Multiparameter Patient Monitoring Market Size

Multiparameter Patient Monitoring Market size is poised to reach USD 24 Billion by the end of 2036, expanding around 8% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of multiparameter patient monitoring was USD 11 Billion. The reason behind the growth is due to the rising cases of chronic diseases. Healthcare providers can closely monitor patients with chronic diseases using multiparameter patient monitoring systems since it is effective for monitoring patients' acute and chronic illnesses and helps to reduce treatment costs in critically ill patients. According to the World Health Organization (WHO), Noncommunicable diseases (NCDs) kill around 41 million people per year, accounting for 74% of all deaths worldwide.

The growing advancements in wearable technology are believed to fuel the market growth. Technological advancements such as biostickers, artificial intelligence (AI), wearable patient monitoring devices, for multi-parameter diagnosis and monitoring, and wireless neonatal body monitors have resulted in patient monitoring devices that provide faster, more accurate results, and their use in healthcare has given rise to the concept of "smart health."