United States Multi-Parameter Patient Monitoring Market Size, Share, and COVID-19 Impact Analysis, By Device (Fixed, Portable), By Acuity Level (High Acuity Level, Mid-Low Acuity Level), and United States Multi-Parameter Patient Monitoring Market Insights Forecasts to 2033

Industry: Healthcare

RELEASE DATE Dec 2023
REPORT ID SI3328
PAGES 200
REPORT FORMAT PathSoft

United States Multi-Parameter Patient Monitoring Market Insights Forecasts to 2033

  • The United States Multi-Parameter Patient Monitoring Market Size was valued at USD 1618 Million in 2023.
  • The Market Size is Growing at a CAGR of 5.7% from 2023 to 2033.
  • The United States Multi-Parameter Patient Monitoring Market Size is Expected to Reach USD 2818 Million by 2033.

 

United States Multi-Parameter Patient Monitoring Market

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The United States Multi-Parameter Patient Monitoring Market Size is Expected to Reach USD 2818 Million by 2033, at a CAGR of 5.7% during the forecast period 2023 to 2033.

 

Market Overview

The patient monitoring system is used to continuously monitor the patient's health parameters, such as heart rate, pulse rate, blood pressure, and other critical factors. Multi-parameter patient monitoring systems can alert a concerned physician or nurse in an emergency situation, allowing for prompt diagnosis and treatment. Multi-parameter patient monitoring systems offer advanced patient care, enhanced support, and patient education. Multi-parameter patient monitors with advanced technology help physicians constantly monitor their patients' health. In addition, the information provided by monitoring systems is critical for making clinical decisions about the patient. Rising chronic disease prevalence, increased surgical procedures, and an aging population are major factors driving the U.S. multi-parameter patient monitoring market.

 

Report Coverage

This research report categorizes the market for United States multi-parameter patient monitoring market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States multi-parameter patient monitoring market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the United States multi-parameter patient monitoring market.

 

United States Multi-Parameter Patient Monitoring Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 1618 Million
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:5.7%
2033 Value Projection:USD 2818 Million
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Device, By Acidity Level
Companies Covered: Philips Healthcare, Medtronic, General Electric (GE) Healthcare, Masimo Corporation, Nihon Kohden, Welch Allyn, Smiths Medical, Spacelabs Healthcare, Mindray, ZOLL Medical Corporation and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

Demand for multiparameter patient monitoring in homecare settings is growing. Home healthcare has long been regarded as a life-saving option for patients in need of long-term care to treat chronic diseases. Furthermore, the increase in the geriatric and chronic disease population has resulted in an increase in the demand for home patient monitoring. The increased use of multiparameter monitoring devices in homecare settings is expected to fuel the multiparameter patient monitoring market's overall growth in the coming years. Home patient monitoring is convenient and cost-effective, allowing patients to regularly monitor their health at home. Portable/compact multiparameter patient monitors are becoming increasingly popular. Portable patient monitors are widely used in healthcare. This is due to the portability of multiparameter patient monitors, which allows for flexible patient assessment from hospital care to ambulatory and mobility services. The emergence of technological advances in multiparameter patient monitoring equipment is used in a variety of applications, including transportation and ambulances, as well as outpatient care. Portable multiparameter patient monitors improve patient mobility and comfort, resulting in increased patient demand.

 

Restraining Factors

Multiparameter patient monitoring devices are sophisticated monitoring devices used in hospitals by healthcare professionals to diagnose patients' vital signs by collecting data from advanced sensors. Integration of these sensors can be costly. Aside from that, the high cost of wearable technology, as well as the cost of purchasing new and upgraded devices because older versions may not be compatible with the latest wearables, are expected to hamper the U.S market for multiparameter patient monitoring systems.

 

Market Segment

  • In 2023, the portable segment accounted for the largest revenue share over the forecast period.

Based on the device, the United States multi-parameter patient monitoring market is segmented into fixed, portable. Among these, the portable segment has the largest revenue share over the forecast period. This can be attributed to the increasing demand for wearable devices. Patients benefit from portable multiparameter patient monitoring systems because they can be easily transferred within the ward or from one hospital to another. They are also available in a variety of wearable forms to monitor the user's health.

 

  • In 2022, the high acuity level segment accounted for the largest revenue share over the forecast period.

Based on the acuity level, the United States multi-parameter patient monitoring market is segmented into high acuity level, mid-low acuity level. Among these, the high acuity level segment has the largest revenue share over the forecast period. Patient monitoring systems have become an essential component of all hospitals for better patient monitoring, as they are primarily used to monitor vital signs during surgery as well as other parameters such as cardiac output, cerebrospinal fluid pressure, intracranial pressure, and ECG in ICUs, operating rooms, and emergency departments in a variety of healthcare settings, particularly in high-acuity areas.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States multi-parameter patient monitoring market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Philips Healthcare
  • Medtronic
  • General Electric (GE) Healthcare
  • Masimo Corporation
  • Nihon Kohden
  • Welch Allyn
  • Smiths Medical
  • Spacelabs Healthcare
  • Mindray
  • ZOLL Medical Corporation
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

In March 2023, GE Healthcare had notable success in a variety of markets, including multi-parameter vital signs, fetal and neonatal, electrocardiogram (ECG) monitoring, and blood pressure monitoring. In 2023, GE HealthCare ranked third in the overall U.S. patient monitoring equipment market.

 

Market Segment

This study forecasts country revenue from 2022 to 2033. Spherical Insights has segmented the United States multi-parameter patient monitoring market based on the below-mentioned segments:

 

United States Multi-Parameter Patient Monitoring Market, By device

  • Fixed
  • Portable

 

United States Multi-Parameter Patient Monitoring Market, By Acuity Level

  • High Acuity Level
  • Mid-Low Acuity Level

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