New York, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The global multiparameter patient monitoring market size is slated to expand at ~8% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 24 billion by the end of 2036, up from a revenue of ~USD 11 billion in the year 2023.The growth of the market is attributed to the growing number of chronic diseases that need diagnosis in the early stages of development. As per the available 2022 statistical[MK1] data, nearly 50,000 in-patients were diagnosed with the symptoms of cardiovascular disease while more than 44,000 people were tested to confirm the disease.
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Moreover, the rising developments in wearable technology that monitor the health of the person wearing them are propelling the market trends. The increasing emergency admissions in hospitals that need constant medical supervision is proliferating the demand for multiparameter patient monitoring systems. There were about 490[MK2] ,000 emergency admissions in the year 2022 in England as per the survey.
Enhancing Popularity of Wireless Sensor Networks (WSN) such as Medical Body Area Networks and Radio Frequency Identification (RFID) is Driving the Growth of the Multiparameter Patient Monitoring Market
The extending need for wireless sensor technology in the healthcare sector to find the daily living activities of the patients for the longitudinal study purpose is increasing the market growth. The demand for WSN and RFID systems as RFID can detect and monitor the devices and when associated with the WSH they are capable of gathering and transferring the required data through sensor networks. Along with these features, the accuracy of the RFID helps to safely track critical patient health conditions and is thus propagating the market size. According to the study, the usage of RFID is determined to enhance the inventory accuracy from 60% to over 99% which[MK3] increases the sales of the equipment.
Multiparameter Patient Monitoring Market: Regional Overview
High Healthcare Expenditure and Development of New Multiparameter Monitoring Systems is Strengthening the Market Growth in the North America Region
The multiparameter patient monitoring market in the North America region is analyzed to garner a significant market share of 42% during the forecast era. North America has many high-income countries that can spend enormous value on healthcare which is soaring the demand in the coming years. The market growth is likely to rise on account of new systems and methods in the multiparameter patient monitoring of the region. The overall healthcare expenditure of Canada on hospitals was estimated to rise by over 10% in 2022 and by[MK4] 5% in 2023 while the overall health spending is projected to reach USD 350 billion in 2023 as per the data released by the Canadian Institute of Health Information.
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Digitalization of the Healthcare Industry and the Introduction of Telemedicine is Mounting the Market Expansion in Asia Pacific Region
Asia Pacific region market of multiparameter patient monitoring is outlined to garner a market share of 25% during the forecast period as a result of the digital transformation of the healthcare industry. The market growth is attributed to the integration of telemedicine into the healthcare industry. The development of facilities to diagnose patients from remote locations using telemedicine technology is extending the market size of the region. In 2021, the eSanjeevani platform in India[MK5] achieved 3 Million users as per the Ministry of Health and Family Welfare.
Multiparameter Patient Monitoring, Segmentation by Device
- Fixed
- Portable
The portable segment of the multiparameter monitoring market is evaluated to secure a market share of 66% during the forecast period on account of fostering remote patient monitoring. Wearable devices allow patients to move and go anywhere without the need to stay fixed in their beds. The demand for wearables is escalating with the lower prices, good tracking technology features, and no side effects or pain is reckoned to amplify the market segment growth. With the percentage surge in the number of sports people, diabetes, fitness awareness, and obesity, the use of portable diagnostic devices is on the rise. Approximately 492 million smart wearables were purchased in[MK6] India during 2022 and 100 million were shipped in the year 2023 according to the India Brand Equity Foundation data.
Multiparameter Patient Monitoring, Segmentation by Acuity Level
- High Acuity Level
- Mid-Low Acuity Level
The high acuity level segment belongs to the multiparameter patient monitoring market and is estimated to register a market share of 46% in the coming years. The market segment progression is credited to the high storage space to collect most of the patient information and connectivity functions. The need for continuous monitoring of the people admitted to the neonatal care units (NCUs), intensive care units (ICUs), cardiac specialty, and other critical care units is envisaged to intensify the market segment size. Growing mortality rates in the ICUs with the prevalence of diseases and occurrence of accidents are aggregating the market segment size. As per the World Health Organization data, nearly 1 in 10 people are harmed during treatment and over 3 million people[MK7] die every year through unsafe care.
A few of the well-known industry leaders in multiparameter patient monitoring market that are profiled by Research Nester are SternMed GmbH, Spacelabs Healthcare, Koninklijke Philips N.V., ICU Medical, Inc., GE Healthcare, Dragerwerk AG & Co.KGaA, Medtronic, MASIMO CORPORATION, Skanray Technologies, Schiller, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and others.
Recent Development in the Multiparameter Patient Monitoring Market
- Medtronic along with BioIntelliSense owns the BioButton multiparameter wearable to facilitate constant, connected monitoring devices to the general care patients. The access allows for the monitoring of medical-grade gadgets which allows persistent determination of vital signs, allowing proactive clinical intervention, and supporting automated workflow. BioButton is a company supplying wearables for the Patient Monitoring industry measuring over 1430 vitals per day and supporting doctors in identifying the patients who can discharge early.
- Spacelabs Healthcare declared its partnership with Masimo Corporation to integrate Spacelabs multiparameter monitors with SET pulse oximetry, NomoLine capnography, SedLine brain function monitoring, rainbow SET Pulse CO-Oximetry, and O3 regional oximetry to get better outcomes from the care team.
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