Global Multiparameter Patient Monitoring Systems Market Size, Share & Industry Trends Analysis Report By End-Use, By Acuity Level (High, Medium and Low), By Device Type, By Age Group (Geriatric, Pediatric and Adult), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Multiparameter Patient Monitoring Systems Market
Market Report Description
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.
COVID-19 Impact Analysis
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.
Market Growth Factors
A greater number of people suffering from chronic conditions
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.
An ever-increasing proportion of elderly people
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.
Market Restraining Factors
Lack of skilled healthcare professionals
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.
Acuity Level Outlook
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.
Device Type Outlook
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.
Age Group Outlook
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.
|Market size value in 2021||USD 10.6 Billion|
|Market size forecast in 2028||USD 15.5 Billion|
|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|
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.)
Strategies deployed in Multiparameter Patient Monitoring Systems Market
- Aug-2022: Medtronic came into a partnership with BioIntelliSense, a continuous health monitoring, and clinical intelligence company. This partnership allows the Medtronic Patient Monitoring industry to deliver credentials to a medical-grade device that delivers continuous strong sign measures of general care patients in-hospital along with post-discharge. Moreover, this supports the streamlining of care delivery via workflow automation, allowing proactive clinical intervention, and assisting to address the importance of staffing deficiencies.
- Dec-2021: Royal Philips received a U.S. Food and Drug Administration for Philips Patient Monitors MX750 and MX850. The Philips MX750 and MX850 are Philips’ most evolved patient monitors uniquely developed to help scalability, cybersecurity, alarm management, and improved infection deterrence within the hospital.
- Nov-2021: Philips completed the acquisition of Cardiologs, a France-based medical technology. Under this acquisition, Cardiologs would further bolster Philips’ cardiac diagnostics and monitoring contributing with creative software technology, electrocardiogram (ECG) analysis, and reporting assistance. Moreover, this contains real-time patient therapeutic machines, monitoring, telehealth, and informatics for the hospital.
- Sep-2021: Medtronic India, a wholly-owned subsidiary of Medtronic partnered with Stasis Health, a wholly-owned subsidiary of Stasis Labs. Together, the companies aimed to boost up and extend access to their state-of-the-art Stasis Monitor, a related care bedside multi-parameter monitoring system. Moreover, the partnership is a robust strategic fit, utilizing the two companies' resilience and improving Medtronic's position in the remote monitoring space while greatly developing Stasis' reach across India.
- Aug-2020: Philips came into a partnership with Masimo, a global medical technology business. Through this partnership, Philips would now combine certain technologies created by Masimo into some of their multi-parameter patient monitors.
- Jul-2020: Royal Philips joined hands with BioIntelliSense, a continuous health monitoring and clinical intelligence division. Under this collaboration, the companies aimed to combine its BioSticker medical device with Philips’ remote patient monitoring contributing to assisting in monitoring at-risk patients from the hospital into the home. Moreover, multi-parameter sensors, Philips’ solutions can improve how clinicians monitor patient numbers living with serious conditions such as cancer, diabetes, congestive heart failure, and more in their houses with passive monitoring of key vital signs, physiological biometrics, and symptomatic circumstances through a discreet wearable patch for scanning up to 30 days.
- Jan-2020: Drägerwerk introduced ICU ventilators and an anesthesia workstation. The machines incorporate high-performance ventilation with an aesthetic design, allowing efficient and quick procedures from the first onset of lung protective ventilation until the establishment of a patient care-centered intensive care unit.
- Dec-2019: Drager formed a partnership with Masimo, a global medical technology corporation. Through this partnership, Drager would integrate advanced Masimo measurement technologies into Drager’s family of multi-parameter patient monitors, to assist clinicians to evaluate oxygenation, brain function, and ventilation rate. Additionally, the partnership would allow Drager to deliver customers the most creative technologies, permitting them to provide even better patient care and gain better patient results.
Scope of the Study
Market Segments Covered in the Report:
- Homecare Settings
- Ambulatory Surgical Centers
By Acuity Level
By Device Type
By Age Group
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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
- Smiths Medical (ICU Medical, Inc.)
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