Global Multiparameter Patient Monitoring Devices Market - 2024 - 2031

Report Overview

The Global Multiparameter Patient Monitoring Devices Market reached US$ 11.19 billion in 2023 and is expected to reach US$ 23.3 billion by 2031 growing with a CAGR of 9.6% during the forecast period 2024-2031.

Multiparameter patient monitoring devices are essential medical instruments that enable healthcare professionals to monitor multiple vital signs simultaneously, such as heart rate, blood pressure, respiratory rate, oxygen saturation, and temperature. These devices are designed to provide real-time data, which is crucial for making informed clinical decisions, enhancing patient safety, and improving overall care delivery.

Multiparameter patient monitoring devices are essential tools in modern healthcare that enable continuous, real-time tracking of vital signs. These versatile devices are indispensable in both hospital and home care settings, playing a critical role in improving patient outcomes.

Market Dynamics: Drivers

Rising incidence of chronic diseases and technological advancements

The demand for the global multiparameter patient monitoring devices market is driven by multiple factors. One of the primary factors is the rising incidence of chronic diseases and technological advancements. The rising incidence of noncommunicable diseases (NCDs) has become a pressing public health concern, necessitating effective monitoring solutions for managing these long-term illnesses, which include conditions such as cardiovascular diseases, diabetes, chronic respiratory diseases, and cancers.

As per WHO data in September 2023, noncommunicable diseases (NCDs) pose a major global health issue, responsible for around 41 million deaths annually, which accounts for 74% of all fatalities worldwide. This increasing demand for better disease management strategies has led to a growing market for multiparameter monitoring devices, which can track multiple vital signs simultaneously to provide comprehensive patient data.

Advancements in wearable technology, artificial intelligence, and data analytics have greatly enhanced the functionality of multiparameter monitors. Features like wireless connectivity and seamless integration with electronic health records (EHRs) improve the performance and user experience of these devices, increasing their attractiveness to healthcare providers.

Moreover, key player's strategies such as partnerships & collaborations, and innovative product launches drive this market growth. For instance, in November 2023, BioIntelliSense, partnered with UC Davis Health in California to launch a new in-hospital monitoring initiative for patients undergoing Bone Marrow Transplant and Hematology/Oncology services. This innovative program utilizes BioIntelliSense's FDA-cleared BioButton wearable devices, along with algorithmic data analytics and a clinical intelligence system, to monitor subtle changes in vital sign trends and detect potential patient deterioration.

Also, in May 2023, Vivalink announced the latest iteration of its multi-parameter wearable ECG patch, featuring continuous 14-day live streaming capabilities. This innovative patch revolutionizes remote ECG monitoring by enabling extended-duration monitoring with a single application, significantly reducing the burden on both clinicians and patients.

Restraints

Factors such as the stringent regulatory framework, high cost of devices, data security and privacy concerns, and lack of proper reimbursement are expected to hamper the market.

Market Segment Analysis

The global multiparameter patient monitoring devices market is segmented based on device type, acuity level, age group, target area, and end-user and region.

The portable|compact devices segment accounted for approximately 68.2% of the global multiparameter patient monitoring devices market share

The portable/compact devices segment is expected to hold the largest market share over the forecast period. Portable multiparameter patient monitoring devices are engineered to measure and display several vital signs, including heart rate, blood pressure, respiratory rate, oxygen saturation, and temperature, all within a compact and mobile design. Portable monitors offer enhanced flexibility and mobility, allowing healthcare providers to monitor patients across diverse settings such as hospitals, outpatient clinics, and home care environments.

Portable multiparameter monitors are built for user-friendliness, enabling healthcare professionals to move them effortlessly within hospital wards or across various healthcare settings. Their lightweight and compact design improves patient comfort and mobility, facilitating care delivery without requiring patients to remain confined to a hospital bed. The growth of telehealth services has significantly increased the demand for portable monitoring devices. These devices can effortlessly send patient data to healthcare providers from a distance, allowing for ongoing monitoring and supporting virtual consultations. This integration boosts patient engagement and enables proactive management of health conditions.

Moreover, key players in the industry introducing innovative platforms and key developments in portable devices driving this market growth. For instance, in January 2024, Blue Spark Technologies, Inc., is launching VitalTraq, An innovative multi-sensor remote patient monitoring platform. This innovative platform features one of the most advanced contactless vital sign measurement sensors available, Remote Photoplethysmography (rPPG). With a quick 30 to 60-second selfie scan, patients, clinicians, and researchers can obtain digital measurements of vital signs such as heart rate, heart rate variability, blood pressure, and respiratory rate, all in a single contactless experience.

Similarly, in January 2024, Pylo Health announced the launch of two advanced patient devices the Pylo 900-LTE blood pressure monitor and the Pylo 200-LTE weight scale. Both devices have undergone clinical validation and are designed to connect to multiple cellular networks, ensuring reliable data transmission across the United States. The Pylo 900-LTE and 200-LTE are compatible with the Prevounce remote care management platform and can also integrate with various independent health applications and management systems through the Pylo cloud API.

Market Geographical Analysis

North America accounted for approximately 43.2% of the global multiparameter patient monitoring devices market share

North America region is expected to hold the largest market share over the forecast period owing to the increasing aging population in North America is a key factor driving the growth of the multiparameter patient monitoring devices market. As more individuals reach older age, the prevalence of chronic diseases rises, creating a need for ongoing monitoring to effectively manage their health conditions.

According to Population Reference Bureau data in January 2024, by 2050, approximately 89 million citizens in the United States will be over the age of 65. Conditions such as cardiovascular diseases, diabetes, and respiratory disorders are increasingly prevalent among the elderly population. The American Heart Association has indicated that approximately 40 million individuals aged 65 and older in the U.S. are affected by cardiovascular diseases. This rising burden of chronic illnesses in older adults is a significant factor driving the demand for multiparameter monitoring devices.

Moreover, a major number of key players' presence, well-advanced healthcare infrastructure, key players' strategies such as partnerships & collaborations, technological advancements, and product launches & approvals would propel this market growth in this region. For instance, in October 2023, Mindray reached a significant milestone in its partnership with Edwards Lifesciences, a top innovator in medical solutions for structural heart disease and critical care monitoring. This milestone establishes Mindray's BeneVision N-Series as the first patient monitoring system in the North American market to integrate with Edwards' FloTrac sensor for hemodynamic monitoring.

Also, in June 2023, Royal Philips announced that they received FDA clearance to enable SedLine Brain Function Monitoring, Regional Oximetry (O3), and CO2 measurements in Philips' IntelliVue MX750 and MX850 patient monitors. This development marks the latest phase in the ongoing collaboration between the two companies, aimed at empowering clinicians to make swift and informed decisions without requiring additional monitoring devices. Integrating these advanced monitoring capabilities will allow healthcare providers to assess brain blood saturation, anesthetic sedation, and respiratory performance using a single monitor, enhancing the efficiency and cost-effectiveness of patient care.

Market Segmentation

By Device Type

Portable/Compact Devices

Fixed Devices

By Acuity Level

High Acuity Level

Mid Acuity Level

Low Acuity Level

By Age Group

Pediatric

Adult

Geriatric

By Target Area

Cardiology

Neurology

Respiratory

Fetal and Neonatal

Temperature Monitoring

Others

By End-User

Hospitals

Ambulatory Surgical Centers (ASCs)

Homecare Settings

Others

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Spain

Italy

Rest of Europe

South America

Brazil

Argentina

The rest of South America

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Middle East and Africa

Market Competitive Landscape

The major global players in the multiparameter patient monitoring devices market include Koninklijke Philips N.V., Medtronic, GE HealthCare, Baxter, SternMed GmbH, Dragerwerk AG & Co. KGaA, Masimo, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., ICU Medical, Inc., and Schiller among others.

Key Developments

In June 2024, Prevounce Health, a leading provider of remote care management software, devices, and services, launched its first remote blood glucose monitoring device, the Pylo GL1-LTE. This clinically validated blood glucose meter connects to multiple cellular networks to ensure reliable data transmission throughout the United States. The GL1-LTE is designed for use with the Prevounce remote care management platform and can seamlessly integrate with other health software through the Pylo cloud API. Prevounce's range of Pylo cellular-connected devices also includes blood pressure monitors and weight scales.

In October 2023, Masimo received FDA de novo clearance to incorporate the Oxygen Reserve Index (ORi) calculations into its pulse oximeters, marking a significant advancement in noninvasive patient monitoring. The ORi is designed to provide continuous, real-time insights into a patient's oxygenation status, particularly in the moderate hyperoxic range, which is crucial for patients receiving supplemental oxygen during surgical procedures.

Why Purchase the Report?

To visualize the global multiparameter patient monitoring devices market segmentation based on device type, acuity level, age group, target area, and end-user and region, and understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of the multiparameter patient monitoring devices market with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping is available in Excel consisting of key products of all the major players.

The global multiparameter patient monitoring devices market report would provide approximately 78 tables, 75 figures, and 184 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies