Multiparameter Patient Monitoring Systems Market Size, Share & Trends Analysis Report By Device Type (Fixed, Portable), By Activity Level (High, Medium, Low), By Age Group, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global multiparameter patient monitoring system market size was valued at USD 11.0 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.7% during the forecast period. The rise in demand for early diagnosis and treatment of chronic diseases across the globe, high demand for real-time patient monitors in critical care units, increase in the need to make better clinical decisions on the spot, and documenting changes in a patient’s condition at every stage are factors anticipated to drive the market growth. According to the CDC, in March 2020, regulators and health authorities ordered all private clinics and ambulatory care centers to straightaway stop seeing patients, except for emergency procedures, resulting in high revenue loss across the health sector. However, the COVID-19 epidemic has had a positive effect on the multiparameter monitoring devices market.

In the COVID-19 pandemic situation, the monitoring of oxygen saturation and respiration rate was very important to determine if the lung tissue is being affected. Newly carried out studies advise that post-COVID-19 infection, some patients may suffer from heart disorders across all regions and remote patient monitoring will be the most favorable option to evaluate and treat patients.

Multiparameter patient monitors are widely used for enhancing the quality of health of the patient in both the in-patient wards and intensive care units (ICU). Monitoring is a very essential part of critically ill patients, especially in emergency departments, as the functional response to critical sickness is linked strongly to the outcome. The monitoring of critically ill patients using multiparameter monitors allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions.

The advances in wearable devices and wireless communication technology for medical telemetry have further increased the scope of monitoring solutions for patients inside and outside hospital premises. Such technological advancements enable recording and transmitting data instantly from a patient’s device to a healthcare professional, thereby decreasing the duration of evaluation and treatment.

The introduction of wireless networks such as Radio Frequency Identification (RFID) and Medical Body Area Networks (MBAN) in the healthcare sector has revolutionized the diagnostic processes of patient health without causing any discomfort attributed to its wireless design. This generally aids in monitoring heart rate, blood pressure, body temperature, and oxygen level in the body.

The introduction of single-use portable devices has increased patient flexibility and helped in saving the cost of regular hospital visits. The continuous rise in demand for home-based medical treatments for the aged population is propelling the demand for these portable patient monitoring devices, which are easy & convenient to use.

Device Type Insights

The portable type multiparameter patient monitoring systems led the market in 2021 with a revenue share of over 65.7% and are anticipated to retain their position during the forecast period. This can be attributed to various advantages offered by portable systems, such as they are lightweight for easy transport within or outside hospitals. In addition, they come in a wearable form that offers greater mobility to patients and can be used in any environment, including homecare settings. They offer vital benefits to healthcare facilities; cancer centers, hospitals, and other healthcare facilities are seeking ways to increase their reach and provide better care to patients.

Portable multiparameter patient monitoring systems offer easy mobility across different departments within and outside the hospital. The portable systems or devices are technologically advanced lightweight products that incorporate digital technology and the ubiquity of smartphones with wireless connectivity and cloud integration.  

Acuity Level Insights

High-acuity multiparameter patient monitoring systems dominated the market with a revenue share of over 45.6% in 2021 and are anticipated to retain their position over the forecast period. This can be attributed to the high cost of these systems as compared to mid- and low-acuity systems. High-acuity patients include those with acutely life-threatening conditions who need continuous monitoring with cautious treatment.

The growth of the high acuity level segment is due to the increasing prevalence of chronic diseases, such as CVDs, respiratory disorders, and other critical medical conditions, which need continuous monitoring. In addition, high-acuity patients are a top priority for healthcare providers. High-acuity monitoring systems are generally found in ICUs and operation theaters. High-acuity monitoring systems are typically technologically advanced and comprise alarm functions that get activated when the patient's parameters fall outside the safe range. Hence, there is an increasing demand for such systems, contributing to market growth.

Age Group Insights

The geriatric segment dominated the multiparameter patient monitoring system market with a revenue share of over 53.8% in 2021. The segment is also expected to witness the fastest growth during the forecast period, primarily due to a rapidly growing geriatric population that is susceptible to various chronic disorders, which require continuous patient monitoring.

The geriatric segment is leading the market largely due to the increasing number of geriatrics suffering from chronic diseases and requiring critical monitoring. Most of the elderly population suffers from chronic ailments. For instance, there is a high prevalence of heart disease in elderly people due to diabetes. As per the National Council of Aging (NCOA), around 80% of the older population has at least one chronic disease and 77% have at least two. Diabetes affects around 12.2 million people aged 60 years or older in the U.S. Furthermore, one in four older people experiences mental disorders, such as dementia, anxiety disorder, or depression. The number is anticipated to reach 15 million by 2030.

End-use Insights

The hospital segment held the largest revenue share of over 39.6% in 2021. This is attributed to the increasing number of patients being admitted to hospitals due to chronic diseases, injuries, and other emergencies. Multiparameter patient monitors are widely used in general wards and ICUs, and to continuously monitor patients’ health based on various human vital parameters such as oxygen saturation, respiration rate, blood pressure, and heart rate.

An increasing number of patients being admitted to hospitals due to chronic diseases, injuries, and other emergencies is boosting the hospital segment growth. Multiparameter patient monitors are widely used in general wards and ICUs to monitor patients' health continuously based on various human vital parameters, such as respiration rate, oxygen saturation, blood pressure, and heart rate.

Regional Insights

North America held the largest revenue share of more than 41.1% in 2021 owing to the higher healthcare expenditure, more initiatives to offer advanced patient monitoring products, and private-public partnerships. In addition, the rise in the prevalence of chronic diseases and the launch of supportive reimbursement programs are vital factors governing the growth of the market in this region.

Asia Pacific is anticipated to expand at the fastest CAGR of 6.2% during the forecast period. The rise in per capita income, economic growth, and unmet needs of a large population in this region is anticipated to fuel the regional market growth. Rising demand for remote patient monitoring and related services due to the increasing government spending on healthcare is anticipated to propel market growth. Additionally, China is the leading producer of low-cost electronic chips and products. Hence, it is projected to attract investors in China, thereby contributing to market growth.

Key Companies & Market Share Insights

The market players are adopting various key strategies such as product launches, mergers and acquisitions, collaborations, and partnerships to remain competitive and gain market share. For instance, in March 2020, Masimo Corporation announced that it has got FDA clearance for its continuous RRp monitoring of pediatric and adult patients with Radius-7 Pulse Co-Oximeters, Radical-7, and Rad-97. Hence, the device is now available for sale in the U.S., thereby contributing to the company’s growth. Some of the prominent players in the global multiparameter patient monitoring systems market include:

• Koninklijke Philips N.V.

•  GE Healthcare

•  Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

•  Drägerwerk AG & Co. KGaA

•  Medtronic

•  MASIMO CORPORATION

•  Skanray Technologies

• SCHILLER

•  Spacelabs Healthcare

•  Smiths Medical

• SternMed GmbH

Multiparameter Patient Monitoring System Market Report Scope

Global Multiparameter Patient Monitoring Systems Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global multiparameter patient monitoring system market report based on device type, acuity level, age group, end-use, and region:

• Device Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Portable

  • Fixed

• Acuity Level Outlook (Revenue, USD Million, 2018 - 2030)

  • High

  • Medium

  • Low

• Age Group Outlook (Revenue, USD Million, 2018 - 2030)

  • Pediatric

  • Adult

  • Geriatric

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Homecare Settings

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

  • Asia Pacific

    • India

    • Japan

    • China

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE