Vital Signs Monitoring Devices Market size is anticipated to reach USD 18.8 billion by 2030

 Vital Signs Monitoring Devices Industry Overview

The global vital signs monitoring devices market size was valued at USD 8.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030.

Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings, primarily hospitals, and rising prevalence of chronic disorders are the key drivers responsible for the lucrative growth of this market. Vital signs monitoring devices have evolved over a short duration of time from individual devices measuring Blood Pressure (BP), pulse, and temperature to a combined all-in-one device. In addition, there has been a rise in the number of innovations in this product category, which is fueling market growth.

The demand for vital sign monitoring devices like blood pressure monitors, pulse oximeters, and temperature monitoring devices escalated drastically due to the onset of the COVID-19 pandemic in 2020 as these were the crucial parameters to be looked for in identifying the presence of the virus. As per Sharp Health News, around 103 million people in the U.S. suffer from hypertension and as COVID-19 has been reported dangerous for people with heart disease and related conditions, especially high blood pressure, the demand for BP monitoring devices increased, and still witnesses growth. Other key factors driving the market include increasing demand for personalized healthcare, a growing number of geriatric patients, rising penetration of medical insurance, and blooming medical tourism in developing countries.

Gather more insights about the market drivers, restrains and growth of the Global Vital Signs Monitoring Devices Market

Medical tourism is in the steep growth phase in countries, such as Singapore, Canada, Costa Rica, Ecuador, India, Israel, Jordan, Malaysia, Mexico, Singapore, South Korea, Taiwan, Thailand, and Turkey. These countries are the key regional markets. The rising global prevalence of lifestyle-associated chronic disorders is expected to positively impact the market growth. With increasing awareness, the demand for personalized and accurate devices is expected to grow over the coming years. According to the Global Health Observatory data, in 2019, 71% of the deaths were due to Non-communicable Diseases (NCDs).

The major NCDs are Cardiovascular Diseases (CVDs), which caused 45.0% of all NCD deaths; cancer caused 22.0% of all NCD deaths; Chronic Obstructive Pulmonary Disease (COPD) caused 10.0% of all NCD deaths, and diabetes caused 4.0% of all NCD deaths. In recent years, home healthcare services have evolved as important end-user for these devices. Home healthcare offers long-term care at a comparatively lower cost than hospitals. The largest market segment of nursing and assisted living homes is in the U.S. and the U.K. In addition, countries like Japan and Sweden where the average lifespan of the population is higher also serve as a major segment of assisted living homes. These markets are therefore expected to be some potentially important regions for vital sign monitors.

The demand for these products is expected to be more in these regions as the market is likely to include a significant contribution from the higher numbers of assisted living homes. The COVID-19 pandemic has unsurprisingly escalated the demand for vital signs monitoring devices as continuous measurement of vital signs like temperature, respiration rate, pulse rate, etc. can prove to be an efficient infection-detection system for people infected with the virus. The use of vital signs monitoring devices for at-home settings and the demand for wearable monitoring devices have increased keeping in mind the importance of patient-provider safety. When used in conjunction with predictive platforms, users of wearable devices could be alerted when changes in their metrics match those associated with COVID-19.

Browse through Grand View Research's Medical Devices Industry Research Reports

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Market Share Insights

  • February 2021: Philips announced plans to acquire BioTelemetry, Inc. This acquisition is expected to aid Philips to increase its patient monitoring portfolio by adding BioTelemetry’s cardiac diagnostics and monitoring devices. 
  • January 2021: Mindray launched its new VS 9 and VS 8 Vital Signs Monitors, which are now available in Europe, Australia, and other selected regions.

 

Key Companies Profile

Some of the prominent players in the global vital signs monitoring devices market include:

  • Koninklijke Philips N.V.
  • Medtronic
  • Nihon Kohden Corp.
  • GE Healthcare
  • Masimo
  • Omron Healthcare
  • Contec Medical Systems Co. Ltd.
  • A&D Company Ltd.
  • Nonin Medical, Inc.
  • SunTech Medical, Inc.
  • Spacelabs Healthcare, Inc.

 

Order a free sample PDF of Vital Signs Monitoring Devices Market Intelligence Study, published by Grand View Research. 

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