Global Multi-Parameter Patient Monitoring Market Poised for Significant Growth, Projected to Reach USD 7.2 Billion by 2033

Posted on 2024-09-05 by Future Market Insights in Healthcare // 0 Comments

The global multi-parameter patient monitoring market, a cornerstone of modern healthcare technology, is set to experience substantial growth over the next decade. Valued at USD 4.8 billion in 2023, the market is projected to reach USD 7.2 billion by 2033. This represents a robust compound annual growth rate (CAGR) of 4% from 2023 to 2033.

The anticipated growth underscores the increasing dependence on sophisticated patient monitoring systems that provide comprehensive data for patient care. As healthcare continues to evolve, the demand for advanced monitoring solutions is growing, driven by the need for real-time, accurate patient data and improved clinical outcomes.

Key factors contributing to this upward trajectory include advancements in technology, increased adoption of patient monitoring systems across various healthcare settings, and the rising prevalence of chronic diseases requiring continuous monitoring. Healthcare providers are increasingly integrating multi-parameter monitoring systems to enhance patient management, streamline workflows, and improve overall care quality.

“We are witnessing a significant transformation in the healthcare sector, where technology plays a crucial role in patient care,” said FMI. “The multi-parameter patient monitoring market is at the forefront of this change, providing essential tools that help healthcare professionals make informed decisions and deliver better patient outcomes.”

The market’s expansion is also attributed to the growing emphasis on preventive care and early diagnosis, which relies heavily on real-time monitoring of vital signs. As healthcare systems globally seek to improve efficiency and patient safety, multi-parameter monitoring systems are becoming increasingly indispensable.

Regional Insights:

North America: Holding the largest market share, North America is experiencing a rise in chronic disorders, with the U.S. Census Bureau forecasting that nearly 89 million Americans will be over 65 by 2050.
Asia-Pacific: This region is anticipated to see substantial growth, partly due to Japan’s aging population, with approximately 40% expected to be over 65 by 2060. Notable developments include Medtronic Pvt. Ltd.’s partnership with Stasis Health to enhance access to Stasis Monitor.
Europe: The region is the second-largest market, with rapid aging expected in the UK.

Competitive Landscape:

The market is characterized by innovation and competition, with key players making significant strides:

Masimo Corporation: Obtained FDA clearance for continuous RRp monitoring with its Radius-7 Pulse Co-Oximeters.
Mindray DS USA: Launched the ePM SERIES, offering exceptional visual experience and intelligent operation.
Fitbit Health Solutions: Partnered with Google Cloud to provide holistic patient views through wearable device data.
SmartCardia: Introduced a cardiac monitoring patch in India, utilizing AI for real-time arrhythmia detection.
Mindray: Unveiled the mWear system, a wearable device enhancing patient care and workflow.

Get All the Details: Find the Complete Multi-parameter Patient Monitoring Market Report

Key Companies Profiled:

Koninklijke Philips N.V.; GE Healthcare; Drägerwerk AG & Co. KGaA; Medtronic plc; OSI Systems Inc.; Nihon Kohden Corporation; MASIMO; Contec Medical Systems Co. Ltd.; General Meditech Inc.; Mindray Medical International Limited; Schiller AG

Market Segmentation:

The research study covers:

Acuity Level: High, Mid, and Low Acuity
Modality: Handheld/Portable and Tabletop Multi-Parameter Monitors
End User: Hospitals, Ambulatory Surgical Centers, Specialty Clinics, and Home Care Settings
Region: North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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