Multi-Parameter Vital Sign Monitoring Market Trends [2031]

Report Description

Multi-Parameter Vital Sign Monitoring Market Outlook 2031:

The Global multi-parameter vital sign monitoring market was estimated at USD 8,903.5 Million in 2022 and is anticipated to reach USD 15,287.9 Million by 2031, expanding at a CAGR of 6.3% during the forecast period.

Multi-parameter vital sign monitoring device is a medical device that continuously measures and displays crucial physiological parameters such as blood pressure, heart rate, respiratory rate, and temperature to monitor the health status of a patient.

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Multi-parameter vital signs monitors Provide a flexible solution for accurate vital analysis. It is a lightweight, compact and portable monitor that is easy to use providing an authentic measurement of temperature, blood pressure, pulse oximetry, respiratory rate, and heart rate of a patient.

Macro-economic Factors

Rising GDPs of Emerging Economies

An emerging market economy refers to a country that is in the process of development. Countries such as Brazil, Russia, India, China (BRIC), and other countries in Latin America & Southeast Asia are key developing economies. The economic growth of emerging countries is typically growing by 6% to 7% annually, whereas countries with an already well-established economy report growth rate below 3%.

Therefore, the GDP growth rates for emerging market economies are outperforming those of developed countries. In 2017, the total contribution of the chemical industry to global GDP was USD 5.7 trillion, equivalent to 7% of the global GDP in the same year. Thus, the rising GDP of emerging economies plays a crucial role in the expansion of the market.

R&D Activities

Research and development (R&D) are crucial factors for economic growth, as they promote invention, innovation, and advancement. In 2017, China had the highest R&D spending in the chemical industry, investing around USD 14.6 billion, while the US ranked second, spending approximately USD 12 billion.

In 2019, the US led R&D performance globally with 28% of the global R&D total, followed by China with 22%. Increasing investments from key market players for R&D activities and a rising focus on product innovations are creating opportunities for chemical companies across the globe.

Market Dynamics

Market Driver- Increasing Prevalence of Chronic Diseases

Increasing prevalence of chronic diseases such as cardiovascular diseases (CVD), neurological disorders, and cancer is expected to drive the global vital sign monitoring devices market growth over the forecast period.

For instance, in 2022, according to the World Health Organization, the major diseases that lead to the most deaths from non-communicable diseases (NCDs) are cardiovascular diseases, cancers, respiratory diseases, and diabetes, accounting for more than 80% of all premature NCD deaths.

Market Driver- Increasing product approval by regulatory authority

Increasing product approval by various regulatory authority such as U.S. FDA is expected to drive the market growth for the forecast period. For instance, in December 2021, Koninklijke Philips N.V., a global medical technology company, announced that its Philips Patient Monitors MX750 and MX850 have received 510(k) clearance from the U.S. Food and Drug Administration.

Market Restraint- Availability of Low-Quality Products

Global vital sign monitoring devices market growth can be hindered by availability of not good quality products. The availability of substandard products at cheap cost acts as a hurdle for sales of low, mid, and high acuity monitors worldwide.

For instance, according to the article published in April 2022, approximately 820 women die in pregnancy and childbirth every day worldwide, with 99% of these occurring in low-resource settings. In order to these key players should provide good quality of products to overcome the restraint.

Market Opportunity- Technological Advancements

Patient monitoring technologies come into play and identify small changes in the patient's physiological data, promoting self-monitoring. As a result, it reduces readmissions and avoidable hospitalizations, as well as the number of unnecessary trips to the doctor's office and travel-related expenses.

Patient monitoring technologies, when used correctly, can increase access to quality treatment while saving time and money. Other factors, such as government funding related to the research and development of chronic disease treatment, are anticipated to fuel the market's growth over the forecast period. For instance, as per the November 2021 update from the Government of Canada, in 2021, they invested USD 35 million in diabetes, specifically, USD 25 million for diabetes research, surveillance, and prevention and the development of a national framework for diabetes.

It includes a recommitment to the Juvenile Diabetes Research Foundation (JDRF) and the Canadian Institutes of Health Research (CIHR) Partnership to Defeat Diabetes by investing up to USD 15 million to be matched by JDRF Canada and its donors for type 1 diabetes research.

Market Key Developments

In December 2021, Baxter, a company that provides products and therapies in hospitals and clinics, and patients care in their homes, acquired a medical technology leader Hillrom, Baxter paid $156.00 in cash for each outstanding share of Hillrom common stock for a purchase price of $10.5 billion (based on Hillrom share counts at closing). Including the assumption of Hillrom's outstanding debt obligations, the enterprise value of the transaction is approximately $12.5 billion.

In January 2021, Hillrom, announced it has reached a definitive agreement to acquire Bardy Diagnostics, Inc. (BardyDx), an innovator in digital health and a leading provider of ambulatory cardiac monitoring technologies. Under the terms of the agreement, Hillrom will purchase BardyDx for a cash consideration of $375 million and future potential payments based on the achievement of certain commercial milestones. Hillrom is also acquiring net operating losses valued at more than $20 million that are expected to result in future tax benefits.

In February 2021, Koninklijke Philips, a company that improves people’s health and well-being through meaningful innovation, completed the acquisition of BioTelemetry, Inc., the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care. This resulted in the business expansion of patient care management solutions for the hospital and homes.

In February 2023, 3M, an U.S. based multinational conglomerate, announced that they have enhanced its medical adhesive that can stick to the skin which is intended for use with a wide array of health monitors, sensors, and long-term medical wearables. Prior to 2022, the standard wear time for extended medical adhesives was up to 14 days. 3M now doubles that standard to help deliver a more patient-centric model of care.

In January 2023, Biobeat, a global company involved in manufacturing wearable remote patient monitoring devices, announced that its wearable remote patient monitoring devices have received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to monitor stroke volume and cardiac output in addition to cuffless blood pressure, blood oxygen saturation, pulse rate, respiratory rate, and body temperature.

Scope of the Multi-Parameter Vital Sign Monitoring Market Report  

The report on the Global Multi-Parameter Vital Sign Monitoring Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Multi-Parameter Vital Sign Monitoring Market Segmental Outlook

Based on device type, the Middle East & Africa (MEA) multi-parameter vital sign monitoring market is segmented into fixed and portable. The portable segment is expected to hold a XX% share of the market in 2022, due to the increasing use of vital sign monitoring devices for the display and record of the important vital signs of the patient. The portable monitoring devices are used bedside or as mobile applications.

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On the bases of by acuity level, the Middle East & Africa (MEA) multi-parameter vital sign monitoring market is segmented into high and mid-low acuity level. The high acuity level segment is expected to hold an XX% share of the market in the 2022, due to rising emergency hospital admission, growing critical care surgeries, increasing accident, and traumatic injury cases.

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Based on monitoring type, the Middle East & Africa (MEA) multi-parameter vital sign monitoring market is segmented into invasive and non-invasive. The invasive segment is expected to hold XX% share of the market in the year 2022, as invasive monitoring involves inserting a probe or catheter directly into the patient's bloodstream, organs, or other body cavities to obtain real-time data on the patient's vital signs, such as blood pressure, oxygenation levels, and cardiac output.

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Based on patient group, the Middle East & Africa (MEA) multi-parameter vital sign monitoring market is segmented into geriatric patient group, adult patient group, and pediatric patient group. The geriatric patient group segment is expected to hold XX% share of the market in the year 2022, as geriatrics refers to medical care for older adults. Growing prevalence of chronic diseases in elderly patients is driving the segment.

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Based on end-use, the Middle East & Africa (MEA) multi-parameter vital sign monitoring market is segmented into hospitals, homecare settings, ambulatory surgical centers, and others. The hospital segment is expected to hold a XX% market share in the year 2022, as vital monitoring devices play a vital role in patient monitoring services in hospitals.

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Regional Outlook

On the basis of regions, the Global Multi-Parameter Vital Sign Monitoring Market is segmented into North America, Europe, APAC, Latin America, and the Middle East and Africa. The market in North America is projected to expand at a significant CAGR during the forecast period. North America is estimated to maintain its dominance in the market during the forecast period, due to increasing prevalence of cardiovascular diseases in the U.S. region.

For instance, in July 2022, according to Centers for Disease Control and Prevention (CDC), approximately 805,000 heart attack incidences are reported every year in the U.S., out of which, 605,000 people had heart attack for first time and the remaining 200,000 were those who already had a heart attack.

The market in Asia Pacific is expected to grow at a significant pace and is projected to maintain its dominance in the market during the forecast period. The growth is anticipated due to increase in number chronic diseases such as diabetes in this region.

For instance, according to an article published in The Lancet, a weekly peer-reviewed general medical journal, in February 2023, the estimates suggest that there were more than 88.7 million people living with diabetes in China in 2020. Moreover, according to the same source, this number is expected to rise to 108.4 million by 2030.

The market in Europe is projected to expand at a substantial CAGR, due to the increasing usage of multi-parameter vital sign monitor in the regions. Latin America and the Global are anticipated to hold a considerable share of the Global Multi-Parameter Vital Sign Monitoring Market.
 

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Multi-Parameter Vital Sign Monitoring Market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Multi-Parameter Vital Sign Monitoring Market performance