The Global Multiparameter Patient Monitoring Systems Market size is expected to reach $15.5 billion by 2028, rising at a market growth of 5.8% CAGR during the forecast period.
These devices are meant to give the number of data sets on one screen to comprehend the patient's status. Multi-parameter patient monitoring equipment is used to assess the vital signs of patients who are suffering from a serious illness. central venous pressure. These monitor central venous pressure and give readings such as heart rate, non-invasive blood pressure, invasive blood pressure, respiratory rate, posture, temperature, and fall detection.
Other readings include ECG, SpO2, PaCO2, invasive blood pressure, and invasive blood pressure. The monitor has an alarm that allows the parameters to be set, and it will warn the caregiver if a change goes beyond the established parameters. In a variety of hospital settings, such as the coronary care unit, the intensive care unit (ICU), the neonatal intensive care unit (NICU), post-operative care, and the operating room (OR), multi-parameter monitoring devices are designed to be utilized to supply additional information to the medical and nursing staff regarding the physiological condition of the patient.
Patients spend less time in intensive care units due to multi-parameter patient monitoring devices, which also improve the utilization of hospital infrastructure. These devices also shorten the number of time patients spend in the hospital, which results in earlier diagnosis of patient conditions. High-acuity, mid-acuity, and low-acuity devices are the three categories that can be assigned to multi-parameter monitoring systems. These categories are determined by the sorts of hospital settings in which the systems are used.
Acuity levels are used to assist medical professionals in acute care, long-term care, and other treatment and rehabilitation settings in the process of determining optimal staffing levels. Patients might not receive the level of treatment that their current state of health requires if this system were not in place. Because of this, acuity levels become more significant while dealing with a restricted number of staff members.
In the pandemic condition caused by COVID-19, it was very crucial to monitor oxygen saturation as well as the rate of breathing to establish whether or not the lung tissue is being impacted. After infection with COVID-19, some patients may suffer from cardiac abnormalities throughout all areas, and recent research suggests that remote patient monitoring may be the best way to evaluate and treat patients in the future. To properly care for the afflicted population, there is a growing demand for various types of medical supplies. In primary clinical care, the majority of the medical equipment that is utilized are those that provide support for respiratory function. Because of these and other considerations, it is anticipated that COVID-19 will have a substantial influence on the market for multi-parameter patient monitoring.
The burden of chronic illnesses is increasing all over the world, and multiparameter patient monitors play a crucial part in the accurate monitoring of an individual's health in response to this trend. Cancer, diabetes, and other chronic diseases including cardiovascular disease and obesity are responsible for the majority of deaths caused by chronic disorders. Some of the risk factors that can contribute to cancer include not getting enough exercise, breathing polluted air, using cigarette products, drinking too much alcohol, and eating poorly.
The average lifespan of people across the world is increasing. In today's world, the average person may anticipate living well into their sixties and beyond. Every country iis seeing a rise in the total number of elderly people as well as the percentage of the total population that is made up of elderly people. By the year 2030, one in every six persons on the planet will be at least 60 years old. The percentage of the world's population that is 60 years old or older is expected to rise from 1 billion in the year 2020 to 1.4 billion in the year 2050.
People who work directly with patients and play an important part in the functioning of a healthcare system are intended to serve as the first line of defense in the fight against widespread pandemic. The fact that some of the nations that make up the Asia Pacific area do not have the necessary quantity of trained experts for the treatment and handling of patients is one of the obstacles that continue to impede the expansion of markets within the region. According to the World Health Organization (WHO), there will be a shortage of 15 million health professionals by the year 2030, the majority of which will be in countries with poor and lower-middle incomes.
Based on the End-Use, the Multiparameter Patient Monitoring Systems Market is bifurcated into Hospitals, Homecare Settings, Ambulatory Surgical Centers, and Others. The homecare settings segment witnessed a substantial revenue share in the multiparameter patient monitoring systems market in 2021. Home care refers to any professional support services that enable an individual to continue living in the comfort and security of their own home. Depending on a person's requirements, support families such as nurses, aides, and therapists can offer either short-term or long-term care in the comfort of their own homes.
On the basis of Acuity Level, the Multiparameter Patient Monitoring Systems Market is divided into High, Medium, and Low. The high segment procured the largest revenue share in the multiparameter patient monitoring systems market in 2021. Patients with acute diseases that endanger their lives are considered high-acuity patients. These patients require continual monitoring and cautious treatment. The rising incidence of chronic diseases, such as cardiovascular diseases and respiratory disorders, as well as other important medical problems, is driving the expansion of the high acuity level category.
Based on the Device Type, the Multiparameter Patient Monitoring Systems Market is segmented into Portable and Fixed. The fixed segment witnessed a significant revenue share in the multiparameter patient monitoring systems market in 2021. The patient must be lying down for the fixed monitoring system to be utilized; in addition, this system is rather large and can only be found in intensive care units of hospitals. The system was designed to be utilized in the home by patients who do not have an immediately life-threatening disease but do require continuous or periodic monitoring by a doctor or family member.
By Age Group, the Multiparameter Patient Monitoring Systems Market is classified into Pediatric, Adult, and Geriatric. The geriatric segment garnered the highest revenue share in the multiparameter patient monitoring systems market in 2021. largely as a result of the rapidly expanding number of elderly people, who are more likely to suffer from a variety of chronic conditions that need ongoing patient monitoring. The geriatric sector is now in the driver's seat of the market, and the primary reason for this is the growing number of elderly people who are afflicted with chronic conditions and require close monitoring.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 10.6 Billion |
| Market size forecast in 2028 | USD 15.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 5.8% from 2022 to 2028 |
| Number of Pages | 261 |
| Number of Tables | 440 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Acuity Level, Device Type, Age Group, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Multiparameter Patient Monitoring Systems Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment procured the highest revenue share in the multiparameter patient monitoring systems market in 2021. because of the increased cost of healthcare, the increased number of initiatives to provide improved patient monitoring products, and the increased number of public-private partnerships. In addition, the rise in the incidence of chronic illnesses as well as the introduction of supporting reimbursement programs are crucial variables that are driving the expansion of this market in this area.
Free Valuable Insights: Global Multiparameter Patient Monitoring Systems Market size to reach USD 15.5 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Koninklijke Philips N.V., GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Drägerwerk AG & Co. KGaA, Medtronic PLC, Masimo Corporation, Skanray Technologies Ltd., Schiller AG, Spacelabs Healthcare and Smiths Medical (ICU Medical, Inc.)
By End-Use
By Acuity Level
By Device Type
By Age Group
By Geography
The global Multiparameter Patient Monitoring Systems Market size is expected to reach $15.5 billion by 2028.
A greater number of people suffering from chronic conditions are driving the market in coming years, however, Lack of skilled healthcare professionals restraints the growth of the market.
Koninklijke Philips N.V., GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Drägerwerk AG & Co. KGaA, Medtronic PLC, Masimo Corporation, Skanray Technologies Ltd., Schiller AG, Spacelabs Healthcare and Smiths Medical (ICU Medical, Inc.)
The Portable market shows high market share in the Global Multiparameter Patient Monitoring Systems Market by Device Type in 2021; thereby, achieving a market value of $9.8 billion by 2028.
The Hospitals market is leading the Global Multiparameter Patient Monitoring Systems Market by End-Use in 2021; thereby, achieving a market value of $7.6 billion by 2028.
The North America market dominated the Global Multiparameter Patient Monitoring Systems Market by Region in 2021; thereby, achieving a market value of $5.6 billion by 2028.
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