Multiparameter Patient Monitoring Systems Market | 2032

Report Description

Multiparameter Patient Monitoring Systems Market Outlook 2032

The global multiparameter 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 cost-effective medical devices.

The demand for medical devices, including patient monitoring devices, in healthcare facilities is continuously rising. Multiparameter patient monitoring systems allow continuous monitoring of vital signs, thereby boosting monitoring efficiency, which is necessary for the health system. Patient monitoring devices help in monitoring the parameters of the patient at home, which reduces hospitalization and frequent hospital visits.

Multiparameter 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 the condition of a patient, detect abnormalities, and make informed clinical decisions. The rising development of advanced monitoring devices to enhance monitoring capabilities is propelling the market. For instance,

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

Key components of multiparameter patient monitoring systems include sensors that are 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 offer advanced features such as connectivity to electronic health records, remote monitoring capabilities, and integration with other medical devices.

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Impact of Artificial Intelligence (AI) on the Multiparameter Patient Monitoring Systems Market

Remote patient monitoring (RPM), which reduces 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 multiparameter patient monitoring systems market by enhancing patient monitoring, early intervention, and efficiency. AI algorithms 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 early.

AI triggers alerts for caregivers if patient data deviates from normal parameters, triggering prompt action. AI also automates data interpretation, streamlines alarm management, optimizes resource allocation, and personalized medicine and treatment plans. AI integration in multiparameter 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.

Multiparameter Patient Monitoring Systems Market Dynamics

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Major Drivers

Rising prevalence of chronic disorders, such as asthma, COPD, hypertension, obesity, diabetes, and cardiovascular disease, is expected to drive the global market during the projection period.

• 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 cost-effective devices for continuous monitoring of patients in hospitals is driving the global market. Furthermore, rising awareness of early diagnosis among patients and managing the severity of a disease at an early stage is propelling the demand for multiparameter patient monitoring systems.

Existing Restraints

Stringent regulatory framework is expected to restrain the market during the forecast period. Essential certification required for medical devices leads to extended 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 projected period.

Emerging Opportunities

Advancements in wireless and wearable technologies create immense opportunities in the market.  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.

Scope of the Multiparameter 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.

Multiparameter Patient Monitoring Systems Market Segment Insights

Device Segment Analysis

Based on device, the market is bifurcated into portable and fixed. The portable segment held a large share of the market in 2023, due to its mobility and flexibility. Portable devices are used anywhere within the home setting or in ambulances. The enhanced patient comfort of portable monitors is allowing great comfort for patients, thereby boosting the segment. Furthermore, these devices are less restrictive than fixed monitors.

The fixed segment is anticipated to expand 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 wide range of monitoring capabilities, including advanced hemodynamic monitoring, advanced respiratory monitoring, and cerebral function monitoring, which are 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.

Age Group Segment Analysis

On the basis of age group, the global market is segregated into pediatric, adult, and geriatric. The geriatric segment held a major market share in 2023 and is anticipated to register a considerable CAGR in the coming years, due to the increasing risk of chronic diseases among the 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 the rising number of premature births. The increasing focus on developing pediatric medical devices and other continuous monitoring tools for NICUs is expected to drive the segment during the projection period.

The growing focus on early detection and intervention in childhood diseases is expected to drive the segment. Early detection of conditions such as congenital heart defects, respiratory problems, and metabolic disorders are significantly improve long-term health outcomes among children. Multiparameter monitoring systems aid in early detection by continuously tracking vital signs and identifying subtle changes that indicate potential health issues.

End-user Segment Analysis

On the basis end-user, the multiparameter patient monitoring systems market is segmented into hospitals, ambulatory surgical centers, and homecare. The hospitals 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.

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, thereby boosting the segment.

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

Regional Analysis

In terms of region, the global multiparameter 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 the increasing rate of ICU admission and advancements in patient monitoring technologies. Moreover, the rising patient population due to the high prevalence of chronic disorders and widespread acceptance of advanced technologies is propelling the regional market. Increasing investments by key players, a rising number of product launches, and collaboration activities are boosting the market in the region. For instance,

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

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