Multiparameter patient monitoring Market Research Report – Recent Trends, Growth Opportunities, and Market Size and Share Global Forecast Analysis – 2024 - 2033

Multiparameter patient monitoring Market Size Research Report – In a Glance

As per the Research report on global Multiparameter patient monitoring market, the market is projected to foresee a CAGR of CAGR value 5.7% between 2024-2033, and further generate a market size of USD 21.3 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 12.1 billion revenue.

• The global Multiparameter patient monitoring market is projected to grow on account of the rising prevalence of chronic diseases.
• In Japan, the Multiparameter patient monitoring market growth can be attributed to the growing healthcare expenditures.

• KDMI analyst’s growth analysis foresees risk associated with monitoring devices to challenge the market growth.

• North America, having the highest market share in the Multiparameter patient monitoring market, is projected to dominate the global market.

Multiparameter patient monitoring Market Analysis

Multiparameter patient monitoring denotes the simultaneous monitoring of multiple health metrics such as oxygen levels, blood pressure, heart rate and temperature of a patient. It is also known as a home monitoring device and is used in emergency or intensive care units to monitor vital signs so as to manage long-term conditions like diabetes, hypertension and cardiovascular diseases. This device ensures timely intervention, prompt action and better patient recovery in emergency care settings.  In recent times, the rising prevalence of chronic diseases has spurred the demand for multiparameter monitoring devices worldwide. The report suggests that cardiovascular diseases are responsible for most of the non-communicable diseases (NCD) deaths that is approximately 19 million deaths, followed by cancers (10 million), chronic respiratory diseases (4 million), and diabetes (over 2 million including kidney disease deaths caused by diabetes), in 2021.

Analyst’s Observation on Japan Multiparameter patient monitoring Market Research

In Japan, the market growth for Multiparameter patient monitoring can be attributed to the growing healthcare expenditures. However, the country’s climbing healthcare expenses are triggered by its older population, increasing cases of chronic diseases and technological advancements in medical science. With the rise in healthcare spending, there is an increased focus on boosting care efficiency and improving patient outcomes, creating a demand for multiparameter patient monitoring devices in clinical or hospital settings, and eventually driving the overall market growth. According to reports, Japan claims one of the most productive healthcare systems in the world. However, at the same time, the system is subjected to mounting pressure due to demographic aging and has one of the longest life expectancies in good health and the lowest infant mortalities on the planet. Nihon Kohden Corporation, Fukuda Denshi Co., Ltd., Omron Healthcare Co., Ltd., are some of the significant parties in the market for Multiparameter patient monitoring in Japan.

Multiparameter patient monitoring Market Growth Drivers and Challenges

Growth Drivers

• Increasing adoption of advanced technology:

Nowadays, the heightened adoption of cutting-edge technology is revolutionizing the healthcare sector on a global scale.  Using technologies such as IoT, AI, and machine learning, the healthcare sector is improving its services and efficiency. This helps in enabling better diagnostics and facilities for patients, further propelling the market progression. Such modern innovations result in bettering of the functionality of the medical devices allowing more accurate and real-time data. Furthermore, it was found that the total global spending on health reached a value of $9.8 trillion in 2021 alone, accounting for 10.3% of global GDP. Amongst all, the United States (US) alone spent over $4 trillion annually on health.

• Growing adoption of remote patient monitoring:

Patient monitoring devices were extensively used during the pandemic period for continuous monitoring of patients and assessment of vital signs. These devices help healthcare professionals to monitor vital signs from outside hospitals or clinical settings. Due to continuous monitoring in real-time, it acts as a blessing for patients, especially those residing in remote areas. There is a shortage of healthcare professionals in rural areas of the U.S. that can restrict the availability of healthcare by limiting the supply of available services. About 66.33% of Primary Care Health Professional Shortage Areas (HPSAs) were located in rural areas, as of September 2024.

Restraints

• Risk associated with monitoring devices:

Monitoring devices pose several potential hazards including infection and can create complications in critical patients. Additionally, there is also a possibility of erroneous readings if the device is not accurately calibrated, leading to wrong diagnosis and treatment. Sometimes, long-term use of such malicious devices can result in organ injury as well, making the condition even more fatal. Therefore, such associated risks impede the overall growth of the multiparameter patient monitoring market.

• High expense of monitoring devices:

The large amount of money required for monitoring different parameters constrains the market. Underprivileged regions or poverty-stricken areas are incapable of accessing these devices because the net income is comparatively lower than that of high-income region manufacturers. Accordingly, because of the substantial cost, consumers are not using these technologies, hence, slowing down the growth of the multiparameter patient monitoring market.

Multiparameter patient monitoring Market Segmentation

Our experts at KD Market Insights have segmented the global Multiparameter patient monitoring market research report as:

Multiparameter patient monitoring Market Regional Synopsis

The primary force behind the North American Multiparameter patient monitoring market is advancement in healthcare facilities' established healthcare infrastructure, high healthcare spending, and the quick uptake of cutting-edge technologies. Countries such as the U.S. and Canada are experiencing rapid growth in the market due to the adoption of modern technologies in the healthcare sector. On the other hand, the healthcare technologies are raising their monetary spending in the United States. According to a new report, the upsurge in healthcare funding in the United States rose up in 2014 to 5.5% and was predicted to keep growing by an average of 5.8% annually through at least 2024. Moreover, favorable payment policies are presumed to elevate market expansion further. The growing number of lifestyle-related health problems and accidents are additional factors that are likely to contribute to the patient monitoring market growth. Hence, the market is likely to be driven by rising emergency care needs and growing mobile surgery center adoption during the given time-frame.

Asia Pacific region is set to record the fastest growth rate in the global multiparameter patient monitoring market. The growth in the region is ascribed to the increasing incidence of chronic diseases and the growing geriatric population. Further, there is a requirement for patient monitoring devices in Asia-Pacific countries due to the increased prevalence of heart disorders.  Besides, China and India have the highest prevalence of diabetes across the globe, making them the most affected nations. Nowadays, cardiovascular diseases are on the rise in India, leading to higher case fatalities and premature deaths. Over 500 billion people across the globe are still fighting cardiovascular diseases, which accounted for 20.5 million deaths in 20211 which makes up nearly a third of all deaths worldwide and an overall increase on the estimated 121 million deaths from heart diseases. However, in order to minimize the number of critical disorders, there is a need for better healthcare facilities in the region. Recently, low-income regions of Asia Pacific paying increased attention to adopting low precision patient monitoring devices further pushing the market forward.

As per our analysts at KD Market Insights, the following five players lead the North America Multiparameter patient monitoring market growth:

• GE Healthcare
• Nonin Medical, Inc.
• Mindray DS USA, Inc.
• Hill-Rom Holdings, Inc.
• Boston Scientific Corporation

Multiparameter patient monitoring Market Competitive Landscape

Some of the key players who top the global Multiparameter patient monitoring market share:

• General Electric Company (GE Healthcare)
• Medtronic
• Koninklijke Philips N.V.
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Nihon Kohden Corporation
• Skanray Technologies Ltd.
• Opto Circuits (India) Ltd.
• Spacelabs Healthcare
• Baxter International Inc.
• OSI Systems, Inc
• Medion
• ICU Medical, Inc.
• Drägerwerk AG & Co. KGaA
• Contec Medical Systems 
• Others

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Multiparameter Patient Monitoring Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Device
      2. By Application
      3. By Age-group
      4. By End-user
      5. By Region
5. Market Segmentation by Device
   1. 1. Portable
      2. Fixed
6. Market Segmentation by Application
   1. 1. Intensive care
      2. Emergency care
      3. Clinical care
      4. Ambulatory care
      5. Others
7. Market Segmentation by Age-group
   1. 1. Infants
      2. Paediatrics
      3. Adults
8. Market Segmentation by End-user
   1. 1. Hospitals
      2. Clinics
      3. Ambulatory surgery centres
      4. Others

1. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
         4. South Korea
         5. Market Size and Forecast
         6. Key Trends and Developments
         7. Market Analysis by Device, Application, Age-group and End-user
      5. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Device, Application, Age-group and End-user
2. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
   3. Medtronic (Ireland)
   4. IBM
   5. Apple Inc.
   6. Siemens Medical Solutions
   7. Pepperl+Fuchs
   8. Cisco
   9. GE Healthcare
3. Strategic Recommendations
4. Appendix
   1. List of Tables
   2. List of Figures
5. References