Multiparameter Patient Monitoring Market Size Expected to Garner USD 17.5 Billion by 2030 growing at 5.6% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Multiparameter Patient Monitoring Market Size is predicted to grow at a CAGR of 5.6% between 2022 and 2030, from USD 10.9 Billion in 2021 to USD 17.5 Billion by 2030, as per the Acumen Research and Consulting
The multiparameter patient monitoring market is evolving rapidly with advancements in technology and an increased focus on patient safety and quality of care. The use of multiple monitoring devices and techniques has become an essential part of the healthcare system and is widely used in various applications, such as critical care, surgery, and home healthcare. The demand for multiparameter patient monitoring has been on the rise due to the growing aging population and increasing cases of chronic diseases such as heart diseases, respiratory disorders, and diabetes.
The advent of wearable technology and smart devices has revolutionized the multiparameter patient monitoring market growth. The integration of wearable devices with multiparameter monitoring devices has increased the ease of use and accessibility of patient monitoring. The wearable devices equipped with sensors can monitor multiple parameters such as heart rate, blood pressure, oxygen saturation, and temperature. This technology allows for continuous monitoring of patients, providing real-time data that can be accessed by healthcare providers, reducing the risk of medical errors, and improving patient outcomes.
Multiparameter Patient Monitoring Market Statistics
- Global multiparameter patient monitoring market value collected USD 10.9 Billion in 2021, with a 5.6% CAGR between 2022 and 2030
- North America multiparameter patient monitoring market revenue gathered more than USD 4.5 Billion in 2021
- By type, the portable segment capture over 66% of total market share in 2021
- Philips Healthcare is a leading player in the multiparameter patient monitoring market and offers a wide range of patient monitoring solutions
- Growing prevalence of chronic diseases such as cardiovascular disease, diabetes, and respiratory disorders, fuels the multiparameter patient monitoring market size
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Multiparameter Patient Monitoring Market Trends
The multiparameter patient monitoring market has been witnessing significant growth in recent years, with the increasing demand for advanced medical devices and technologies. The introduction of new technologies such as wearable devices, continuous monitoring devices, and cloud computing has transformed the traditional patient monitoring landscape. With the growing demand for non-invasive monitoring methods and remote patient monitoring, the market has evolved toward offering more patient-centric and efficient solutions.
The advent of IoT and big data analytics has revolutionized the healthcare industry and has enabled better patient outcomes. These technologies have enabled real-time monitoring of patients, providing clinicians with quick access to vital signs and other medical information. Moreover, the increasing use of mobile devices has expanded the reach of patient monitoring devices and services, making it possible for patients to be monitored from the comfort of their homes.
The increasing prevalence of chronic diseases, the growing aging population, and the need for cost-effective patient care have further propelled the growth of the multiparameter patient monitoring market. The use of wireless technologies and the integration of wearable devices has expanded the scope of patient monitoring, providing patients with greater mobility and flexibility. The growing demand for smart homes and the integration of healthcare services with home automation systems have also contributed to the growth of the market.
Multiparameter Patient Monitoring Market Segmentation
Acumen Research and Consulting has segmented the global multiparameter patient monitoring market by acuity level, type, end use, age group, and region.
- By acuity level, the industry is classified into low-acuity, high-acuity, and mid-acuity.
- By type, the market is categorized into the portable, and fixed.
- By end use, the market is divided into the ambulatory surgical centers, hospitals, and homecare settings.
- By age group, the market is divided into the geriatric, pediatric, and adult.
- By region, the market is segmented into the Asia-Pacific, North America, Europe, Latin America, and the MEA.
Multiparameter Patient Monitoring Market Regional Overview
Geographically, North America is leading the multiparameter patient monitoring market due to several factors such as the presence of a well-developed healthcare infrastructure, high adoption of advanced medical technologies, and a strong economy. The region is home to some of the leading medical device companies and has a large number of healthcare facilities that are equipped with advanced patient monitoring systems. Additionally, the region has a high prevalence of chronic diseases, and an aging population, which has increased the demand for patient monitoring solutions.
In North America, the healthcare sector is highly regulated, and the government is supportive of the adoption of advanced medical technologies. The region is also home to some of the world's leading academic and research institutions, which are continuously working to develop and refine patient monitoring technologies. The region is a hub for medical innovation and has a strong culture of patient-centric healthcare, which has further driven the expansion of the multiparameter patient monitoring market share.
Multiparameter Patient Monitoring Market Players
Some of the major multiparameter patients monitoring market companies are Omron Healthcare Co. Ltd., Biotronik, Lifewatch AG, Medtronic, Inc., Nihon Kohden Corporation, GE Healthcare Ltd., Siemens Healthcare, Masimo Corporation, Johnson & Johnson, Abbott Laboratories, Smiths Medical., Koninklijke Philips N.V., Care Innovations, LLC., Honeywell International Inc., and F. Hoffmann-La Roche Ltd.
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