The multiparameter patient monitoring market was valued at USD 3965.3 million in 2019 and is expected to grow with a CAGR of 3.8%.
In the last few years, the demand for patient monitoring has been witnessing a significant surge on account of technological advancements. Patient monitoring systems include continuous/semi-continuous measurement of the physiological parameters of the patient, such as heart rate, respiratory rate, blood pressure, temperatures, neuromonitoring, hemodynamic monitoring, weight monitoring and pulse oximeters, which accelerates the quality of treatment by making superior clinical-decision.
In intensive and critical care units, patient monitoring plays a fundamental role as it aids in reducing the onset of complications and patient risks. It is proven to be useful in respiratory treatment, recovery rooms, emergency care units, outpatient care, radiology, Cath labs, gastroenterology clinics, ambulatory, home, and sleep screening applications.
|Market Size||USD 3965.3 million in 2019|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The market’s most prominent driver is the growing occurrence of chronic conditions across the globe as such conditions demand routine and persistent monitoring. Early diagnosis and patient monitoring are essential for identifying, treating, and controlling the severity of these diseases. As per the U.S. Census Bureau, by 2050, about 89 million citizens in the U.S. will be older than 65 years. Similarly, by 2060, about 40 % of people in Japan will be older than 65 years. Thus, the rapid growth of the geriatric population provides an impetus to the market growth. As per the American Heart Association report 2015, approximately 40 million people over the age of 65 suffer from cardiovascular diseases in the U.S. each year.
Increasing incidences of chronic diseases, such as cancer and diabetes, in developed as well as developing regions are surging the demand for multiparameter patient monitoring systems. As per the WHO, about 18.1 million new cancer cases were projected to be diagnosed across the globe in 2018. In addition, the prevalence of endocrine diseases such as diabetes and hyperthyroidism in developing economies is particularly high, further driving the demand for critical monitoring of vital parameters.
Increasing awareness about the availability of technologically advanced multiparameter patient monitors in developing countries such as India and China bolsters market growth. Governments in developing countries are implementing several initiatives to improve physician’s awareness regarding the availability of efficient multiparameter monitoring devices in order to enable faster recovery of patients. Developing regions are price-sensitive; thus, government and regulatory authorities are undertaking several initiatives to lower the price of multiparameter monitors. However, stringent regulatory environment hampers the market growth.
The multiparameter patient monitoring (MPM) market is projected to witness a considerable decline on account of product failures and product recalls. MPM equipment is often recalled from the market by the Food and Drug Administration (FDA) when the equipment does not comply with the marketing guidelines. For instance, in 2014, DPM 6 Monitor by Mindray DS USA Inc. was recalled by the FDA as the MPM consisted a cardiac ST/Arrhythmia analysis feature, which was not cleared for marketing, further hampering the market growth.
The low-acuity multiparameter patient monitor segment holds the largest market share. Low-acuity monitors are generally preferred in outpatient surgical centers, such as ambulatory surgical centers and public-sector hospitals, for its low costs. Price-sensitive regions such as Asia-Pacific will also have substantial adoption of low-acuity patient monitoring, further driving the segment growth. Low acuity monitors are simple multiparameter monitoring equipment used for non-emergency patients to monitor basic vital signs (such as blood pressure, temperature, respiration rate, heart rate).
North America leads the multiparameter patient monitoring market on account of growing geriatric population, rising incidence of chronic diseases, surging demand for wireless and portable systems, and the presence of sophisticated reimbursement structure. Apart from this, technological advancements and new product launches provide an impetus to the market growth. For instance, in October 2017, Abbott Laboratories received the U.S. FDA approval for the first and only smartphone-compatible insertable cardiac monitor to be marketed in the U.S.
Asia-Pacific is the fastest-growing region in the multiparameter patient monitoring (MPM) market owing to the increasing geriatric population suffering from various kinds of age-related diseases. As per the China National Committee on Aging (CNCA), in China, approximately 241 million people are aged above 60, representing 17.3% of the total population in 2018. India and China together have a significant population suffering from chronic diseases; in 2018, the incidence of cancer in China and India was 4,285,033 and 1,157,294, respectively. China is the leading contributor to the multiparameter patient monitoring market in Asia-Pacific, followed by Japan, India, South Korea, and Australia.
Based on device type, the market is segmented into portable devices and fixed devices. The portable multiparameter patient monitors segment holds the largest market share on account of growing home healthcare, rising ambulatory care facilities, and increasing adoption of remote patient monitoring. Increasing concern for constant monitoring of health parameters and growing technological advancements drives the segment growth. Portable multiparameter monitors developed by leading players have improved accuracy and enables speedy patient recovery.
The fixed multiparameter patient monitor segment is projected to witness significant growth during the forecast period. Some of the well-established market players such as GE Healthcare and Medtronic have developed technologically advanced multiparameter patient monitors that enable accurate analysis and efficient detection of various physiological parameters. Recently developed multiparameter patient monitoring devices allow accurate analyzes of various parameters, such as ECG, SpO2, IBP, NIBP, RESP, and temperature, further driving the segment growth.
The high acuity multiparameter patient monitor segment is projected to witness significant growth. Patients with serious medical conditions or life-threatening diseases need constant monitoring with quick diagnosis and maximum accuracy. The integration of advanced technology within the high-acuity multiparameter patient monitors has increased its adoption in intensive care units and hospitals, which effectively helps in the treatment of several chronic diseases. In intensive care units (ICU) and operating theatres (OT), high-acuity monitoring devices are used to monitor parameters such as temperature, respiration rate (RR), blood pressure (BP), and blood oxygen saturation (SpO2).
COVID-19 has presented a humanitarian crisis across the globe, with nearly 3 million people infected by the virus and tens of thousands of lives lost. COVID-19 crisis has put the medical device industry at center stage with unparalleled demand for various multiparameter patient monitoring equipments. The patient monitoring devices market is also being affected by the dramatic drop in the supply chain. The demand for some of the patient monitoring devices, such as respiratory monitoring devices, is expected to increase, further driving the market growth.
In May 2018, Skanray Technologies launched TruSKAN, a series of six-channel multiparameter patient monitoring systems. These devices have the capability to monitor SpO2, NIBO, capnography, two-channel IBP, ECG, temperature, respiration, and arrhythmia detection.
In January 2018, Mindray launched BeneVision N1 for uninterrupted monitoring during intra and out-of-hospital patient transport. BeneVision N1 is a high acuity monitoring, device which provides enhanced analysis for ECG, respiration, SpO2, NIBP, and temperature.