing the growth of the multiparameter patient monitoring market.

Connectivity issues for patients using remote monitoring devices

Remote patient monitoring devices are in high demand across various users for continuous monitoring of various parameters. Internet connection is the most important feature required for RPM devices to transfer data in real time. However, not all patients have access to a good internet connection every time. It results in accessibility issues. Some manufacturers are trying to develop devices with built-in data collection features and save them for extended periods of time, but they are not as effective as real-time monitoring. All these reasons hamper the growth of the market and deteriorate the multiparameter patient monitoring market.

Opportunity

Technological advancements in multiparameter monitoring devices

Advancements in monitoring devices have led to the market growth. Manufacturers in the multiparameter patient monitoring market have launched many advanced and innovative patient monitoring devices worldwide as per the needs and requirements of end-users. Remote patient monitoring (RPM) has grasped the attention of many medical practitioners. Recently developed Internet of Things (IoT) enabled monitoring devices have expanded the attractive functions of remote patient monitoring. By integrating AI with the Internet of Things (IoT) and RPM, medical sectors and physicians provide better treatments to patients and opportunities for better results.

Further, manufacturers have integrated with technology companies to develop and launch advanced technology services. These features help healthcare professionals to add more advanced and improved healthcare facilities to crucial patients both at home and at the hospital. The multiparameter patient monitoring market has observed many technological advancements in all aspects by various market players. A wide variety of portable and remote monitoring multiparameter patient monitoring devices have provided attractive opportunities for many end-user applications.

ZENZO healthcare provider launched the first 5G ambulance service in Aug 2023, which uses advanced 5G technology in diagnosis and treatment provided to critical patients on board. The service is available for Mumbai locations. This ambulance has significant life-saving equipment such as ventilators, multiparameter patient monitors, electrocardiograph (ECG) machines, etc. It has the capability to collect and share health data in real-time. Further, it improves the speed and accuracy of emergency medical conditions, leading to better patient outcomes and increased efficiency in delivering critical care services.

Device Insights

The portable segment dominated the multiparameter patient monitoring market in 2023. Portable monitoring devices are easy to handle and provide a good opportunity for remote monitoring of different parameters in patients. These portable systems or devices are technologically advanced products that use digital technology with wireless connectivity and cloud integration. Due to the significant demand for portable devices among people suffering from different diseases, the growth has contributed to the market.

Acuity Level Insights

The mid-low acuity level segment held a significant share of the multiparameter patient monitoring market in 2023. Mid-low acuity patients are those patients who require comparatively less intense care than those with high acuity levels, and also, they are not fully dependent on nursing staff for taking care. The level of illness is low or mild in the case of mid-low acuity. So, mid or low-acuity monitoring devices are needed.

Mid-acuity monitors are simple and portable, and they can be operational for a short period. Mid-acuity monitors are in great demand in hospitals because patients, when transferred out of high-acuity units, are quickly moved to mid-acuity units. Low-acuity devices are used to monitor the necessary medical parameters of a patient. Low-acuity monitors are usually highly applicable in mobile surgical centers and public sector hospitals as they have low prices as compared to high-acuity multi-parameter patient monitors.

End-use Insights

The hospital segment is anticipated to witness rapid growth in the multiparameter patient monitoring market. The increase in the number of patients suffering from chronic diseases admitted to the hospital uplifts the market. These monitors are essential for various departments, such as the ICU and general ward of hospitals, to monitor the basic parameters of patients. This helps healthcare providers provide better treatment and therapies to patients. Further, hospital sectors increase the demand for monitoring devices and improve the growth of the market.

Recent Developments

• In June 2023, Royal Philips and Masimo, the leading global health and medical technology companies, announced the advancements in Brain Function Monitoring, Regional Oximetry (O3), and COâ‚‚ measurements in Philips Patient Monitors. The Masimo and Philips collaboration helps healthcare providers make quick and informed decisions without the requirement of attaching any additional monitoring equipment; instead, they observe different parameters on the same screen.
• In Nov 2023, BioIntelliSense and UC Davis Health companies jointly announced the launch of a novel hospital monitoring initiative for patients hospitalized for bone marrow transplants and hematology or oncology treatments. These issues require continuous monitoring because critical patients can be at risk from changes in conditions and parameters during treatment.
• In Oct 2023, RDS announced funding from Capital Grand Est, for helping the company to invest in the development of MultiSense. It is a patented Remote Patient Monitoring (RPM) solution which provides a comprehensive, and high-quality multi-parameter solution for patients continuous monitoring of various parameters in hospitals or at home.
• In Dec 2022, Mindray introduced a novel wearable monitoring solution, mWear system, for continuously monitoring patient multiparameter. This system combines complete wireless interconnection with streamlined workflows for determination of various factors such as temperature, oxygen, blood pressure, pulse rate, and ECG.

Multiparameter Patient Monitoring Market Companies

• General Electric Company (GE Healthcare)
• Medtronic
• Koninklijke Philips N.V.
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Nihon Kohden Corporation
• Skanray Technologies Ltd.
• Opto Circuits (India) Ltd.
• Spacelabs Healthcare
• Baxter International Inc.
• OSI Systems, Inc
• Medion
• ICU Medical, Inc.
• Drägerwerk AG & Co. KGaA
• Contec Medical Systems 

Segments Covered in the Report

By Device

• Portable
• Fixed

By Acuity Level

• High-acuity Level
• Mid-low Acuity Level

By End-use

• Hospitals
• Homecare Settings
• Ambulatory Surgical Centres

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa