Exploring Key Insights of the Multi-Parameter Patient Monitoring Equipment Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the multi-parameter patient monitoring equipment market grown over the years?
In recent times, there has been a substantial growth in the market size of multi-parameter patient monitoring equipment. This market is set to expand from $9.14 billion in 2024 to $9.65 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.5%. The historical growth of this market can be credited to several factors such as the increased prevalence of chronic illnesses, an aging population, concerns regarding patient safety, expansion of hospitals and healthcare facilities, emphasis on early detection of diseases, and heightened consumer awareness and demand.
What Is the forecasted market size and growth rate for the multi-parameter patient monitoring equipment market?
In the coming years, the market for multi-parameter patient monitoring equipment is projected to experience significant growth. The market is expected to reach $13.26 billion by 2029, achieving a Compound Annual Growth Rate (CAGR) of 8.3%. This predicted growth is due to the expansion of telemedicine, the emphasis on home healthcare, readiness for global health crises, the prioritization of preventive healthcare, the development of a connected health ecosystem, global occurrences and public health campaigns. Key trends for the forecast period encompass the incorporation of wireless technologies, the growth of telehealth and remote patient monitoring, the emergence of digital health platforms, intelligent alarms and alerts, the application of artificial intelligence (AI) and machine learning (ml), and the implementation of interoperability standards.
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What are the major factors driving growth in the multi-parameter patient monitoring equipment market?
The rise in chronic disease prevalence is projected to fuel the expansion of the market for multi-parameter patient monitoring equipment. Chronic ailments need more medical care, and this equipment is invaluable for patients suffering from these conditions to monitor vital signs such as the respiration rate, electrocardiograph, and blood pressure. For instance, the Centers for Disease Control and Prevention, a national public health organization in the US, stated in July 2022 that 60% of Americans have chronic diseases, and 40% of adults have more than two diseases such as chronic lung cancer, heart disease, stroke, or diabetes. Furthermore, the United Nations predicts that by 2030, chronic diseases will be responsible for approximately 70% of all deaths and nearly 56% of global diseases. Hence, the escalating prevalence of chronic diseases is spurring the growth of the multi-parameter patient monitoring equipment market.
What key areas define the segmentation of the global multi-parameter patient monitoring equipment Market?
The multi-parameter patient monitoring equipment market covered in this report is segmented –
1) By Product Type: High-Acuity Monitors, Critical Care Monitors, Magnetic Resonance Imaging (MRI) Compatible Monitors, Perioperative Monitor, Mid-Acuity Monitors, Low-Acuity Monitors
2) By Application: Cardiology, Neurology, Respiratory, Fetal And Neonatal, Other Applications
3) By End User: Hospitals, Clinics, Ambulatory Surgical Centers, Home Healthcare
Subsegments:
1) By High-Acuity Monitors: Multi-Parameter High-Acuity Monitors, Advanced Monitoring Systems, Critical Care Monitors
2) By ICU Monitors: Bedside Monitors, Magnetic Resonance Imaging (MRI) Compatible Monitors
3) By MRI-Compatible Monitors: MRI-Compatible Multi-Parameter Monitors, MRI-Compatible Cardiac Monitors
4) By Perioperative Monitors: Anesthesia Monitors, Surgical Monitors
5) By Mid-Acuity Monitors: General Ward Monitors, Step-Down Unit Monitors
6) By Low-Acuity Monitors: Vital Signs Monitors, Basic Patient Monitors
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What are the top market players propelling the growth of the multi-parameter patient monitoring equipment industry?
Major companies operating in the multi-parameter patient monitoring equipment market include GE Healthcare Technologies Inc., Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Schiller AG, Bosch Medical Solutions GmbH, AMD Global Telemedicine Inc., Mindray DS USA Inc., Spacelabs Healthcare, CAS Medical Systems Inc., Contec Medical Systems Co Ltd., Guangdong Biolight Meditech Company Limited, Natus Medical Incorporated, Masimo, Medtronic PLC, OSI System, Bio Medical Electronics, Koninklijke Philips NV, General Electric Company, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Omron Healthcare Inc., Hill-Rom Holdings Inc., Smiths Medical, ZOLL Medical Corporation
What are the key trends shaping the future of the multi-parameter patient monitoring equipment market?
The multi-parameter patient monitoring equipment market is witnessing notable growth due to technological advancements. Leading companies in this industry are leveraging innovative technologies to consolidate their market position. For instance, Mindray, a China-based firm in the multi-parameter patient monitoring equipment sector, launched the mWear system, a novel wearable patient monitoring solution, in December 2022. The mWear system offers accurate patient status monitoring through its wireless technologies that collect six vital signs, using the Anti-Motion Algorithm. The system also provides specialized health parameters, status indicators, and time analysis. Its primary purpose is to enable continuous monitoring of patients.
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What regions are dominating the multi-parameter patient monitoring equipment market growth?
North America was the largest region in the multi-parameter patient monitoring equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the multi-parameter patient monitoring equipment market during the forecast period. The regions covered in the multi-parameter patient monitoring equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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