Critical Market Drivers Shaping the Outlook for Multi-Parameter Patient Monitoring Equipment Market from 2025-2034: Rising Incidence Of Chronic Illnesses Drives Surge In Multi-Parameter Patient Monitoring Equipment Market
Discover trends, market shifts, and competitive outlooks for the multi-parameter patient monitoring equipment industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
How Fast Is The Multi-Parameter Patient Monitoring Equipment Market Expected to Grow Between 2025 And 2029?
The market for multi-parameter patient monitoring equipment has seen significant expansion in the past few years. The market will ramp up from $9.14 billion in 2024 to $9.65 billion in 2025 with a compound annual growth rate (CAGR) of 5.5%. The surge during the historical period is linked to factors such as increasing prevalence of chronic diseases, growing elderly population, concerns related to patient safety, enlargement of hospitals and healthcare facilities, emphasis on early detection of diseases, and heightened consumer awareness and demand.
The market for multi-parameter patient monitoring equipment is projected to experience robust growth in the coming years, reaching a value of $13.26 billion in 2029, with a compound annual growth rate (CAGR) of 8.3%. This predicted growth within the forecast period could be attributed to factors like the growth of telemedicine, emphasis on home healthcare, global preparedness for health crises, preventive healthcare initiatives, the connected health ecosystem, global happenings and public health drives. Key trends to watch during this period include the incorporation of wireless technologies, telehealth, remote patient monitoring, digital health platforms, intelligent alarms and notifications, along with advancements in artificial intelligence (AI) and machine learning (ml) and compatibility standards.
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What Are the Core Growth Drivers Propelling the Multi-Parameter Patient Monitoring Equipment Market Forward?
The rise in instances of chronic diseases is projected to stimulate the expansion of the multi-parameter patient monitoring equipment market. Chronic conditions require a higher level of medical care, and multi-parameter patient monitoring equipment is useful in tracking key vital signs like respiration rate, electrocardiograph, and blood pressure in individuals with chronic illnesses. For example, in July 2022, the Centers for Disease Control and Prevention, a national public health agency based in the United States, stated that 6 in 10 Americans have chronic illnesses and 4 out of 10 adults are grappling with more than two chronic diseases such as chronic lung cancer, heart disease, stroke, diabetes. Furthermore, the United Nations forecasts that by 2030, chronic diseases will account for roughly 70% of all deaths and almost 56% of worldwide diseases. As such, the escalating occurrence of chronic illnesses is fuelling the growth of the multi-parameter patient monitoring equipment market.
What Segment Types Define the Multi-Parameter Patient Monitoring Equipment Market Structure?
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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Which Geographic Areas Hold the Strongest Growth Potential in the Multi-Parameter Patient Monitoring Equipment Market?
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
Which Emerging Trends that Are Influencing theMulti-Parameter Patient Monitoring Equipment Industry Evolution?
The surge in technological innovations is becoming a significant trend in the multi-parameter patient monitoring equipment market. Key companies in this market are leveraging these advancements to create novel technologies to bolster their market standing. For example, Mindray, a company based in China that specializes in multi-parameter patient monitoring equipment, introduced a new wearable patient monitoring solution called the mWear system in December 2022. The distinctive capabilities of the mWear system include accurate patient status evaluation, using its wireless monitoring technologies that integrate six vital signs powered by the Anti-Motion Algorithm, along with specialized health parameters, status indicators, and time analysis. This system is purposely built for ongoing patient condition monitoring.
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What Is the Definition of the Multi-Parameter Patient Monitoring Equipment Market?
Multi-parameter patient monitoring equipment refers to equipment that displays a variety of information sets on a single screen by accessing the vital signs of patients to help the patient comprehend her status.
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