Multiparameter Patient Monitoring Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

The Global Multiparameter Patient Monitoring Market Size accounted for USD 11.86 Billion in 2023 and is estimated to achieve a market size of USD 19.72 Billion by 2032 growing at a CAGR of 6.0% from 2024 to 2032.

Multiparameter Patient Monitoring Market Highlights

• The global multiparameter patient monitoring market is expected to reach USD 19.72 billion by 2032, growing at a CAGR of 6.0% from 2024 to 2032
• North America's multiparameter patient monitoring market was valued at approximately USD 4.63 billion in 2023
• In the U.S., the market reached USD 1,527 million in 2022 and is projected to grow to USD 2,673.8 million by 2032, with a CAGR of 5.9% from 2023 to 2032
• The Asia-Pacific region is anticipated to grow at a CAGR of over 6.8% from 2024 to 2032
• The portable segment accounted for 66% of the market share by type in 2023
• High-acuity monitoring systems held a 46% market share based on acuity level in 2023
• The geriatric age group contributed to 54% of the market share in 2023
• Hospitals were the leading end-users, capturing 42% of the market share in 2023
• technological advancements in monitoring devices and a rising demand for real-time patient is the multiparameter patient monitoring market trend that fuels the industry demand

The multiparameter patient monitoring system is a technology that enables healthcare facilities to enhance and improve clinical performance. Multiparameter patient monitors are widely available. The multiparameter patient monitors include a variety of tasks, including drug dose calculation, pace detection, pediatric, adult, and newborn monitoring, and a night mode feature. The rising frequency of chronic illnesses around the world is a key factor driving the growth of the multiparameter patient monitoring market. Furthermore, rising global awareness and availability of technologically advanced equipment would drive up the value of the multi-parameter patient monitoring market.

According to IEEE Xplore, the group created an IoT-based multiparameter patient monitoring system in which four parameters, respiration rate, heart rate, oxygen saturation, and temperature, are tracked using appropriate sensors and an email is sent to the patient's guardian in the event of an emergency. The research also aims to improve the performance of the MPM system utilizing the Support Vector Machine (SVM) method. The categorization accuracy of 95% was reached.

Global Multiparameter Patient Monitoring Market Dynamics

Market Drivers

• Growing prevalence of chronic diseases necessitating continuous monitoring
• Technological advancements enhancing device functionality and usability
• Increasing demand for non-invasive monitoring solutions

Market Restraints

• High costs associated with advanced monitoring equipment
• Limited healthcare infrastructure in developing regions
• Concerns regarding data privacy and security in patient monitoring

Market Opportunities

• Integration of artificial intelligence and machine learning for predictive analytics
• Expansion of telemedicine and remote patient monitoring services
• Development of wearable and portable monitoring devices for homecare settings

Multiparameter Patient Monitoring Market Report Coverage

Multiparameter Patient Monitoring Market Insights

The global growth of the multi-parameter patient monitoring market is driven by several key factors, including the rising incidences of chronic diseases such as diabetes and cancer, increased awareness of advanced monitoring solutions, an expanding geriatric population, and various government initiatives. According to Centers for Disease Control and Prevention Chronic diseases, including heart disease, cancer, and diabetes, is the main causes of death and disability in the US. They are also the primary drivers of the nation's $4.5 trillion in yearly health-care spending. Six in ten Americans have at least one chronic disease, while four in ten have two or more.

Additionally, the rapid development of the healthcare sector and technological advancements in this field are expected to further propel multi-parameter patient monitoring market growth. The increasing adoption of mobile healthcare technology and the growing integration of the internet of things (IoT) in the medical industry are also contributing to market expansion. For instance, NIH states that the internet of things provides services that allow patients to share health-related data with a specific medical doctor and healthcare system in real time. However, there are numerous issues in the IoT related to the healthcare system that must be addressed in order to improve the healthcare system.

In emerging countries, the high prevalence of endocrine diseases like hyperthyroidism and diabetes often leads to chronic conditions requiring continuous monitoring and surgical interventions. The demand for multiparameter patient monitoring system market is further fueled by the accuracy and ease of use of portable monitors, which are particularly beneficial for the elderly population.

Favorable demographic trends, including the growing geriatric population susceptible to diseases and infections, have positively impacted the global multi-parameter patient monitoring market. Additionally, increasing awareness about the availability of advanced monitoring solutions in developing economies is expected to drive market growth in the future. However, the high cost of multiparameter patient monitoring devices and limited awareness of advanced healthcare technologies may hinder the multiparameter patient monitoring system market expansion.

Multiparameter Patient Monitoring Market Segmentation

The worldwide market for multiparameter patient monitoring is split based on type, acuity level, age group, end-user, and geography.

Multiparameter Patient Monitoring Market By Type

• Fixed
• Portable

According to the multiparameter patient monitoring industry analysis, portable type dominates in industry. This can be attributed to the numerous advantages of portable medical systems, including their lightweight design, which facilitates easy transport both within and outside hospital settings. Additionally, wearable versions provide patients with greater mobility and can be used in various environments, including homecare settings.

Multiparameter Patient Monitoring Market By Acuity Level

• High-Acuity
• Mid-Acuity
• Low-Acuity

According to the multiparameter patient monitoring industry analysis, high-acuity leads in market in 2023. The increasing prevalence of various health issues, along with the use of high-acuity devices for improved patient monitoring, is expected to drive market demand. These devices can monitor vital signs and other parameters such as cardiac output, cerebrospinal fluid pressure, intracranial pressure, and ECG, contributing to the growth of this multiparameter patient monitor market segment.

Multiparameter Patient Monitoring Market By Age Group

• Pediatric
• Adult
• Geriatric

According to the age-group, the geriatric segment accounted for the largest share of the multiparameter patient monitoring system market and is expected to grow at the fastest rate during the forecast period. This growth is driven by the steadily increasing elderly population, which is more susceptible to chronic illnesses requiring continuous patient monitoring.

Multiparameter Patient Monitoring Market By End-User

• Hospitals
• Ambulatory Surgical Centers
• Homecare Settings

According to the multi-parameter patient monitoring market forecast, hospital segment dominates the market and is expected to grow significantly in the coming years, driven by the rising number of patients treated in hospitals for wounds, chronic diseases, and other conditions. Multiparameter patient monitors are widely used in general hospitals and intensive care units to continuously track patients' health by monitoring vital parameters such as blood pressure, respiration rate, oxygen saturation, and heart rate. As a result, these reasons dominates hospitals as end-user in multiparameter patient monitor market.

Multiparameter Patient Monitoring Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Multiparameter Patient Monitoring Market Regional Analysis

For several reasons, the North America regional market is expected to grow rapidly in the coming years, supported by increased investment in R&D for advanced patient monitoring technologies and rising healthcare expenditures. The United States multi-parameter patient monitoring market gathered USD 1,527 million in 2022 and is expected to reach USD 2,673.8 million by 2032, growing at a CAGR of 5.9% from 2023 to 2032. Additionally, the presence of advanced healthcare facilities in ASCs and hospitals, along with favorable government support for the development of enhanced monitoring products, is anticipated to drive significant market growth. Furthermore, the presence of numerous manufacturers in the North American region is expected to boost industry revenue.

The Asia-Pacific region is experiencing rapid growth in the multiparameter patient monitoring market due to the increasing prevalence of chronic diseases and a growing aging population requiring continuous health monitoring. Rising healthcare expenditures and improved access to advanced medical technologies are further driving market expansion. For instance, August 2022: SmartCardia launches a Cardiac Monitoring Patch in India. SmartCardia's AI platform monitors the 7L patch, which was generated from millions of ECG segments evaluated by cardiologists and certified cardiac technicians. It also detects critical arrhythmia events in real time with cardiologist-level precision.

Multiparameter Patient Monitoring Market Players

Some of the top multiparameter patient monitoring companies offered in our report include Smiths Medical, Medtronic, Inc., Masimo Corporation, Omron Healthcare Co. Ltd, Lifewatch AG, Siemens Healthcare, F. Hoffmann-La Roche Ltd., Biotronik, GE Healthcare Ltd., Nihon Kohden Corporation, Koninklijke Philips N.V, and Care Innovations, LLC.