Multi Parameter Patient Monitoring Systems Market | 2032

Report Description

Multi Parameter Patient Monitoring Systems Market Outlook 2032

The global multi parameter patient monitoring systems market size was USD 5.2 Billion in 2023 and is likely to reach USD 9.5 Billion by 2032, expanding at a CAGR of 6.9% during 2024–2032. The market growth is attributed to the rising global prevalence of chronic disorders and increasing focus on developing a cost-effective device.

The demand in healthcare facilities is continuously rising. A sizeable amount of the money is spent on hospital stays. Multi parameter patient monitoring systems save costs and boost efficiency are necessary for the health system. With patient monitoring, many of these hospital admissions are able to be prevented (RPM).

• In April 2023, according to Journal of Market Access & Health Policy, approximately 54 million population of America over 65 were living in 2021. By 2050, this figure is projected to rise to 85.7 million. As a result, the budget for healthcare is increasing. Medicare accounted for almost 20% of all national health expenditures in 2020.

Multi-parameter patient monitoring systems are medical devices that continuously or intermittently monitor various physiological parameters of patients in healthcare settings. These systems provide real-time information about a patient's condition, detect abnormalities, and make informed clinical decisions.

Key components include sensors attached to the patient's body to measure vital signs such as heart rate, blood pressure, respiratory rate, oxygen saturation, temperature, electrocardiography (EKG), and capnography. The data is displayed in various formats, and alarm systems are used to alert healthcare providers to changes in vital signs. Modern systems may offer advanced features like connectivity to electronic health records, remote monitoring capabilities, and integration with other medical devices.

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Impact of Artificial Intelligence (AI) in Multi Parameter Patient Monitoring Systems Market

Remote patient monitoring (RPM), which lowers expenses by prioritizing patients to maximize hospitalization and prevent complications, is made possible by artificial intelligence (AI). The FDA oversees AI in medical devices and works to guarantee AI solutions that are transparent, safe, and beneficial for patients.

Artificial Intelligence (AI) is set to revolutionize the Multi-Parameter Patient Monitoring Systems Market by enhancing patient monitoring, early intervention, and efficiency. AI algorithms can analyze vast amounts of data, enabling real-time identification of potential health deterioration. AI models predict potential complications or adverse events based on real-time monitoring data, enabling healthcare professionals to intervene earlier.

AI trigger alerts for caregivers if patient data deviates from normal parameters, triggering prompt action. AI also automate data interpretation, streamline alarm management, optimize resource allocation, and personalize medicine and treatment plans. AI integration in multi-parameter patient monitoring systems has the potential to revolutionize healthcare by improving patient safety, enhancing treatment effectiveness, optimizing workflow efficiency, and enabling better resource allocation and cost management.

Multi Parameter Patient Monitoring Systems Market Dynamics

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Major Drivers

Rising global prevalence of chronic disorders such as, Asthma, COPD, hypertension, obesity, diabetes, and cardiovascular disease is boosting the global market.

• In 2021, the World Health Organization stated that about 63% of all deaths worldwide are caused by chronic conditions. Chronic disease is one of the major causes of death.

Increasing focus on developing a cost-effective device for continuous monitoring of patients in hospitals is driving the global market. The importance of an early diagnosis in patients and managing the severity of a disease in its beginning is propelling the demand for multi parameter patient monitoring systems.

Existing Restraints

Stringent regulatory framework is expected to restrain the market during the forecast period. The stringent regulation leads to longer approval time which delays the market entry for new technologies, hindering the overall market. Stringent regulation often requires additional testing and data collection, inflating the developmental costs for manufacturers, and is expected to impede the market during the predicted period.

Emerging Opportunities

Wireless and wearable technologies is expected to drive the market during the forecast period.  The rise of wireless technology and wearable devices is paving the way for continuous and remote patient monitoring. This allows for increased patient mobility, improved comfort, and the potential to collect data outside of traditional hospital settings. Imagine patients recovering at home while vital signs are still monitored remotely.

Scope of the Multi Parameter Patient Monitoring Systems Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Multi Parameter Patient Monitoring Systems Market Segment Insights

Device Segment Analysis

Based on device, the multi parameter patient monitoring systems market is bifurcated into portable and fixed. The portable segment is expected to expand at a significant growth rate during the projection period due to its mobility and flexibility. The potable devices can be used anywhere within home setting or in ambulances. The enhanced patient comfort of portable monitors is allowing greater comfort for patients, boosting the segment. Furthermore, these devices are lesser restrictive than the fixed monitors improving the capabilities and rising the demand in the market.

The fixed segment is anticipated to grow at a substantial CAGR during the forecast period due to its critical care applications. Fixed systems are still considered the gold standard for monitoring critically ill patients in intensive care units (ICUs) and operating rooms. They offer a wider range of monitoring capabilities, including advanced hemodynamic monitoring, advanced respiratory monitoring, and cerebral function monitoring, crucial for managing complex medical conditions. Moreover, the high-fidelity data acquisition of fixed systems provides precise and reliable vital signs compared to portable systems.

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Age Group Segment Analysis

On the basis of age group, the global market is segregated into pediatric, adult, and geriatric. The geriatric segment is anticipated to register a considerable CAGR in the coming years due to increasing risk of chronic diseases among senior population. The increasing focus on early detection and intervention, crucial for managing conditions such as, diabetes, hypertension, respiratory disease, and cardiovascular disease, is propelling the segment. Additionally, portable monitoring systems are becoming increasingly sophisticated and user-friendly. This facilitates remote patient monitoring for geriatric patients recovering at home or living in assisted living facilities.

The pediatric segment is projected to register a robust growth rate during the assessment years due to rising number of premature births. The increasing focus on developing the pediatric medical devices and other continuous monitoring tools for NICUs is expected to drive the segment during the projection period. Furthermore, the growing focus on early detection and intervention in childhood diseases is expected to drive the segment. Early detection of conditions like congenital heart defects, respiratory problems, and metabolic disorders can significantly improve long-term health outcomes for children. Multi-parameter monitoring systems can aid in early detection by continuously tracking vital signs and identifying subtle changes that might indicate potential health issues.

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End-user Segment Analysis

On the basis end-user, the multi parameter patient monitoring systems market is segmented into hospital, ambulatory surgical centers, and homecare. The hospital segment is expected to register a robust growth rate during the forecast period due to high admission rates of critical patients. Hospitals have dedicated intensive care units for critically ill patients, as well as operation rooms, in which continuous vital monitoring is required. Multi-parameter systems are essential in these settings for ensuring patient safety and enabling effective treatment decisions. Additionally, hospitals cater to a diverse range of patients with various medical conditions. Multi-parameter systems cater to this need by offering a wide range of monitoring capabilities, including hemodynamic monitoring, respiratory monitoring, and neurological monitoring, boosting the segment.

The homecare segment is expected to expand at a significant growth rate over the projection period due to its growing popularity. The rising demand for a cost-effective care and reducing the hospital stays is driving the segment. Multi-parameter monitoring systems can help manage chronic conditions effectively at home, potentially reducing hospital readmission rates and lowering overall healthcare expenditure. Additionally, the advancements in miniaturization, wireless connectivity, and user interface design are making multi-parameter monitoring systems more portable, user-friendly, and easier to operate in a home setting. This empowers patients and caregivers to play a more active role in monitoring health parameters.

Regional Analysis

In terms of region, the global multi parameter patient monitoring systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period owing to increasing rate of ICU admission and improving patient monitoring technologies. Moreover, the rising patient population due to high prevalence of chronic disorders and widespread acceptance of advanced technologies is propelling the regional market. Increasing investments by key players, rising number of product launch, and collaboration activities, is generating a large revenue in the global market. For instance,

• In February 2021, Flosonics Medical, A non-invasive hemodynamic monitoring medical device firm based in Canada closed a $14 million investment round.

The market in Asia Pacific is projected to grow at a significant pace in the years to come owing to increasing patient demand for novel Med-Tech. Rising number of key players is driving the regional market. The increasing number of geriatric population and increasing demand for a multi parameter patient monitoring system. Additionally, the improving quality of healthcare system and rising product development is boosting the regional market substantially.

• According to World Health Organization, nearly 2,60,000 people die in China each year due to some chronic disease or traffic accidents, increasing the demand for patient monitoring systems.

• In September 2021, India Medtronic Private Limited, a subsidiary of Medtronic in India, announced a partnership with Stasis Health. The goal of this agreement was to expand the availability and scale up the FDA-approved Stasis Monitor, a medical monitoring gadget for use at bedside.
  

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