The global vital signs monitoring devices market is on track for substantial growth, with projections indicating that it will surpass the USD 16 billion mark by 2033. This impressive expansion reflects a compound annual growth rate (CAGR) of 8% over the forecast period from 2023 to 2033.
In 2023, the market is estimated to be valued at approximately USD 7.4 billion, highlighting the rapid pace of growth anticipated over the next decade. Vital signs monitoring devices, which include tools for measuring blood pressure, heart rate, temperature, and respiratory rate, are increasingly in demand due to their essential role in patient care across various healthcare settings.
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 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 industry, 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 Industry in Asia.
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 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.
What else is in the report?
Future Market Insights offer a unique perspective and actionable insights on the vital signs monitoring devices industry in its latest study, presenting a historical demand assessment of 2012-2021 and projections for 2022-2030, based on product (monitors, temperature measurement devices, blood pressure measurement devices, and standalone pulse oximeters), mount type (standalone and portable), end user (hospitals, clinics, ambulatory surgical centers, and home care settings), across seven key regions.
The top companies in the market are:
- Philips
- General Electric Co.
- Medtronic
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Vital Signs Monitoring Devices Market 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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10-years.
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