In a dynamic shift towards pioneering healthcare solutions, significant investments are being funneled into the field of Vital Signs Monitoring Devices. Projections indicate that the Global Vital Signs Monitoring Devices Industry is set to surge to a substantial valuation of US$ 16 billion by 2033, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 8% from 2023 to 2033. This surge follows an estimated market worth of $7.4 billion in 2023, underlining the sector’s exponential growth.
The escalating adoption of vital signs monitoring devices among clinicians for the continuous monitoring of hospitalized patients’ crucial physiological parameters has garnered substantial attention from market players. As healthcare professionals increasingly recognize the importance of real-time vital signs data, the demand for advanced monitoring solutions has skyrocketed.
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Manufacturers, in response to this growing demand, are unwaveringly focused on developing cutting-edge vital signs monitoring devices that offer superior accuracy, user-friendliness, and connectivity. This dedication to innovation is expected to drive the expansion of the Vital Signs Monitoring Devices Industry throughout the forecast period.
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 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 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.
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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 Industry. 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 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.
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