Overview and Scope
Multi-parameter patient monitoring equipment refers to equipment that displays a variety of information sets on a single screen by accessing the vital signs of patients to help the patient comprehend her status.
Sizing and Forecast
The multi-parameter patient monitoring equipment market size has grown strongly in recent years. It will grow from $8.83 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to rise in chronic diseases, aging population, patient safety concerns, hospital and healthcare facility expansion, focus on early disease detection, consumer awareness and demand..
The multi-parameter patient monitoring equipment market size is expected to see strong growth in the next few years. It will grow to $12.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to telemedicine expansion, focus on home healthcare, global health crises preparedness, focus on preventive healthcare, connected health ecosystem, global events and public health initiatives.. Major trends in the forecast period include integration of wireless technologies, telehealth and remote patient monitoring, digital health platforms, smart alarms and alerts, artificial intelligence (ai) and machine learning (ml), interoperability standards..
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Segmentation & Regional Insights
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 Centres, Home Healthcare
North America was the largest region in the multi-parameter patient monitoring equipment market in 2023. 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
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Major Driver Impacting Market Growth
The increasing incidence of chronic illnesses is expected to propel the growth of the multi-parameter patient monitoring equipment market going forward. Chronic diseases refer to a disease that requires more medical attention. Multi parameter patient monitoring equipment is helpful for chronic patients to assess vital signs such as respiration rate, electrocardiograph, and blood pressure of chronic disease patients. For instance, in July 2022, the Centers for Disease Control and Prevention, a US-based national public health agency, defines that every 6 out of 10 US have chronic diseases and four out of the ten adults are suffering from more than two chronic diseases such as chronic lung cancer, heart disease, stroke, diabetes. Additionally, according to United Nations, by 2030, chronic diseases is expected to cause around 70% of all deaths and nearly 56% of diseases worldwide. Therefore, the increasing incidence of chronic illnesses is driving the growth of the multi-parameter patient monitoring equipment market.
Key Industry Players
Major companies operating in the multi-parameter patient monitoring equipment market are adopting new technological products, such as Dozee Pro Ex, to sustain their position in the market. Dozee Pro Ex is ambulatory connected patient monitoring system equipped with wireless wearable sensors. For instance, in October 2023, Dozee, an India-based company that provides remote patient monitoring launched Dozee Pro Ex. Dozee Pro Ex provides continuous monitoring of patient vitals such as electrocardiogram (ECG) rhythm, blood pressure, heart rate/pulse rate, oxygen saturation, respiration rate, and temperature. Dozee Pro Ex has an artificial intelligence (AI)-powered early warning system that tracks the trends of vital parameters and provides timely alerts for possible clinical deterioration.
The multi-parameter patient monitoring equipment market report table of contents includes:
1. Executive Summary
- Multi-Parameter Patient Monitoring Equipment Market Characteristics
- Multi-Parameter Patient Monitoring Equipment Market Trends And Strategies
- Multi-Parameter Patient Monitoring Equipment Market – Macro Economic Scenario
- Global Multi-Parameter Patient Monitoring Equipment Market Size and Growth
.
- Global Multi-Parameter Patient Monitoring Equipment Market Competitive Benchmarking
- Global Multi-Parameter Patient Monitoring Equipment Market Competitive Dashboard
- Key Mergers And Acquisitions In The Multi-Parameter Patient Monitoring Equipment Market
- Multi-Parameter Patient Monitoring Equipment Market Future Outlook and Potential Analysis
- Appendix
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