Global Multi-Parameter Patient Monitoring Equipment Market Trends
Medical Equipment

5 Key Insights On The Multi-Parameter Patient Monitoring Equipment Market 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Multi-Parameter Patient Monitoring Equipment Global Market Report 2024, the multi-parameter patient monitoring equipment market is expected to show significant growth in the forecast period.

The multi-parameter patient monitoring equipment market has witnessed significant growth in recent years. From $8.83 billion in 2023, it is projected to reach $9.39 billion in 2024, showcasing a compound annual growth rate (CAGR) of 6.3%. This growth is fueled by various factors including the rise in chronic diseases, an aging population, and increasing patient safety concerns.

Projected Growth and Market Dynamics

  1. Continued Expansion: The market is expected to continue its upward trajectory, reaching $12.32 billion by 2028 with a CAGR of 7.0%.
  2. Key Drivers: Factors such as telemedicine expansion, focus on home healthcare, and global health crises preparedness contribute to market growth.
  3. Major Trends: Integration of wireless technologies, telehealth, digital health platforms, and AI-driven solutions are anticipated trends in the forecast period.

Rising Incidence Of Chronic Illnesses Drives Surge In Market
The surge in chronic illnesses globally is a significant driver for the growth of multi-parameter patient monitoring equipment.

  1. Chronic Disease Prevalence: Chronic diseases are becoming increasingly prevalent worldwide, requiring frequent medical attention.
  2. Demand for Monitoring Equipment: The need for monitoring vital signs like respiration rate, electrocardiograph, and blood pressure among chronic patients is driving market growth.
  3. Market Players: Leading companies like Philips Healthcare, GE Healthcare Technologies Inc., and Drägerwerk AG & Co. KGaA are prominent in this sector.

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Mindray Launches MWear System Redefining Patient Monitoring
Technological advancements play a pivotal role in the evolution of patient monitoring equipment.

  1. Innovative Solutions: Mindray’s mWear system offers precise patient status measures through wireless monitoring technologies.
  2. Key Features: The system incorporates 6 essential vital signs, specialized health parameters, and continuous monitoring capabilities.

Baxter International Acquires Hill-Rom Holdings: Expanding Opportunities
In December 2021, Baxter International Inc. acquired Hill-Rom Holdings, Inc., expanding opportunities in the multi-parameter patient monitoring equipment sector.

  1. Strategic Acquisition: Baxter’s acquisition of Hill-Rom enables care efficiencies and improves patient outcomes globally.
  2. Market Segmentation: The market is segmented by product type, application, and end-user, offering diverse opportunities for stakeholders.
    • Product Types: High-Acuity Monitors, Critical Care Monitors, MRI Compatible Monitors, etc.
    • Applications: Cardiology, Neurology, Respiratory, Fetal And Neonatal, and others.
    • End Users: Hospitals, Clinics, Ambulatory Surgical Centers, Home Healthcare.

Regional Insights and Growth Prospects

  1. North America: Emerged as the largest region in the multi-parameter patient monitoring equipment market in 2023.
  2. Asia-Pacific: Expected to witness the fastest growth during the forecast period, presenting lucrative opportunities for market players.

Conclusion: A Dynamic Landscape
The multi-parameter patient monitoring equipment market reflects a dynamic landscape driven by technological innovations, rising chronic illnesses, and evolving healthcare needs. With a projected growth trajectory and continuous advancements, the sector promises enhanced patient care and improved health outcomes globally.

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