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Global Multiparameter Patient Monitoring Devices Market to Reach USD 6 Billion by 2025

By HospiMedica International staff writers
Posted on 18 Mar 2020
The global multiparameter patient monitoring devices market is expected to grow at a CAGR of over 4%, or record an incremental growth of around USD 1.32 billion, during the forecast period 2019−2025 to reach USD 6 billion in 2025. These are the latest findings of Arizton (Chicago, IL, USA), a provider of market research solutions.

Technological advancements in medical devices, medicine, and public health, coupled with increasing awareness among consumers about personal hygiene, and nutrition, has increased life expectancy in the past few years across the globe. However, increased life expectancy, coupled with falling birthrates, has given rise to an increasingly aging population and the need for advanced medical technology, such as multi-parameter patient monitors.

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Illustration

Based on devices, the portable monitoring devices segment is likely to grow at the fastest CAGR during the forecast period, driven by the ease of remotely monitoring and availability of portable features which are expected to increase their application in-home care settings and enable real-time vital signs monitoring. On the basis of acuity level, the low-acuity level segment is expected to grow at the fastest rate during the forecast period, driven mainly by the low cost of low-acuity monitors, which is expected to boost the demand for these devices in the developed and developing regions.

Based on patient group, the geriatric group segment dominates the multiparameter patient monitoring devices market and is expected to grow at the fastest rate due to the increasing elderly population that is vulnerable to chronic diseases and often requires immediate medical interventions. On the basis of end-user, the ambulatory surgery centers (ASCs) segment is likely to grow at the fastest rate as these centers are cost-effective and offer high-quality care with a minimal indirect treatment cost.

Geographically, North America dominated the global multiparameter patient monitoring devices market in 2019 and is expected to grow at a steady pace due to the increasing old age population, moderate increase in ICU admission, and availability of advanced technology for RPM in the region. The presence of a large pool of population with several chronic diseases, coupled with high acceptance of advanced and innovative multiparameter patient monitoring devices, is likely to support the region's dominance of the global multiparameter patient monitoring devices market.

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