Number of pages: 100 | Report Format: PDF | Published date: 01 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Market size value in 2021 |
US$ 12.2 billion |
Revenue forecast in 2030 |
US$ 18.92 billion |
Growth Rate |
CAGR of 5% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast Period |
2022-2030 |
Historical Year |
2020 |
Segments covered |
Devices Type, Acuity Level, Age Group, End-user, and Region. |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth+ Reports, the global Multi-parameter patient monitoring systems market was valued at US$ 12.2 billion in 2021. The market is expected to witness a CAGR of 5% during the forecast period from 2022 to 2030.
Market Fundamentals
Multi-parameter patient monitoring systems are devices used in healthcare settings to continuously monitor and record vital signs such as heart rate, blood pressure, oxygen saturation, respiratory rate, and temperature. These systems help healthcare providers quickly identify changes in a patient's condition and provide timely interventions. They can be used in hospitals, clinics, and even at home. The data collected can be displayed on a central monitor, allowing healthcare providers to view multiple parameters at once and making it easier to make informed decisions about a patient's care.
The COVID-19 pandemic has accelerated the trend towards remote patient monitoring and the use of technology in healthcare, driving the growth of the multi-parameter patient monitoring systems market. The growing focus on patient safety and the increasing incidence of chronic diseases are expected to drive the global multi-parameter patient monitoring systems market growth. The integration of wearable technology and artificial intelligence is also expected to drive the market growth. The increasing demand for non-invasive monitoring systems and the growing popularity of home healthcare are expected to fuel the growth of the multi-parameter patient monitoring systems market.
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Market Dynamics
The aging population is driving demand for multi-parameter patient monitoring systems, as elderly patients often require continuous monitoring of vital signs. Artificial intelligence and machine learning are increasing in multi-parameter patient monitoring systems, providing healthcare providers with real-time insights and predictions about a patient's health, thus boosting the growth of the multi-parameter patient monitoring systems market. The increasing incidence of chronic diseases, such as diabetes and heart disease, is driving demand for multi-parameter patient monitoring systems, as these conditions require continuous monitoring of vital signs. Multi-parameter patient monitoring systems are increasingly being integrated with electronic health records (EHRs), providing healthcare providers with a comprehensive view of a patient's health history and vital sign data, which is propelling the growth of the multi-parameter patient monitoring systems market. Government initiatives, such as the Affordable Care Act in the US, fuel the growth of the multi-parameter patient monitoring systems market, as they encourage the use of technology in healthcare. Multi-parameter patient monitoring systems are in high demand because they give healthcare professionals real-time patient condition data to monitor a patient's condition and prevent adverse outcomes. The integration of wearable devices, such as smartwatches and fitness trackers, with multi-parameter patient monitoring systems is increasing, as these devices allow for continuous monitoring of vital signs, which is also driving the growth of the global multi-parameter patient monitoring systems market. The high cost related to the multi-parameter patient monitoring systems is the major restricting factor of the multi-parameter patient monitoring systems market. The data security and privacy concerns are also cramping the multi-parameter patient monitoring systems market growth.
Market Ecosystem
The global multi-parameter patient monitoring systems market has been analyzed from five perspectives: Devices Type, Acuity Level, Age Group, End-user, and Region.
Multi-parameter Patient Monitoring Systems Market by Devices Type
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Based on device type, the global multi-parameter patient monitoring systems market is bifurcated into portable and fixed. The portable segment had the largest market share of the multi-parameter patient monitoring systems market in 2021. Portable multi-parameter patient monitoring systems allow patients to move freely, providing greater convenience and comfort. The portable systems allow healthcare providers to monitor patients outside of the traditional hospital and clinic settings, increasing mobility and accessibility, thus propelling the segment growth. Moreover, portable monitoring systems are often non-invasive, reducing patient discomfort and risk of infections, and boosting the multi-parameter patient monitoring systems market demand.
Multi-parameter Patient Monitoring Systems Market by Acuity Level
The global market for multi-parameter patient monitoring systems is segmented into high, medium, and low segments based on acuity level. In 2021, the multi-parameter patient monitoring systems market was dominated by the high acuity level segment. High acuity systems provide healthcare providers with real-time data and advanced features, such as alarms and trend analysis, to ensure prompt and effective patient care. High acuity systems can be integrated with other medical devices, such as ventilators and infusion pumps, providing a complete picture of a patient's health status, propelling the segment growth. The systems enable healthcare providers to monitor patients with critical or life-threatening conditions, reducing the risk of adverse events and improving patient outcomes.
Multi-parameter Patient Monitoring Systems Market by Age Group
Based on age group, the global multi-parameter patient monitoring systems market is segmented into pediatric, adults, and geriatric. The geriatric segment had a significant share of the multi-parameter patient monitoring systems market in 2021 due to the increasing aging population and their need for continuous monitoring of vital signs. The aging population often has chronic conditions such as diabetes and heart disease, requiring continuous monitoring of vital signs. The geriatric segment is expected to grow as the aging population continues to increase, driving demand for multi-parameter patient monitoring systems. Additionally, advancement in technology, such as artificial intelligence and machine learning, is improving the ability of multi-parameter patient monitoring systems to provide real-time insights and predictions about a patient's health, further boosting growth in the geriatric segment.
Multi-parameter Patient Monitoring Systems Market by End-user
Based on end-user, the global multi-parameter patient monitoring systems market is segmented into hospitals, homecare settings, ambulatory surgical centers, and others. The hospital segment held the largest share of the global multi-parameter patient monitoring systems market in 2021 due to the increasing number of hospitalized patients and the need for continuous monitoring of vital signs. Hospitals often have a high volume of patients with chronic conditions, such as diabetes and heart disease, requiring continuous monitoring of vital signs. Hospitals also have access to a wide range of medical devices, including multi-parameter patient monitoring systems, to provide comprehensive patient care. The hospital segment is expected to continue to grow as the demand for advanced medical technology in hospitals increases.
Multi-parameter Patient Monitoring Systems Market by Region
Based on region, the global multi-parameter patient monitoring systems market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global multi-parameter patient monitoring systems market in 2021, followed by Europe and Asia Pacific. The large share of North America is attributed to the presence of a large number of healthcare providers and patients, advanced healthcare infrastructure, and the adoption of cutting-edge technology in the region. The high prevalence of chronic diseases, such as diabetes and heart disease, in North America drives demand for multi-parameter patient monitoring systems. Additionally, the region has a high per capita healthcare expenditure and a strong healthcare system, making it a leading market for medical devices and equipment, including multi-parameter patient monitoring systems.
Competitive Landscape
Some of the prominent players operating in the multi-parameter patient monitoring systems market are:
Strategic Developments
Region-wise, North America has the largest market share followed by Europe; Asia Pacific is expected to be the fastest growing region during the forecast period.
Some of the key companies are Merck KGaA, Sangamo Therapeutics Inc., Thermo Fisher Scientific Inc., Horizon Discovery Ltd., GenScript, Precision Biosciences, Integrated DNA Technologies Inc., Lonza, CRISPR Therapeutics, Cibus Recombinetics Inc., AstraZeneca plc, Intellia Therapeutics Inc., Bearn Therapeutics, and Egenesis Inc. among others.
During the forecast period from 2022 to 2030, the CAGR is estimated at 5%.
The geriatric segment dominates the global multi-parameter patient monitoring systems market.
The high cost affiliated to multi-parameter patient monitoring systems and data security and privacy concerns is some of the restricting factors of the global market.
*Insights on financial performance are subject to the availability of information in the public domain
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