Multi-Parameter Patient Monitoring Market to Grow with a CAGR of 5.87% through 2028
Increase in the incidence of chronic disease and
increase in the aging population is expected to drive the Global Multi-Parameter
Patient Monitoring Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Multi-Parameter
Patient Monitoring Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Multi-Parameter
Patient Monitoring Market stood at USD 10.89 billion in 2022 and is anticipated
to grow with a CAGR of 5.87% in the forecast period, 2024-2028. The awareness
among individuals regarding Multi-Parameter Patient Monitoring has led to
favorable market conditions for the global Multi-Parameter Patient Monitoring
market. Several factors contribute to the growth of various Multi-Parameter
Patient Monitoring products.
The rise in chronic diseases, such as diabetes,
hypertension, and cardiovascular disorders, is a significant driver for
multi-parameter patient monitoring. Chronic diseases are increasingly common,
affecting millions of individuals worldwide. These conditions require ongoing
monitoring to prevent complications and manage symptoms effectively. Multi-parameter
patient monitoring devices can continuously track key health parameters,
allowing for the early detection of anomalies and changes in a patient's condition.
This early warning system is crucial in preventing disease progression and
improving outcomes. Sedentary lifestyles, unhealthy diets, and stress
contribute to the prevalence of chronic diseases. Multi-parameter monitoring
encourages patients to make positive lifestyle changes by providing real-time
feedback on their health.
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Technology advancements are at the forefront of
driving the Global Multi-Parameter Patient Monitoring Market. These innovations
have redefined the landscape of healthcare by introducing cutting-edge
solutions that enhance patient care and streamline medical processes. Miniaturized, high-precision sensors have become the
backbone of patient monitoring. These sensors can capture a wide range of vital
signs and health parameters with remarkable accuracy, which will further fuel
market growth.
On July 25, 2023, Baxter International Inc. announced
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new drug, zafirlukast, for the treatment of asthma. Zafirlukast is a
leukotriene receptor antagonist that blocks the activity of leukotrienes. It is
the first and only leukotriene receptor antagonist that has been granted
breakthrough therapy designation by the FDA for the treatment of asthma.
The healthcare industry is undergoing a paradigm
shift, moving away from a solely curative approach towards preventive care.
Multi-parameter patient monitoring is a cornerstone of this transformation. By
continuously monitoring a patient's vital signs and health parameters,
healthcare providers can identify potential issues early on and take proactive
measures to prevent the progression of diseases, and growing awareness of the
benefits of Multi-Parameter Patient Monitoring are expected to positively
impact the global Multi-Parameter Patient Monitoring market.
In our fast-paced world, multi-parameter patient
monitoring has emerged as a critical and invaluable tool in healthcare. It
addresses the need for timely, accurate, and efficient patient care in a
rapidly changing and demanding environment. Consequently, Multi-parameter
patient monitoring systems provide real-time data on vital signs and health
parameters. In a fast-paced healthcare setting, immediate access to accurate
patient data is crucial for making rapid and informed clinical decisions. Quick
Identification of Critical Events: In high-acuity settings such as intensive
care units (ICUs) or emergency departments, patients can experience sudden
changes in health. Multi-parameter monitoring allows healthcare providers to
quickly identify critical events, such as cardiac arrhythmias or drops in
oxygen saturation, triggering immediate interventions. Reduced Response Time:
With continuous monitoring, alarms and alerts are generated when vital signs
deviate from the normal range. These alerts enable healthcare teams to respond
swiftly to patient needs, minimizing response time and potentially preventing
adverse outcomes.
Advancements in sensors, wireless communication, and
data analytics have revolutionized the way healthcare providers monitor
patients. The introduction of compact and wireless monitoring devices has made
it easier for healthcare professionals to keep a close eye on their patients'
well-being, even outside traditional hospital settings.
In recent times, Multi-parameter patient monitoring
systems continuously track vital signs like heart rate, blood pressure, oxygen
saturation, and respiratory rate. By analyzing these data in real-time,
healthcare providers can detect abnormalities and early signs of diseases,
allowing for timely intervention and diagnosis. This capability has been
invaluable during the COVID-19 pandemic, where rapid detection of respiratory
distress and critical vital sign changes has been crucial for patient care. The
rise of telemedicine and remote patient monitoring has been accelerated by
multi-parameter monitoring systems. Patients can now be monitored from the
comfort of their homes, reducing the need for frequent in-person visits. This
is particularly beneficial for individuals with chronic conditions, allowing
them to receive timely care and reducing the burden on healthcare facilities. In
intensive care units (ICUs) and critical care settings, multi-parameter patient
monitoring is essential. It provides a continuous stream of data that helps
healthcare providers manage critically ill patients. By closely monitoring
parameters like blood pressure, ECG readings, and oxygen levels, clinicians can
make immediate adjustments to treatment plans, administer medications, or
perform life-saving interventions. However, the High Implementation Costs may
hinder market growth. Moreover, challenges related to Data Security and Privacy
Concerns may pose obstacles to the vitamins market in the near future.
The Global Multi-Parameter Patient Monitoring Market
is segmented into device type, acuity level, target area, end-user, regional
distribution, and company.
Based on its formulation, the Portable multi-parameter
patient monitoring devices place the patient at the center of healthcare. They
are designed with the patient's comfort and convenience in mind, allowing
individuals to carry these devices with them throughout their daily activities.
This patient-centric approach has resonated with both healthcare providers and
patients for several reasons:
Portable devices enable patients to move freely, both
within healthcare facilities and outside in their daily lives. This freedom of
movement is particularly valuable for patients recovering from surgeries or
managing chronic conditions. Patients are more likely to adhere to their
monitoring routines when they can do so without disruption to their daily
activities. Portable devices facilitate consistent monitoring, leading to more
accurate data collection. Portable monitoring devices allow for continuous monitoring
of patients in non-hospital settings, reducing the need for extended hospital
stays. This not only saves healthcare costs but also enhances the patient's
overall quality of life.
Portable multi-parameter patient monitoring devices
have benefited from significant technological advancements. These innovations
have made portable monitoring both practical and efficient.
Based on region, North America segment is expected to
grow during the forecast period. North America, including the United
States and Mexico, boasts a well-developed healthcare infrastructure, with a
high concentration of hospitals and healthcare facilities. The demand for
patient monitoring systems is significant to support patient care and improve
outcomes. The region is a hub for medical device innovation, including
multi-parameter patient monitoring systems. Leading manufacturers and research
institutions are based in North America, driving technological advancements.
The United States has robust regulatory bodies like the FDA that oversee
medical device approvals and ensure patient safety, contributing to trust in
the market.
The Asia-Pacific market is poised to be the
fastest-growing market, offering lucrative growth opportunities for
Multi-Parameter Patient Monitoring players during the forecast period. Factors
such Rising chronic disease prevalence and an aging population are key drivers.
Many countries in Asia are investing heavily in healthcare infrastructure
development. This includes expanding hospital networks, setting up new
healthcare facilities, and adopting advanced medical technologies. Economic
growth in countries like China and India has led to increased healthcare
spending, including investments in modern medical equipment and technology.
Some Asian countries have become significant manufacturers of medical devices,
including patient monitoring systems. This local production can lead to
competitive pricing and availability. The Asia-Pacific region has seen
significant growth in telemedicine and remote patient monitoring, driven by the
need for healthcare access in remote areas. Multi-parameter patient monitoring
is a crucial component of these services. Governments in the region are
implementing initiatives to improve healthcare access and quality, including
the adoption of digital health technologies like patient monitoring.
Major companies operating in
Global Multi-Parameter Patient Monitoring Market are:
- Abbott Laboratories
- Baxter International Inc.
- Becton, Dickinson and Company
- Boston Scientific Corporation
- General Electric Company (GE
Healthcare)
- Medtronic PLC
- Koninklijke Philips NV
- SCHILLER
- Nihon Kohden
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“The advancement in technology and increasing Health
and Wellness Focus are key drivers of the Multi-Parameter Patient Monitoring
market. In recent years, RPM provides a means to monitor the health of elderly
individuals more effectively, allowing them to maintain independence and age in
place. Wearable devices have gained widespread consumer adoption, encouraging
individuals to take a more active role in monitoring their health and fitness.
Moreover, the growing consumer emphasis on preventative healthcare products has
enhanced production and marketing efforts. To meet the demands of the market,
manufacturers are increasingly incorporating cutting-edge technologies with
high production efficiency. Rising consumer acceptance and continuous product
innovation will further ensure the growth of the vitamins and supplements
market in the coming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Multi-Parameter Patient Monitoring Market – Global
Industry Size, Share, Trends, Opportunity, & Forecast 2018-2028 Segmented
By Disease Type (Portable, Fixed), By Acuity Level (High Acuity Level, Medium
Acuity Level, Low Acuity Level), By Target Area (Cardiology, Neurology,
Respiratory, Fetal and Neonatal, Temperature Monitoring, Other), By End-User
(Hospitals, Home Healthcare), By Region, Competition”, has evaluated
the future growth potential of Global Multi-Parameter Patient Monitoring Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Multi-Parameter Patient Monitoring
Market.
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