Vital Signs Monitoring Devices Market
Number of pages: 100 | Report Format: PDF | Published date: March 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 9.17 billion |
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Revenue Forecast in 2031 |
US$ 19.06 billion |
|
CAGR |
8.47% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, End Use, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global vital signs monitoring devices market was valued at US$ 9.17 billion in 2022 and is expected to register a revenue CAGR of 8.47% to reach US$ 19.06 billion by 2031.
Vital Signs Monitoring Devices Market Fundamentals
Vital signs monitoring devices are medical tools that measure and record these vital signs accurately and quickly. These devices are widely used in hospitals, clinics, emergency rooms, other medical settings, and home healthcare settings. Vital signs monitoring devices measure and record parameters, such as body temperature, heart rate, respiratory rate, blood pressure, and oxygen saturation. These vital signs are critical indicators of a patient’s health status. They can provide medical professionals with valuable information about overall well-being.
The demand for vital signs monitoring devices is increasing due to the increasing aging population, as older adults are more likely to experience chronic health conditions that require frequent monitoring of vital signs. Thus, the demand for vital signs monitoring devices has increased to meet the needs of this growing demographic. Moreover, the use of telemedicine is likely to increase in the coming years, particularly in remote and rural areas where access to healthcare is limited. Vital signs monitoring devices can be used with telemedicine to allow patients to monitor their vital signs remotely. The data is transmitted to healthcare providers for analysis and treatment recommendations.
Since their introduction, vital signs monitoring devices have become critical in home healthcare, where chronic disease patients or those recovering from surgery may need to monitor their vital signs regularly. By efficiently measuring and recording vital signs, patients and their caregivers can detect changes in their health status and seek medical attention promptly if necessary.
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Vital Signs Monitoring Devices Market Dynamics
Patients with chronic conditions are at a higher risk of developing complications. Vital signs monitoring devices can detect early warning signs of complications, such as changes in blood pressure or heart rate, allowing healthcare professionals to intervene early and prevent further complications. Moreover, vital signs monitoring devices assist patients in managing their chronic conditions better by providing real-time data on their vital signs. This information can help patients make early health decisions, such as adjusting their medication or lifestyle choices. Vital signs monitoring devices can help reduce healthcare costs by preventing hospital admissions and emergency room visits. Healthcare professionals can avoid costly procedures and treatments by detecting complications early and providing timely interventions.
Technological advancements have led to the development of more sophisticated and accurate vital signs monitoring devices that are easier to use and provide real-time data. These advancements have made it easier for medical professionals to monitor patients’ vital signs and respond quickly to any changes. Wearable devices have recently developed as an important class of consumer electronics equipment. Most wearable technologies include sensor systems that detect and record vital signs, social media alerts, and fitness monitoring. For instance, Everion is a clinical-grade health monitoring device that is worn on the arm and functions as a discrete and inconspicuous heart rate monitor. Everion analyzes heart rate variability, oxygen saturation, blood pulse wave, quality of sleep activity, and daily physical activity in addition to heart rate, which is standard fare for most wearable devices.
Many top players in the healthcare industry are increasingly launching new vital signs monitoring devices. Companies and other stakeholders are investing in developing and launching new vital signs monitors to meet the growing demand for more accurate, efficient, and user-friendly monitoring solutions. These new devices are likely to incorporate the latest technological advances, such as artificial intelligence, to provide more accurate and timely patient health monitoring.
However, the high costs associated with these devices are one of the major restraining factors limiting the market potential. Additionally, the lack of skilled healthcare professionals to operate and interpret data from these devices can impede market revenue growth.
Vital Signs Monitoring Devices Market Ecosystem
The global vital signs monitoring devices market is analyzed from three perspectives: type, end-use, and region.
Vital Signs Monitoring Devices Market by Type
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Based on the type, the global vital signs monitoring devices market is segmented into blood pressure monitors, pulse oximeters, and temperature monitoring devices.
The blood pressure monitoring devices segment dominates the global vital signs monitoring devices market. The segment is sub-segmented into aneroid blood pressure monitors, digital blood pressure monitors, ambulatory blood pressure monitors, blood pressure instrument accessories, and instrument & accessories. Blood pressure monitoring devices have numerous advantages, including their ability to detect hypertension and prevent cardiovascular diseases. Additionally, these devices are easy to use and can be used at home or in remote settings, making them convenient for individuals who need to monitor their blood pressure regularly.
The pulse oximeter segment is expected to register significant revenue growth during the forecast period. Table-top/bedside pulse oximeters, fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, pediatric pulse oximeters, and pulse oximeter accessories are the product types studied in this report. Pulse oximeters are non-invasive, easy to use, and provide quick and accurate readings of oxygen saturation levels in the blood. They are also portable and can be used at home or in clinical settings to monitor patients with respiratory or cardiovascular conditions.
Vital Signs Monitoring Devices Market by End-use
Based on end-use, the global vital signs monitoring devices market is segmented into hospitals, home healthcare, ambulatory centers, emergency care centers, and other healthcare settings.
The hospitals segment dominates the global vital signs monitoring devices market. Hospital devices are mostly used to monitor vital indicators, such as blood pressure, heart rate, respiration rate, and temperature. Healthcare workers in hospitals can act early and can manage critical conditions by using vital sign monitoring equipment to identify early warning indications of concerns, such as changes in blood pressure and heart rate. Moreover, vital signs monitoring devices are used after surgery to monitor patients with chronic or serious conditions. These devices can identify the early threatening symptoms of postoperative difficulties, such as bleeding or infection, enabling medical personnel to act swiftly and avert future issues.
Vital Signs Monitoring Devices Market by Region
Based on the region, the global vital signs monitoring devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the vital signs monitoring devices market with the largest revenue share. The key drivers are the increase in the prevalence of chronic diseases and the rise in demand for vital sign monitoring devices in remote and wireless devices. In North America, the availability of reimbursement coverage for vital sign devices is a contributing factor to the high awareness and accessibility of medical services. Moreover, the United States accounts for the largest revenue share in the North America vital signs monitoring market, while the market in Canada demonstrated the fastest rate of expansion.
The Europe vital signs monitoring devices market is characterized by many top players in the region, a rise in disposable incomes, and an increase in the adoption of wearable virtual signs monitoring devices in the region. Moreover, several European countries, including the United Kingdom, Germany, France, and Italy, have well-established healthcare systems that provide significant opportunities for the market of vital signs monitoring devices. These countries have a high demand for advanced medical technologies, and governments in these regions have implemented policies to support the growth of the healthcare industry.
Asia Pacific is expected to show lucrative revenue growth throughout the forecast period. This is attributed to the increasing patient pool, particularly in emerging countries, such as India and China. Also, the expanding healthcare and rising medical tourism industries in this region are anticipated to fuel the market revenue growth in Europe.
Vital Signs Monitoring Devices Market Competitive Landscape
The prominent companies with the largest revenue share in the global vital signs monitoring devices market are:
Vital Signs Monitoring Devices Market Strategic Developments
The global vital signs monitoring devices market was valued at US$ 9.17 billion in 2022.
The blood pressure monitors segment accounts for the largest revenue share in the global vital signs monitoring devices market.
The global vital signs monitoring devices market is expected to register growth at a revenue CAGR of 8.47% during the forecast period.
Medtronic plc, Nihon Kohden Corp., and GE Healthcare are among the key players in the global vital signs monitoring devices market.
Asia Pacific is expected to register the highest revenue growth in the global vital signs monitoring devices market during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain