Multi-Parameter Patient Monitoring Market Size (2024 - 2029)

Multiparameter Patient Monitoring Market Analysis

The Multi-Parameter Patient Monitoring Market size is estimated at USD 11.44 billion in 2024, and is expected to reach USD 16.40 billion by 2029, growing at a CAGR of 7.48% during the forecast period (2024-2029).

COVID-19 significantly impacted the multi-parameter patient monitoring market in the initial phases owing to the rise in COVID-19-affected patients with multiple comorbid conditions, including cardiac and neurologic complications. For instance, in an article published in March 2022 by PubMed, the study indicated that patient monitoring in Canada increased significantly due to the COVID-19 pandemic since there was a rise to alleviate the congestion in healthcare services. Furthermore, according to the article published in March 2021 in PubMed, researchers developed a vital-sign telemedicine system during the pandemic using internet infrastructure. Hence, multi-parameter patient monitoring was less hectic due to the advantages offered by telemedicine. Currently, the market is likely to witness growth in the multi-parameter patient monitoring market owing to the rise in chronic diseases, relaxed restrictions for medical device import and exports, and demand for patient monitoring and home-based devices. Hence the market is expected to have stable growth during the forecast period of the study.

Furthermore, the growth of the multi-parameter patient monitoring market is attributed to the rising burden of chronic diseases due to lifestyle changes, increased geriatric population, growing preference for home and remote monitoring, and the ease of use of portable devices. For instance, according to the estimations from IARC, the number of new cancer cases is likely to be 21,618,445 by 2025. The number will rise to 24,044,406 by 2030. Furthermore, as per the American Heart Association Heart and Stroke Statistics 2022 Update, the incidence of EMS-assessed non-traumatic out-of-hospital cardiac arrests (OHCA) in people of any age is estimated to be 356,461, or nearly 1,000 people each day. As per the same report, there are more than 356,000 out-of-hospital cardiac arrests (OHCA) annually in the U.S., almost 90% of them fatal. Hence, considering the high prevalence of chronic diseases, the demand for multi-parameter patient monitoring devices is likely to increase, thereby boosting market growth over the forecast period.

Patient monitoring technologies come into play and identify small changes in the patient's physiological data, promoting self-monitoring. As a result, it reduces readmissions and avoidable hospitalizations, as well as the number of unnecessary trips to the doctor's office and travel-related expenses. Patient monitoring technologies, when used correctly, can increase access to quality treatment while saving time and money. Other factors, such as government funding related to the research and development of chronic disease treatment, are anticipated to fuel the market's growth over the forecast period. For instance, as per the November 2021 update from the Government of Canada, in 2021, they invested USD 35 million in diabetes, specifically, USD 25 million for diabetes research, surveillance, and prevention and the development of a national framework for diabetes. It includes a recommitment to the Juvenile Diabetes Research Foundation (JDRF) and the Canadian Institutes of Health Research (CIHR) Partnership to Defeat Diabetes by investing up to USD 15 million to be matched by JDRF Canada and its donors for type 1 diabetes research.

Therefore, as the number of chronic disorders rises, the demand for the multi-parameter patient monitoring market is believed to grow over the forecast period. However, stringent regulatory frameworks and a lack of proper reimbursement are expected to hinder market growth.

Multiparameter Patient Monitoring Industry Segmentation

As per the scope of the report, multi-parameter monitors are devices that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have become popular as they are small, portable, and user-friendly. Periodic reports and immediate alerts for any sudden changes in the health of sick patients may allow people to act quickly and save the person's life in danger. The Multi-Parameter Patient Monitoring Market is segmented by device type (portable and fixed), acuity level (high acuity level, medium acuity level, and low acuity level), target area (Cardiology, Neurology, Respiratory, Fetal and Neonatal, temperature monitoring, and other target areas), end user (hospitals and home healthcare), and Geography (North America, Europe, Asia-Pacific, South America, Middle East, and Africa). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in ( USD million) for the above segments.