Multi-Parameter Patient Monitoring Market to Surpass USD 6 Billion by 2028 Due to Demand for Intensive Care
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By HospiMedica International staff writers Posted on 14 Apr 2022 |
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The global multi-parameter patient monitoring market is expected to register a moderate CAGR of 4.6% over the period 2022-2028 to surpass USD 6 billion by the end of 2028, driven a boost in healthcare spending due to rising affluence in the emerging markets and increasing aging population in developed economies. Increasing healthcare spending to meet the demand for chronic disease treatment is likely to create high growth opportunities for players in the global the multi-parameter patient monitoring market.
These are the latest findings of Future Market Insights (FMI, Dubai, UAE), a provider of market intelligence and consulting services.
Multi-parameter patient monitoring systems are vital in emergency care units According to the World Bank, around 1.25 million people get injured in road accidents, annually. The global cost of addressing road traffic injuries is estimated to be over USD 500 billion each year. According to FMI, the rising number of accidents has led to an increase in the rate of hospital admissions, particularly in emergency care, which is expected to fuel the growth of the global multi-parameter patient monitoring market. Moreover, the market for multi-parameter patient monitoring is growing due to increasing demand for improved intensive care in the healthcare system. Earlier, intensive care services were limited to the developed countries; however, with increasing awareness about the importance of better patient care, the demand for intensive care is also increasing in the developing and emerging regions.
Based on acuity level, the high acuity level segment is expected to hold the largest share of the global multi-parameter patient monitoring market. Based on modality, the share of table-top multi-parameter patient monitors will continue to be higher than handheld or portable variants, according to FMI’s analysis. Among the end-user segments, the highest adoption of multi-parameter patient monitoring devices and services will be among hospitals. Geographically, North America and Europe will hold a combined share of over 60% of the global multi-parameter patient monitoring market due to the consolidation of healthcare facilities and rapid technology adoption in these regions.
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