Multi-Parameter Patient Monitoring Equipment Global Market Report 2024

The multi-parameter patient monitoring equipment market size has grown strongly in recent years. It will grow from $8.83 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be attributed to factors such as the rise in chronic diseases, an aging population, concerns about patient safety, the expansion of hospitals and healthcare facilities, a focus on early disease detection, and increased consumer awareness and demand for healthcare services.

The multi-parameter patient monitoring equipment market size is expected to see strong growth in the next few years. It will grow to $12.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to the expansion of telemedicine, a heightened focus on home healthcare, preparedness for global health crises, emphasis on preventive healthcare measures, the development of connected health ecosystems, and increased attention to global events and public health initiatives. Key trends expected during this forecast period include the integration of wireless technologies, advancements in telehealth and remote patient monitoring, the utilization of digital health platforms, implementation of smart alarms and alerts, and the incorporation of artificial intelligence (AI) and machine learning (ML). Additionally, there is a trend towards the establishment and adherence to interoperability standards in healthcare systems.

The anticipated rise in chronic illnesses is poised to drive the expansion of the multi-parameter patient monitoring equipment market in the future. Chronic diseases, requiring frequent medical attention, can benefit from multi-parameter patient monitoring equipment, which assesses vital signs such as respiration rate, electrocardiograph, and blood pressure in chronic patients. As of July 2022, the Centers for Disease Control and Prevention notes that 6 out of 10 adults in the US have chronic diseases, with four out of ten suffering from more than two chronic conditions such as chronic lung cancer, heart disease, stroke, and diabetes. According to the United Nations, by 2030, chronic diseases are expected to account for approximately 70% of all deaths and nearly 56% of diseases globally. Thus, the rising prevalence of chronic illnesses is a key driver of the multi-parameter patient monitoring equipment market.

The expected growth of the multi-parameter patient monitoring equipment market is further propelled by the increasing preference for wearable devices. Wearable devices, electronic accessories or clothing designed to provide health monitoring, information, and entertainment, are utilized in multi-parameter patient monitoring equipment for the early detection of health issues. These devices can be integrated with mobile applications, allowing users to track and view their health data on smartphones or tablets. As of December 2021, Deloitte Touche Tohmatsu Limited reports that there were 320 million consumer health and wellness wearable devices, with an estimated increase to nearly 440 million by 2024. Consequently, the growing preference for wearable devices contributes to the expansion of the multi-parameter patient monitoring equipment market.

A prominent trend gaining traction in the multi-parameter patient monitoring equipment market is technological advancements. Major companies in this market are actively developing innovative technologies to enhance their market position. For instance, in December 2022, Mindray, a China-based company operating in multi-parameter patient monitoring equipment, introduced the mWear system - a wearable patient monitoring solution. This system incorporates wireless monitoring technologies, including 6 essential vital signs powered by the Anti-Motion Algorithm, specialized health parameters, status indicators, and time analysis, allowing for continuous monitoring of patient conditions.

Major companies are adopting new technological products such as Dozee Pro Ex. Dozee Pro Ex, launched by Dozee in October 2023, is an ambulatory connected patient monitoring system equipped with wireless wearable sensors. This system provides continuous monitoring of vital parameters such as electrocardiogram (ECG) rhythm, blood pressure, heart rate/pulse rate, oxygen saturation, respiration rate, and temperature. Featuring an artificial intelligence (AI)-powered early warning system, Dozee Pro Ex tracks vital parameter trends and offers timely alerts for potential clinical deterioration.

In December 2021, Baxter International Inc., a US-based healthcare company, acquired Hill-Rom Holdings, Inc. for USD 15 billion. This acquisition positions Hill-Rom as part of Baxter and opens up new opportunities to enhance care efficiencies and improve care outcomes for patients globally. Hill-Rom is a US-based company operating in the multi-parameter patient monitoring equipment sector.

Major companies operating in the multi-parameter patient monitoring equipment market report are Philips Healthcare, GE Healthcare Technologies Inc., Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Schiller AG, Bosch Medical Solutions GmbH, AMD Global Telemedicine Inc., Mindray DS USA Inc., Boston Scientific Corporation, Abbott Laboratories, Spacelabs Healthcare, CAS Medical Systems Inc., Contec Medical Systems Co Ltd., Guangdong Biolight Meditech Company Limited, Baxter International Inc., Natus Medical Incorporated, CR Bard Inc., Masimo, Becton Dickinson and Company, Medtronic PLC, OSI System, Bio Medical Electronics, Koninklijke Philips NV, General Electric Company, Messe D - sseldorf GmbH, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Omron Healthcare Inc., Hill-Rom Holdings Inc., Edwards Lifesciences Corporation, Smiths Medical, ZOLL Medical Corporation.

North America was the largest region in the multi-parameter patient monitoring equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the multi-parameter patient monitoring equipment market during the forecast period. The regions covered in the multi-parameter patient monitoring equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multi-parameter patient monitoring equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types of multi-parameter patient monitoring equipment include high-acuity monitors, critical care monitors, magnetic resonance imaging (MRI) compatible monitors, perioperative monitors, mid-acuity monitors, and low-acuity monitors. Perioperative monitors are particularly valuable tools for clinicians, helping identify patients at higher risk to reduce complication rates and potentially improve overall patient outcomes. These monitors find applications in cardiology, neurology, respiratory, fetal and neonatal monitoring, as well as other applications such as weight and temperature monitoring. Various end users, including hospitals, clinics, ambulatory surgical centers, and home healthcare, utilize this equipment.

The multi-parameter patient monitoring equipment market research report is one of a series of new reports that provides multi-parameter patient monitoring equipment market statistics, including global market size, regional shares, competitors with a multi-parameter patient monitoring equipment market share, detailed multi-parameter patient monitoring equipment market segments, market trends and opportunities, and any further data you may need to thrive in the multi-parameter patient monitoring equipment industry. This multi-parameter patient monitoring equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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