Market Research Report
Multiparameter Patient Monitoring Market Size By Device Type, By Acuity Level, By End-use, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Multiparameter Patient Monitoring Market Size By Device Type, By Acuity Level, By End-use, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: July 12, 2021
Global Market Insights Inc.
Content info: 100 Pages
Delivery time: 2-3 business days
The multiparameter patient monitoring market is anticipated to experience robust expansion by 2027 owing to the increasing prominence of remote monitoring of patient health across the globe. Moreover, advancements in technologies, such as the Internet of Things (IoT), are also expected to support market growth over the forecast timeline.
The COVID-19 pandemic has drastically altered the telehealth scenario, urging healthcare providers to expand or adopt connected health platforms as well as tools to accommodate the rising demand for virtual care as patients are unable to seek in-person services. This has bolstered the need for patient monitoring systems worldwide, thereby propelling product adoption.
To that effect, industry players are adapting to meet consumer demands by developing tools and platforms not only for effective COVID-19 surveillance and treatment but also for a post-pandemic future, which would likely depend more on concepts like virtual care, point-of-care diagnosis, and remote patient monitoring. Subsequently, the improving product landscape has positively influenced global business outlook.
For instance, in May 2021, LifeSignals, a leading biomedical wearable sensors company, announced that it had received the CE Mark for its LX1550E Multiparameter Remote Monitoring Platform. This wearable biosensor, which is designed for single use, is capable of recording heart rate, skin temperature, electrocardiography, body posture data, and respiration rate, for nearly five days. This collected physiological data, is then transmitted with superior reliability from the LifeSignals Biosensor to a safe cloud-based platform through the Relay App.
Care providers and clinicians can gain access to the remote monitoring dashboard, where they can see physiological information of patients and manage vital sign alert settings. The platform can be leveraged by clinicians for continually gathering physiological data of patients both in healthcare and home settings.
The multiparameter patient monitoring market has been segregated in terms of acuity level, device type, end-use, and region. On the basis of device type, the market has been categorized into fixed and portable.
In 2020, the fixed device type segment accounted for more than 34% of the multiparameter patient monitoring market and is estimated to amass profitable gains by the end of 2027. Fixed multiparameter patient monitors have comparatively longer life serviceability and more durability, which is likely to fuel segmental adoption through the following years.
With respect to acuity level, the market has been bifurcated into high-acuity level and mid-low acuity level. The mid-low acuity level sub-segment exceeded a valuation of USD 6.3 billion in 2020 and is estimated to observe substantial growth over 2021-2027.
Based on end-use, the market has been categorized into homecare settings, hospitals, and ambulatory surgical centers. The homecare settings sub-segment is anticipated to expand at a CAGR of around 6.9% over the analysis timeframe.
On the regional spectrum, Latin America held approximately 8.8% share in the multiparameter patient monitoring market in 2020 and is projected to see sizable growth by the end of 2027. Rising incidences of different disorders across several countries in Latin America is speculated to propel regional market expansion in the coming years.