The Global Vital Signs Monitoring Devices Industry is on a trajectory of substantial growth, projected to attain a valuation of US$ 16 billion by the year 2033. According to the latest report from Future Market Insights Inc., the industry is anticipated to exhibit a robust Compound Annual Growth Rate (CAGR) of 8% from 2023 to 2033, with an estimated market worth of US$ 7.4 billion in 2023.
The driving force behind this remarkable surge is the increasing adoption of vital signs monitoring devices by clinicians to monitor hospitalized patients’ vital signs. This trend has captured significant attention from market players, prompting them to invest in research and development to meet the growing demand for advanced monitoring solutions.
Manufacturers in the sector are unwaveringly focused on the development of cutting-edge vital signs monitoring devices, further propelling the market expansion. Their commitment to innovation is expected to play a pivotal role in shaping the industry landscape throughout the forecast period.
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The healthcare industry is at the front line of the coronavirus (COVID-19) pandemic. As epidemiological numbers continue to soar, the industry is running out of resources for treating the expanding patient pool. In a bid to ease off the burden, players such as Medtronic Plc. and Masimo Corporation are launching vital signs monitoring devices to treat patients remotely.
Key Takeaways of Global Vital Signs Monitoring Devices Industry Study
- Monitors, followed by temperature measurement devices, account for a larger value share in the Global Vital Signs Monitoring Devices Industry, owing to their increasing use in hospitals and other diagnosis centers for patient monitoring.
- Standalone vital signs monitoring devices hold a leading revenue share, owing to their availability and increasing installation rates in hospitals and other healthcare centers.
- Hospitals capture around 70% value share in the vital signs monitoring devices market, owing to high patient preference for diagnosis and treatment of different diseases in these settings.
- North America will continue to define stakeholders’ bottom lines in the Global Vital Signs Monitoring Devices Industry during the forecast period.
- Upsurge in government funding to increase the number of hospitals and improve quality of care is expected to drive the growth of the vital signs monitoring devices market in Asia.
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New Product Development and Launch – Imperative Strategy for Market Players
Market introduction of new innovative products as per patients’ needs is majorly responsible for intense competition among players in the Global Vital Signs Monitoring Devices Industry. Several companies are focusing on launching customizable vital signs monitoring devices to increase their product sales and expand market share.
For example, in December 2021, Nihon Kohden Corporation launched the life scope SVM-7200 series vital sign monitors – easy-to-use, portable monitors having customizable early warning functionality to help clinicians.
Global Vital Signs Monitoring Devices Industry Segmentation
By Product Type:
- Monitors (Low Utility Monitors, Mid Acuity Monitors, High Acuity Monitors)
- Temperature Measurement Devices (Liquid Filled Thermometers, Digital Thermometers, Infrared Thermometers)
- Blood Pressure Measurement Devices (Sphygmomanometers, Automated Blood Pressure Monitors)
- Standalone Pulse Oximeters
By Mount Type:
- Standalone
- Portable
By End-user:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Home Care Settings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa (MEA)
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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