The global multiparameter patient monitoring systems market size is anticipated to reach USD 16.1 billion by 2028, expanding at a CAGR of 5.7%, according to a new report by Grand View Research, Inc. Rising health concerns and resultant need to constantly monitor the health parameters of patients, before and after surgery is creating demand for multiparameter patient monitoring systems.
The market growth is also supported by the increasing need for hospital transport, such as intrahospital or out-of-the-hospital transport. For special examination and therapy, hospitals require intrahospital transport, which calls for more continuous monitoring of vital signs including heart rate, blood pressure, blood oxygen saturation by pulse oximetry, and electrocardiography.
Healthcare providers are continually looking for innovative products to provide superior quality of care, which is also expected to drive the market. Mobile solutions, data integration low-acuity monitoring remain key trends to improve the cost efficiency of patient monitoring solutions. Key companies are introducing advanced products, such as integrated remote monitoring solutions with added features of greater connectivity through cloud technology and WiFi.
For instance, Radius-7 Pulse Co-Oximeters by Masimo Corp., which got U.S. FDA approval in March 2020. It is a wearable patient monitor with flexible functionality of WiFi, Bluetooth, and alarms.
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The portable segment is anticipated to grow at the fastest CAGR of 6.1% from 2020 to 2027 due to growing home healthcare and easy mobility across different departments within the hospital
The hospital end-use segment led the market in 2019 due to high demand for modern healthcare facilities
North America held the maximum share of the global market in 2019 due to the availability of technologically advanced equipment and high quality of healthcare system
Asia Pacific is estimated to be the fastest-growing regional market during the forecast years due to increasing awareness about technologically advanced monitoring systems
Grand View Research has segmented the global multiparameter patient monitoring systems market based on device type, acuity level, age group, end-use, and region:
Multiparameter Patient Monitoring Systems Device Type Outlook (Revenue, USD Million, 2016 - 2028)
Multiparameter Patient Monitoring Systems Acuity Level Outlook (Revenue, USD Million, 2016 - 2028)
Multiparameter Patient Monitoring Systems Age Group Outlook (Revenue, USD Million, 2016 - 2028)
Multiparameter Patient Monitoring Systems End-use Outlook (Revenue, USD Million, 2016 - 2028)
Ambulatory Surgical Centers
Multiparameter Patient Monitoring Systems Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Multiparameter Patient Monitoring Systems Market
Koninklijke Philips N.V.
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Drägerwerk AG & Co. KGaA
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