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, 2021 - 2028

Report Overview

The global multiparameter patient monitoring systems market size was valued at USD 10.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The growing demand for early diagnosis and treatment of chronic diseases, high demand for real-time patient monitors in critical care units, the need to make better clinical decisions on the spot, and documenting changes in a patient’s condition at every stage are factors likely to boost the market growth. Globally, the coronavirus outbreak resulted in historic losses across markets, driving countries into financial crises. According to the CDC, in March 2020, regulators and health authorities ordered all private clinics to immediately stop seeing patients, except for emergency treatment, leading to high revenue loss across the sector. However, the pandemic has had a positive effect on the multiparameter monitoring devices market. Recently carried out studies suggest that post-COVID infection, patients may suffer from heart conditions across all demographics 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 healthcare 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 physiological response to critical illness 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 the 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 sectors 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 increase in demand for home-based medical treatments for the geriatric population is propelling the demand for these portable devices, which are easy and convenient to use.

Device Type Insights

Portable multiparameter patient monitoring systems dominated the market in 2020 with a revenue share of over 65.0% and are anticipated to retain their position over 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.

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 45.0% in 2020 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.

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.

Age Group Insights

The geriatric segment dominated the market with a revenue share of over 53.0% in 2020. The segment is also anticipated to witness the fastest growth over 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. As per WHO statistics, there were 125 million people aged 80 years or older in 2018. By 2050, the number is projected to increase to 434 million people.

Most of the elderly population suffers from chronic ailments. For instance, there is a high prevalence of heart diseases 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 hospitals segment held the largest share of over 35.0% in 2020. This is attributed to the increasing number of patients being admitted to hospitals due to chronic diseases, injuries, and other emergencies. Based on end use, the market is segmented into hospitals, homecare settings, ambulatory surgical centers, and others, which involve clinics, diagnostic centers, and academic research institutes.

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

Regional Insights

North America held the largest share of more than 40.0% in 2020 owing to the higher research expenditure, more initiatives to provide advanced products, and private-public partnerships. In addition, the high prevalence of chronic diseases and the introduction of supportive reimbursement schemes 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% over the forecast period. Increasing per capita income, economic development, and unmet needs of a large population in this region are expected to contribute to 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 the 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 the market growth.

Key Companies & Market Share Insights

The market players are adopting various key strategies such as mergers & acquisitions, product launches, 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 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 Systems Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global multiparameter patient monitoring systems market report on the basis of device type, acuity level, age group, end-use, and region:

• Device Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Portable

  • Fixed

• Acuity Level Outlook (Revenue, USD Million, 2016 - 2028)

  • High

  • Medium

  • Low

• Age Group Outlook (Revenue, USD Million, 2016 - 2028)

  • Pediatric

  • Adult

  • Geriatric

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Homecare Settings

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE