The global multiparameter patient monitoring systems market revenue is expected to reach USD 17,950.8 million by 2030, exhibiting a CAGR of 7.9% during 2022–2030. This can be attributed to the growing hospital admission rate, rising number of surgical procedures, surging prevalence of diseases, and alliances between the key players to cater to the increasing demand for more-advanced and patient-friendly monitoring solutions.
The drastic surge in the disease burden over the past few years has led to a significant rise in the worldwide hospitalization rate. In this regard, the rise in the incidence of contagious ailments is contributing to the market growth. Moreover, various types of surgical procedures, such as plastic surgeries, heart surgeries, and organ transplants, have increased massively in volume. Such surgical interventions require constant monitoring of patients’ condition at every stage, as they involve direct contact with and manipulation of tissue, and even a minor nick of an artery can lead to severe consequences.
Multiparameter patient monitoring systems offer several advantages over the traditional ones, such as a proper workflow management, by providing data on all the parameters that need to be assessed for determining the patient’s condition on a single screen. This is unlike the conventional, standalone monitors, many of which need to be integrated together, thereby cluttering up the space and resulting in poor workflow management.
Furthermore, seeing data on all the vital parameters on a single screen enables quick decision-making and assists in decreasing variability in care delivery. Moreover, many of these multiparameter monitoring systems integrate with electronic medical records (EMR), thus providing a streamlined approach to EMR management and aiding in cost reduction. They also help in cost savings since they are a single system, hence requiring a single connectivity point, unlike when using multiple standalone monitors.
In addition, the frequent product launches as well as collaborations among the top industry players have helped them gain a competitive edge. For instance, in July 2021, Abbott Laboratories expanded its product portfolio by launching an insertable cardiac monitor (ICM), namely Jot Dx. The device aids in remote monitoring, thereby resulting in faster diagnoses. Additionally, the device could significantly reduce doctors’ burden by allowing them to manage the amount of electronic data received for abnormal cardiac rhythms, thus also enabling better clinical alarm management.
On the basis of end user, hospitals held the largest revenue share, around 70%, in 2022. This is because a large number of patients suffering from injuries, chronic ailments, and other emergencies are admitted to hospitals every day. Additionally, multiparameter systems are installed in intensive care units (ICUs) and general wards to continuously track patients’ vitals, such as blood pressure, breathing rate, heart rate, and oxygen saturation.
APAC is projected to witness the highest growth rate during the forecast period. This can be ascribed to the high economic growth, rise in the per capita income, increase in the awareness of continuous health monitoring, and unfulfilled medical needs of the huge population. Additionally, the rising expenditure on healthcare facilities is projected to fuel the growth of the multiparameter patient monitoring systems market in the region.
In addition, China is a significant manufacturer of electronic products at a low cost, which is why it is expected to gain traction among investors in the medical device industry. Moreover, the novel coronavirus outbreak in the nation has led to a vastly increased demand for such monitors to efficiently assess patients’ condition, to prevent it from further deterioration.
Furthermore, the presence of a large pool of patients suffering from several contagious and non-contagious ailments, robust government policies in the favor of research and development, technological advancements, and increasing focus of regional nations on their medical sector are adding to the market’s expansion.
Key players in the market include GE HealthCare Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Drägerwerk AG & Co. KGaA, Masimo Corporation, Skanray Technologies Limited, Spacelabs Healthcare Inc., ICU Medical Inc., SternMed GmbH, Bionet Co. Ltd., and Contec Medical Systems Co. Ltd.