"Multi-Parameter patient monitoring equipment market to exhibit dynamic growth during the forecast period"
The global multi-parameter patient monitoring equipment (MPME) market is increasing competently, expected to grow at a CAGR of 5.8%. Multi-parameter patient monitoring equipment is essentially used for monitoring patient’s health in real-time. The high-end multi-parameter models are in demand globally, which include all the major vital signs offering connectivity options to the central monitoring area. Human vital parameters include blood pressure heart rate, oxygen saturation, and respiration rate. Worldwide, growing prevalence for chronic disorders, cardiac-related conditions among the ageing population, and rising need for advanced and quick real-time health monitoring of patients in the hospitals and home care settings will drive the overall growth of MPME market.
"High-acuity segment expected to capture a larger market share by 2030"
Advancement in high acuity monitors segment along with technological advancement will show promising growth. Improved remote patient monitoring along with its top benefits is gaining traction in the overall healthcare monitoring industry. Chronic disease management, sending test results to a physician or doctor in real-time without the necessity of visiting a hospital or institution, improved cost savings and enhanced positive outcomes in the patient’s life are few key factors driving the growth of the market.
The high acuity monitors segment represents around 55% of the market share globally in 2021. Low-acuity monitors is the fastest growing segment, mainly in the emerging nations. European and Asian nations are yet to improve care in low and mid-acuity wards. The high acuity monitors segment is currently being led by GE Medical, Philips Healthcare and Siemens Healthcare. Major factors leading the high-acuity segment include increased awareness, high-end monitoring, increased hospital admissions and availability of top quality devices for enhanced patient outcomes.
"Increased need in the ICUs will show promising growth"
Hospitals in the end-user segment generated maximum revenue in the global market. The utilization of high-end monitors for continuous and close monitoring in the ICUs and general wards is extreme. Increased admissions for CVDs, heart-related conditions and other lifestyle diseases will boost the overall market growth. As per the studies by the University of California San Francisco, there are more than 4 Mn ICU admissions per year in the U.S. with an average mortality rate of around 500,000 every year.
Advancement in monitoring technology, marketing approval of new systems, increasing ageing population with lifestyle issues, and improved patient outcomes with real-time data management will drive the market growth for multi-parameter patient monitoring equipment worldwide. Increasing awareness and utilization of low and mid-acuity based systems will show significant growth in the near future. For instance, Spaarne Gasthuis (Hospital in Netherland) installed BeneVision N22 along with the complete integrated IT and combined monitoring solutions (the first hospital to install this equipment). BeneVision N22 (by Mindray) is the world's first rotatable (rotates between landscape and portrait) bedside monitoring system.
"Increasing adult population, launch of new systems and the presence of top manufacturers holds the U.S. market in dominant position"
In 2021, the North America region generated maximum revenue share in the multi-parameter patient monitoring equipment market due to an increase in prevalence for chronic disorders, increasing hospital admissions, and increased need for high-acuity monitoring. North America generated around 40% revenue share globally, growing at a CAGR of 5.1% during the forecast period from 2023-2030.
Currently, overall patient monitoring both off (home care) and onsite is on a rise in the developing nations. In the Asia Pacific and Europe, hospitals have acquired the latest monitoring equipment used to provide a connection to the server and are HL7 compatible, thus allowing easy data faster smoothly. Many hospitals are in progress making a focused effort to expand resource management, to modernize diagnostic and real-time monitoring procedures and to optimize data storage. However, real-time data accuracy, data security, less adoption of high-end systems in the hospitals in the developing regions, budgetary constraints, technology expansion, and unstructured medical care in a few of the emerging nations will hamper the market growth on a globally.
Key Industry Developments
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Multi-Parameter Patient Monitoring Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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End User
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
