Rising Demand for Better Healthcare Promotes Multi-Parameter Patient Monitoring Market to US$ 6.1 Bn in 2028

The global multi-parameter patient monitoring market is projected to reach a value of US$ 6.1 Bn in 2028, with demand growing at a moderate CAGR of 4.6% from 2022 to 2028. By the end of 2022, the target market will likely reach an estimated US$ 4.6 Bn. Rising awareness of the advantages of monitoring vital anatomical variables via multi-parameter monitoring fosters growth for the same during the forecast period.

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In the past few years, the focus on healthcare has continued to increase all over the world. The emergence of various novel viruses and infections has only amplified this focus on healthcare. As a result, this emphasis on healthcare has bolstered a budding demand for medical diagnostic equipment, medical monitoring devices, and other patient monitoring devices. This demand trend has fostered an atmosphere of growth for the target market.

Due to the constantly growing need for better medical and healthcare services, from 2013 to 2021, the demand for multi-parameter patient monitors rose to a CAGR of 4.2%. Monitoring devices like fetal monitors, 7-parameter patient monitors, and other medical monitoring devices are anticipated to observe a spike in demand over the assessment period because of the increasing focus on patient monitoring all over the world.

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Moreover, the rising incidences of chronic diseases across the globe, surging preference for home care settings, advancing innovations in vital sign monitoring technology, increasing healthcare expenditure, growing geriatric population, and heightened demand for patient monitoring in critical care settings are some of the main aspects that likely positively influence the global sales of multi-parameter vital sign monitors during the forecast period.

"Rising demand for improved medical services coupled with increasing healthcare expenditure will drive the global growth of the multi-parameter patient monitoring market over the forecast period," says an FMI analyst.  

Key Takeaways:

High costs associated with the equipment will hinder the market growth.
The multi-parameter patient monitoring market in North America will dominate the international market space.
Europe will likely make significant contributions to the global sales of the target market.
The tabletop multi-parameter patient monitors account for 57.4% of the overall share.
The portable multi-parameter patient monitors segment holds about 42.6% of the global share.

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Competitive Landscape 

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, and Schiller AG among others are some of the major players in the multi-parameter patient monitoring market profiled in the full version of the report.

Leading market players are investing in research and development activities to release innovative equipment with advanced technology. These enterprises are adopting strategic mergers and collaborations to strengthen their market position. 

More Insights into Multi-Parameter Patient Monitoring Market Report

In its latest report, FMI offers an unbiased analysis of the global multi-parameter patient monitoring market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028. To understand the global market potential, growth, and scope, the market is segmented on the basis of acuity level (high acuity level, mid acuity level, low acuity level), modality (handheld/ portable multi-parameter monitors, tabletop multi-parameter monitors), end user (hospitals, ambulatory surgical centers, specialty clinics, home care settings), and region.

According to the latest FMI reports, based on segmentation, the tabletop multi-parameter patient monitoring segment will continue to make significant contributions to the overall market. This segment will account for 57.4% of the global market share owing to extensive usage in hospital settings. However, the portable multi-parameter patient monitoring segment will register a higher demand than the tabletop segment because of its growing popularity in various end-use settings.

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Based on region, the multi-parameter patient monitoring market in North America will present substantial growth during the projection period. The target market in this region will take the lead in the international market owing to the strong presence of major key players, high healthcare spending, and rising research and development activities. The U.S will be a strong contributor to this growth because of the increasing availability of numerous patient monitoring devices and the growing frequency of product releases by target market manufacturers during the forecast period. Apart from the U.S., India is expected to demonstrate notable growth in the multi-parameter patient monitoring market during 2022-2028.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 6 years.

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