Multiparameter Patient Monitoring Market Size, Share, Trends, Industry Analysis Report: By Device (Portable and Fixed), Acuity Level, Age Group, End-Use, and Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Forecast 2025–2034
- Published Date:Nov-2024
- Pages: 120
- Format: PDF
- Report ID: PM1566
- Base Year: 2024
- Historical Data: 2020-2023
Multiparameter Patient Monitoring Market Overview
The multiparameter patient monitoring market size was valued at USD 12.83 billion in 2024. The market is projected to grow from USD 13.54 billion in 2025 to USD 22.19 billion by 2034, exhibiting a CAGR of 5.6% from 2025 to 2034.
Multiparameter patient monitoring refers to the simultaneous measurement and tracking of multiple vital signs and physiological parameters of a patient. These parameters include heart rate, blood pressure, respiratory rate, temperature, oxygen saturation, and others. This type of monitoring is essential in various healthcare settings, such as intensive care units (ICUs), operating rooms, and emergency departments.
The increasing incidence of chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders fuels the demand for continuous monitoring to manage these conditions effectively. Furthermore, the growing number of patients admitted to hospitals and ICUs, particularly in response to critical conditions or emergencies, raises the demand for sophisticated monitoring systems. Consequently, the escalating frequency of hospital emergencies is significantly propelling the demand for sophisticated monitoring technologies, thereby accelerating market growth.
The development of wearable multiparameter monitors that track vital signs and health metrics outside traditional healthcare settings contributes to market growth by offering more convenient and accessible monitoring solutions. Moreover, with the rising trend of home healthcare and remote patient monitoring, there is a growing need for multiparameter monitors used in home settings for chronic disease management and post-hospitalization care. Thus, remote patient monitoring is further driving the multiparameter patient monitoring market growth.
Multiparameter Patient Monitoring Market Trends
Rising Veterinary Healthcare Drives Market Growth
The rising demand for veterinary or animal healthcare is significantly driving the growth of the multiparameter patient monitoring system market. With the increased focus on animal health due to an increasing number of pet owners and a growing awareness of animal welfare, there is a heightened need for advanced monitoring solutions. Veterinary clinics and hospitals are increasingly adopting multiparameter monitors to enhance diagnostic accuracy and patient care. Furthermore, companies are increasingly launching new products to capitalize on the growing demand within the veterinary healthcare sector and the multiparameter patient monitoring market. For instance, in February 2024, Mark Corp., a leading animal health solutions provider, launched its new Midmark Multiparameter Monitors. Designed with integrated safety features and user-friendly capabilities, these monitors leverage decades of clinical experience to improve efficiency and precision in anesthetic procedures for veterinary care teams. Thus, with the ongoing advancements in product innovations and the broadening scope of veterinary healthcare services, the multiparameter patient monitoring system market is expected to witness rapid growth during the forecast period.
Increasing Investment in Healthcare Infrastructure Boosts Market Growth
Investment in healthcare infrastructure, particularly in emerging markets, is significantly expanding the reach and adoption of advanced multiparameter patient monitoring technologies. Modernization of hospitals and clinics, driven by these investments, enhances the quality of care by integrating sophisticated monitoring systems into healthcare settings. This expansion includes increasing the network of healthcare facilities, which ensures that advanced technologies are available in both urban and remote areas. Furthermore, enhanced infrastructure supports better training and capacity building for healthcare professionals, improving their ability to use and maintain multiparameter patient monitoring technologies effectively, thus contributing to market growth.
Multiparameter Patient Monitoring Market Segment Insights
Multiparameter Patient Monitoring Market Breakdown by Device Insights
The multiparameter patient monitoring market segmentation, based on device, includes portable and fixed. In 2024, the portable device segment accounted for the largest market share, owing to the growing preference among patients for home-based healthcare due to the convenience, comfort, and lower costs compared to hospital stays. Portable devices enable continuous monitoring of vital signs in a non-intrusive manner, allowing patients to manage their health from home. Furthermore, portable devices are particularly valuable for individuals with chronic conditions who require regular monitoring. These devices allow for frequent tracking of parameters such as blood pressure, glucose levels, and heart rate, which is essential for effective disease management. For instance, in January 2020, Nihon Kohden launched the Life Scope SVM-7200 Series, a precision vital signs monitor designed for outpatient settings and areas without continuous monitoring. It enables rapid measurement of blood oxygen, blood pressure, and temperature, enhancing efficiency in patient assessment. Thus, the portable device segment accounts for the largest market share in the multiparameter patient monitoring market.
Multiparameter Patient Monitoring Market Breakdown by Age Group Insights
The multiparameter patient monitoring market segmentation, based on age group, includes pediatric, adult, and geriatric. The geriatric category is expected to be the fastest-growing market segment due to the rapid increase in the aging population, which is leading to a higher demand for healthcare solutions such as frequent monitoring and management of various health conditions. For instance, according to the United Nations, it is projected that the global geriatric population is expected to reach approximately 8.5 billion by 2030, 9.7 billion by 2050, and 10.4 billion by 2100. Thus, the growing aging population is contributing to an increase in age-related diseases, driving the demand for continuous monitoring devices.
Multiparameter Patient Monitoring Market Breakdown by Regional Insights
By region, the study provides market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North America multiparameter patient monitoring market accounted for the largest market share in 2024 due to the region's well-established healthcare infrastructure and a higher prevalence of chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders. Furthermore, the presence of major industry players, such as GE Healthcare, Philips Healthcare, Medtronic, Nihon Kohden Corporation, and Mindray Medical International, and their continuous innovations in patient monitoring technologies have also contributed to the market's expansion.
The US multiparameter patient monitoring market had the largest market share in 2024 due to the increasing government initiatives, such as reimbursement policies and investments in healthcare technology. These initiatives have encouraged the widespread adoption of advanced multiparameter monitoring systems in hospitals, clinics, and homecare settings, which is contributing to the market growth in the US.
The Asia Pacific multiparameter patient monitoring market is expected to register the fastest CAGR during the forecast period due to the rapid expansion of healthcare infrastructure, particularly in emerging economies like China and India. The increasing prevalence of chronic diseases such as diabetes, cardiovascular conditions, and respiratory disorders, coupled with a growing aging population, is boosting the need for continuous patient monitoring. For instance, according to the World Economic Forum, Asia's population currently exceeds 4.5 billion, representing over half of the global population. Especially, China and India each have populations exceeding one billion. The age group experiencing the most rapid growth in Asia is individuals aged 65 and older, with projections indicating that this demographic will triple from 414 billion in 2020 to 1.2 billion by 2060. The presence of local and international players investing in innovation and cost-effective solutions is also contributing to the market's expansion.
The China multiparameter patient monitoring market is expected to grow significantly during the forecast period due to increased healthcare investments, a rising patient population, and rapid urbanization. The expansion of healthcare infrastructure and improvements in medical facilities, driven by government initiatives and growing healthcare expenditure, are fueling the demand for multiparameter patient monitoring technologies.
Multiparameter Patient Monitoring Market – Key Players & Competitive Insights
The competitive landscape of the multiparameter patient monitoring market is characterized by the presence of several leading global and regional players competing for market share through technological advancements, product innovations, and strategic partnerships. Key companies such as GE Healthcare, Philips Healthcare, Medtronic, and Nihon Kohden Corporation dominate the market, leveraging their extensive product portfolios and strong distribution networks to maintain a competitive edge. These players are increasingly focused on developing sophisticated, user-friendly monitoring systems that cater to both acute and chronic patient care across hospitals, clinics, and home healthcare settings. The market is also witnessing an influx of regional manufacturers, particularly in Asia Pacific, offering cost-effective solutions to cater to the growing demand in emerging economies. Strategic collaborations, mergers and acquisitions, and continuous R&D efforts are driving competition as companies aim to expand their footprint and address evolving healthcare needs. Additionally, the growing trend of integrating advanced technologies such as AI, IoT, and cloud computing into patient monitoring systems is further intensifying competition, with companies striving to enhance their product offerings and capture market opportunities. Major players include Drägerwerk AG & Co. KGaA; GE Healthcare; ICU Medical, Inc.; Koninklijke Philips N.V.; MASIMO CORPORATION; Medtronic; Schiller; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Skanray Technologies; Spacelabs Healthcare; SternMed GmbH..
GE HealthCare Technologies Inc. focuses on developing, manufacturing, and marketing a range of products, services, and digital solutions for patient diagnosis, treatment, and monitoring in the United States, Canada, and globally. The company is structured into four key segments: Ultrasound, Imaging, Pharmaceutical Diagnostics, and Patient Care Solutions. The Imaging segment provides various technologies, including computed tomography scanning, molecular imaging, magnetic resonance imaging, image-guided therapy, X-ray systems, and products for women's health. In October 2022, GE Healthcare collaborated with AMC Health to enable clinicians to offer remote patient monitoring (RPM) as a virtual care solution, extending patient care from the hospital to the home. This partnership integrates real-time monitoring with telehealth, thereby improving patient outcomes, reducing readmissions, and supporting more personalized, at-home care.
Medtronic plc is engaged in the development, manufacture, and sale of device-based medical therapies for healthcare systems, clinicians, physicians, and patients globally. The company provides a range of cardiovascular products, including cardioverter defibrillators, implantable cardiac pacemakers, and cardiac resynchronization therapy devices. Additionally, it offers insertable cardiac monitor systems, cardiac ablation products, TYRX products, and software solutions for remote monitoring and patient care. In August 2022, Medtronic announced an exclusive partnership with BioIntelliSense to distribute their multi-parameter wearable devices for continuous remote patient monitoring across the US. This collaboration will facilitate seamless patient monitoring from hospital settings to home environments, leveraging advanced wearable technology to ensure continuous and comprehensive health tracking.
List of Key Companies in Multiparameter Patient Monitoring Market
- Drägerwerk AG & Co. KGaA
- GE Healthcare
- ICU Medical, Inc.
- Koninklijke Philips N.V.
- MASIMO CORPORATION
- Medtronic
- Schiller
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Skanray Technologies
- Spacelabs Healthcare
- SternMed GmbH
Multiparameter Patient Monitoring Market Developments
In June 2023, Philips and Masimo launched new advanced monitoring capabilities for Philips high-acuity patient monitors. This integration enhances the functionality of Philips' monitoring systems by incorporating Masimo's advanced technologies, thereby offering more comprehensive and precise patient monitoring solutions.
In March 2024, Medtronic plc, a global leader in healthcare technology, received FDA 510(k) clearance for the BIS Advance monitor. This advanced device features the clinically validated BIS algorithm and a newly redesigned, user-friendly interface that simplifies configuration and operation.
In May 2021, Spacelabs Healthcare, a division of OSI Systems, Inc., expanded its partnership with Masimo to integrate SET pulse oximetry, NomoLine capnography, rainbow SET Pulse CO-Oximetry, SedLine brain function monitoring, and O3 regional oximetry into select Spacelabs multi-parameter monitors.
Multiparameter Patient Monitoring Market Segmentation
By Device Outlook
- Portable
- Fixed
By Acuity Level Outlook
- High
- Medium
- Low
By Age Group Outlook
- Pediatric
- Adult
- Geriatric
By End-Use Outlook
- Hospitals
- Homecare Settings
- Ambulatory Surgical Centers
- Others
By Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Multiparameter Patient Monitoring Report Scope
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Report Attributes |
Details |
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Market Size Value in 2024 |
USD 12.83 billion |
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Market Size Value in 2025 |
USD 13.54 billion |
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Revenue Forecast in 2034 |
USD 22.19 billion |
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CAGR |
5.6% from 2025 to 2034 |
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Base Year |
2024 |
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Historical Data |
2020–2023 |
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Forecast Period |
2025–2034 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2025 to 2034 |
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Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The multiparameter patient monitoring market size was valued at USD 12.83 billion in 2024 and is projected to grow to USD 22.19 billion by 2034.
The market is projected to register a CAGR of 5.6% from 2025 to 2034.
North America had the largest share of the market due to the region's well-established healthcare infrastructure.
The key players in the market are Drägerwerk AG & Co. KGaA; GE Healthcare; ICU Medical, Inc.; Koninklijke Philips N.V.; MASIMO CORPORATION; Medtronic; Schiller; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Skanray Technologies; Spacelabs Healthcare; SternMed GmbH
The portable device segment dominated the market in 2024 due to the convenience, comfort, and lower costs compared to hospital stays.
The geriatric segment is anticipated to witness the fastest growth due to the increasing prevalence of chronic diseases
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