Key stakeholders in the healthcare industry are investing in vital signs monitoring devices as part of a drive towards innovative healthcare solutions. The global vital signs monitoring devices industry is projected to surge to a substantial valuation of US$16 billion by 2033, exhibiting a robust CAGR of 8% from 2023 to 2033. The market is estimated to be worth US$7.4 billion in 2023.
A number of factors, including, are driving this growth:
- The rising prevalence of chronic diseases, such as heart disease, stroke, and diabetes.
- The increasing demand for home healthcare services.
- The growing adoption of wearable devices.
- The technological advancements in vital signs monitoring devices.
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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 Vital Signs Monitoring Devices Market 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 centres 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 centres.
- 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 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 vital signs monitoring devices market. Several companies are focusing on launching customizable vital signs monitoring devices in order 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.
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
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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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