How Has the Multi-Parameter Patient Monitoring Equipment Market Evolved Historically and What is its Current Size?
The multi-parameter patient monitoring equipment market has seen considerable growth due to a variety of factors.
• The market size for multi-parameter patient monitoring equipment has experienced substantial growth in recent years. It is projected to increase from $9.14 billion in 2024 to $9.65 billion in 2025, representing a compound annual growth rate (CAGR) of 5.5%. The expansion recorded in the historical period can be tied to an increase in chronic illnesses, an aging demographic, concerns over patient safety, the proliferation of hospitals and healthcare facilities, emphasis on early disease identification, and an informed consumer base with a high demand for these products.
What is the Forecasted Market Size and CAGR for the Multi-Parameter Patient Monitoring Equipment Market Size?
The Multi-Parameter Patient Monitoring Equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the multi-parameter patient monitoring equipment market is predicted to witness significant growth, foreseeably expanding to $13.26 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%.
The upturn during the projection period can be credited to the proliferation of telemedicine, an increased emphasis on home healthcare, preparedness for global health crises, preventive healthcare focus, connected health ecosystem, worldwide events, and initiatives for public health. Future trends projecting during this period entail the incorporation of wireless technologies, telehealth, remote patient monitoring, digital health platforms, intelligent alarm systems, artificial intelligence (AI), machine learning (ML), and interoperability standards.
What Key Factors and Trends Are Driving The Growth Multi Parameter Patient Monitoring Equipment Market?
The surge in cases of long-term diseases is predicted to propel the expansion of the multi-parameter patient monitoring equipment market moving forward. Chronic diseases are medical conditions that require a higher degree of medical intervention. The multi-parameter patient monitoring devices are instrumental in monitoring critical vitals like respiration rate, electrocardiograph, and blood pressure in patients with chronic illnesses. For example, in July 2022, the Centers for Disease Control and Prevention, a national public health agency in the US, stated that 6 out of 10 residents in the US have chronic diseases, while four among ten adults are diagnosed with multiple chronic illnesses such as chronic lung cancer, heart disease, stroke, diabetes. Moreover, the United Nations has projected that by 2030, chronic diseases will be responsible for approximately 70% of all fatalities and about 56% of diseases on an international scale. Consequently, the rising prevalence of chronic diseases is catalyzing the growth of the multi-parameter patient monitoring equipment market.
What Are The Market Segments In The Multi Parameter Patient Monitoring Equipment Market?
The multi-parameter patient monitoring equipment market covered in this report is segmented –
1) By Product Type: High-Acuity Monitors, Critical Care Monitors, Magnetic Resonance Imaging (MRI) Compatible Monitors, Perioperative Monitor, Mid-Acuity Monitors, Low-Acuity Monitors
2) By Application: Cardiology, Neurology, Respiratory, Fetal And Neonatal, Other Applications
3) By End User: Hospitals, Clinics, Ambulatory Surgical Centers, Home Healthcare
Subsegments:
1) By High-Acuity Monitors: Multi-Parameter High-Acuity Monitors, Advanced Monitoring Systems, Critical Care Monitors
2) By ICU Monitors: Bedside Monitors, Magnetic Resonance Imaging (MRI) Compatible Monitors
3) By MRI-Compatible Monitors: MRI-Compatible Multi-Parameter Monitors, MRI-Compatible Cardiac Monitors
4) By Perioperative Monitors: Anesthesia Monitors, Surgical Monitors
5) By Mid-Acuity Monitors: General Ward Monitors, Step-Down Unit Monitors
6) By Low-Acuity Monitors: Vital Signs Monitors, Basic Patient Monitors
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What Trends Are Shaping The Multi Parameter Patient Monitoring Equipment Market?
Progress in technology is a significant trend gaining traction in the multi-parameter patient monitoring equipment market. Leading firms within this industry are creating innovative technologies to assert their market dominance. For instance, in December 2022, Mindray, a Chinese firm that specializes in multi-parameter patient monitoring equipment, introduced a novel wearable patient monitoring solution known as the mWear system. This system, unique in its offerings, provides accurate measurements of a patient's condition using its wireless monitoring technologies that incorporate six essential vital signs powered by the Anti-Motion Algorithm. Apart from these, it includes specialized health parameters, status indicators, and a time analysis feature, all designed for ongoing monitoring of patient conditions.
Who Are the Key Players In The Multi Parameter Patient Monitoring Equipment Market?
Major companies operating in the multi-parameter patient monitoring equipment market include:
• 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.
• Spacelabs Healthcare
• CAS Medical Systems Inc.
• Contec Medical Systems Co Ltd.
• Guangdong Biolight Meditech Company Limited
• Natus Medical Incorporated
• Masimo
• Medtronic PLC
• OSI System
• Bio Medical Electronics
• Koninklijke Philips NV
• General Electric Company
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
• Omron Healthcare Inc.
• Hill-Rom Holdings Inc.
• Smiths Medical
• ZOLL Medical Corporation
What Are The Regional Insights Into The Multi Parameter Patient Monitoring Equipment Market?
North America was the largest region in the multi-parameter patient monitoring equipment market in 2024. 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
