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Trusted Business Insights presents an updated and Latest Study on Multiparameter Patient Monitoring Systems Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Multiparameter Patient Monitoring Systems market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Multiparameter Patient Monitoring Systems Market
The global multiparameter patient monitoring systems market size was valued at USD 9.9 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2027. Factors, such as high demand for real-time patient monitors in critical care units, increasing target population, and adoption of technologically advanced smart wearables with the ongoing trend of accurate and real-time monitoring are boosting the market growth. Multiparameter patient monitors are widely used for enhancing the quality of healthcare in both the in-patient wards and Intensive Care Units (ICUs). Monitoring is a very essential part of critically ill patients, especially in emergency departments.
The monitoring of critically ill patients using multiparameter monitors allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions. The advances in wearable devices and wireless communication technology for medical telemetry have further increased the scope of monitoring solutions for patients inside & outside the hospital premises.
Such advancements enable recording and transmitting data instantly form a patients device to a healthcare professional, thereby decreasing the duration of evaluation and treatment. The introduction of wireless networks, such as Radio Frequency Identification (RFID) and Medical Body Area Networks (MBAN), in the healthcare sector has revolutionized the diagnostic processes without causing any discomfort.
The introduction of single-use portable devices has increased patient flexibility and helped in saving the cost of regular hospital visits. Continuous increase in demand for home-based medical treatments for the geriatric population is boosting the usage of these portable devices, thereby augmenting the market growth.
Device Type Insights: Multiparameter Patient Monitoring Systems Market
The portable segment led the market in 2019 and accounted for more than 65% of the global share. Based on device type, the market is bifurcated into portable and fixed systems. The portable segment is anticipated to expand further at the fastest growth rate during the forecast period. Portable devices offer various advantages over fixed devices.
It offers patients as well as physicians or caregivers greater mobility/transport. For special examination and therapy, the hospital requires more intrahospital transport. Thus, this creates more demand for easy-to-use and mobile solutions, thereby boosting segment growth. The fixed monitoring systems segment is also anticipated to register significant growth over the forecast period 2021-2027.
Acuity Level Insights: Multiparameter Patient Monitoring Systems Market
The high acuity level segment led the market in 2019 and accounted for over 45% of the overall share. It is projected to retain its dominant position during the forecast period. Patients with serious medical issues or life-threatening diseases require continuous monitoring with rapid diagnosis and maximum accuracy. The high acuity multiparameter patient monitors incorporate advanced technology for monitoring various parameters at a time, which drives their demand.
The low acuity level segment is expected to register the highest CAGR of 5.9% over the forecast period. The devices with low acuity levels provide automatic and round-the-clock monitoring of patients and their implementation cost is lesser than other ECG-equipped physiologic monitoring devices. These monitors are highly preferred in Ambulatory Surgical Centers (ASCs) and in public hospitals as they are cheaper than high acuity devices.
Age Group Insights: Multiparameter Patient Monitoring Systems Market
The geriatric segment held more than 50% of the global share in 2019 and is projected to expand further due to the rising geriatric population in both developed and developing nations. For instance, in the U.S., currently, there are over 40 million people aged above 65 years and the number is expected to double by 2050. The geriatric population is at a higher risk of getting affected by chronic conditions, which is expected to increase the market growth.
Increasing life expectancy along with age-associated comorbidities has also supported the market growth. In the U.S., the most common chronic health conditions among the elderly are arthritis, heart disease, and hypertension. Advancements in surgical and intensive care techniques have led to an increase in the number of elderly people undergoing surgical procedures, which is anticipated to fuel demand for patient monitoring systems.
End-use Insights: Multiparameter Patient Monitoring Systems Market
Hospitals emerged as the largest end-use segment in 2019 accounting for 39.4% of the global market share. The segment will retain its leading position throughout the forecast period as a result of the increasing number of patients being admitted to the hospitals due to chronic diseases, injuries, and other emergencies.
The home healthcare settings segment is anticipated to register the fastest growth rate of 6.7% during the forecast period. This is majorly due to the rise in demand for home care monitoring equipment. There is an increasing trend towards portability & delivery of care in the home or at the bedside due to the growing geriatric population, which is supporting the market growth.
The ASC end-use segment is also estimated to register a significant growth from 2020 to 2027. ASCs are advanced healthcare facilities, which offer same-day surgical care including diagnostic and preventive procedures. The segment growth is attributed to the extensive usage of patient monitoring systems in ASCs.
Regional Insights: Multiparameter Patient Monitoring Systems Market
North America was the largest market in 2019 and accounted for 41.0% of the market share. This is attributed to the strong presence of key companies, such as Masimo Corporation and Medtronic plc., in the region. Moreover, the high prevalence of chronic diseases, especially in U.S., is likely to boost the product demand.
Asia Pacific is anticipated to register the highest CAGR over the forecast period. Rising demand for remote patient monitoring & related services due to increasing government spending on healthcare is anticipated to propel the market growth. Also, China is the leading producer of low-cost electronic chips and products; which is projected to attract investors, thereby contributing to the market growth.
Key Companies & Market Share Insights: Multiparameter Patient Monitoring Systems Market
The major companies are adopting various key strategies, such as mergers & acquisitions, product launch, collaboration, and partnership, to remain competitive and gain maximum market share. For instance, in March 2020, Masimo Corp. announced that it has got FDA clearance for its continuous RRp monitoring of pediatric and adult patients with Radius-7 Pulse Co-Oximeters, Radical-7, and Rad-97. Some of the prominent players in the multiparameter patient monitoring systems market include:
Key companies Profiled: Multiparameter Patient Monitoring Systems Market Report
- Koninklijke Philips N.V.
- GE Healthcare
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- DrAgerwerk AG & Co. KGaA
- MASIMO CORPORATION
- Skanray Technologies
- Spacelabs Healthcare
- Smiths Medical
- SternMed GmbH
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global multiparameter patient monitoring systems market report on the basis of device type, acuity level, age group, end use, and region:
Device Type Outlook (Revenue, USD Million, 2016 – 2027)
Acuity Level Outlook (Revenue, USD Million, 2016 – 2027)
Age Group Outlook (Revenue, USD Million, 2016 – 2027)
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Homecare Settings
- Ambulatory Surgical Centers (ASCs)
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