Multiparameter Patient Monitoring Market: Demand and Forecast 2021 – 2027

Multiparameter Patient Monitoring Market: Demand and Forecast 2021 – 2027

Increasing prevalence of critical health issues and adoption of portable patient monitors across home settings is expected to drive the multiparameter patient monitoring market growth. Multiparameter patient monitors are of key importance in the healthcare sector as these devices are used to examine patient vitals such as blood pressure, heart rate and oxygen saturation (SPO2).

Companies such as Opto India, Medion Healthcare, GE Healthcare, Philips Healthcare, Hillrom, Mindray, and Skanray Technologies are actively making new developments in patient monitoring systems and are eyeing on increasing the efficiently of these devices to detect several health parameters and deliver accurate analysis.

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Manufacturers are also developing data interpretation software and solutions which enable healthcare professionals to precisely monitor patient health. These solutions are steadily gaining acceptance across hospitals and ambulatory surgical centers.

Global Market Insights, Inc., estimates that the multiparameter patient monitoring market size could be worth over USD 17.2 billion by 2027. Following are some of the most prominent trends favoring this projection.

  • Robust demand for portable monitors

There is a growing inclination towards portable patient monitoring devices in homecare settings. Elderly patients mostly prefer homecare treatment. Rise in this trend could trigger the demand for portable patient monitoring systems that are easy to use and operate.

Portable patient monitoring systems enable point of care option to patients and are highly advantageous for healthcare professionals who practice in acute care surroundings and areas such as emergency rooms and intensive care units, where transporting patients can be risky because of associated medical problems.

Reports indicate that the multiparameter patient monitoring market garnered around USD 2.5 billion in revenue from the homecare settings segment in 2020. Whereas the portable monitor segment is anticipated to register a CAGR of around 6.6% in the upcoming years.

  • Rising adoption of high-acuity level areas

Patient monitoring systems used in high-acuity areas are made of electro-biomedical devices which monitor patient pulse measurement. These monitoring systems are fitted with alarm functions for constant measurement of the individual’s vital signs including blood pressure, temperature, and heart rate.

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In 2021, Hicuity Health, a leading provider of high-acuity telemedicine services, announced the expansion of its patient monitoring services to smart device providers. The company’s FDA-cleared monitoring platform, Vios Monitoring System (VMS) measures patient's heart rate, 7-lead ECG, SP02, pulse rate, posture, and activity and makes the data available on a real-time basis. Estimates suggest that the market in high-acuity level category is likely to record above 6.6% CAGR over the forecast timeframe.

  • Promising growth prospects across APAC

The Asia Pacific multiparameter patient monitoring market accounted for around 22% of revenue share in 2020 credited to increasing investments in the development of superior quality products. The presence of several industry players in the region along with new technological advancements in multiparameter patient monitors is projected to complement regional industry outlook.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Multiparameter patient monitoring industry 360° synopsis, 2016 – 2027

2.1.1    Business trends

2.1.2    Device type trends

2.1.3    Acuity level trends

2.1.4    End-use trends

2.1.5    Regional trends

Chapter 3   Multiparameter Patient Monitoring Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2027

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Rising incidence of chronic diseases in developed as well as developing regions

3.3.1.2    Increasing awareness regarding availability of technologically advanced multiparameter monitors

3.3.1.3    Growing adoption of portable home multiparameter patient monitoring devices in North America and Europe

3.3.1.4    Integration of advanced technology within the multiparameter monitors

3.3.2    Industry pitfalls and challenges

3.3.2.1    Stringent regulatory framework

3.3.2.2    High cost of multiparameter monitoring devices

3.4    Growth potential analysis

3.4.1    By device type

3.4.2    By acuity level

3.4.3    By end-use

3.5    COVID-19 impact analysis

3.6    Porter’s analysis

3.7    Competitive landscape, 2020

3.7.1    Company matrix analysis, 2020

3.8    PESTEL analysis

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