The growing adoption of remote patient monitoring drives the growth of the vital signs monitoring devices market. During the COVID-19 pandemic, the initiation of telemedicine has leveraged the growth of home healthcare. In addition, the growing awareness about using pulse oximeters, thermometers, and blood pressure monitors to keep track of vitals as precautionary measures propelled the demand for these devices. A surge in preference for home healthcare—largely driven by the growing geriatric population and rising awareness about healthy and fit lifestyles—is another vital factor boosting the vital signs monitoring devices market
In the global vital signs monitoring devices market companies are designing, developing, and upgrading their existing products by harnessing ongoing advancements in medical technology. Frequent product launches significantly contribute to market growth by encouraging players to compete with each other by developing innovative products and obtaining regulatory approvals for their products. A few of the recent product launches and approvals that have significantly contributed to the market growth are mentioned below.
On the other hand, the recall rate of vital signs monitoring devices has increased in recent years. A few major players in the vital signs monitoring devices market have executed product recalls in the last several years. Regulatory authorities have raised concerns about product recalls showcasing players' shortcomings and affecting their brand image. Thus, product recalls by companies and regulatory authorities are hindering the growth of the vital signs monitoring devices market.
The vital signs monitoring devices market is segmented on the basis of product and end user. The market, based on product, is subsegmented into pulse oximeters, temperature monitoring devices, blood pressure monitors, and glucose monitoring devices. On the basis of end user, the market is categorized into hospitals and clinics, ambulatory care centers, home healthcare, and others. Based on geography, the market is divided into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Based on product, the glucose monitors segment accounted for the largest share of the vital signs monitoring devices market in 2022. The pulse oximeters segment is estimated to register the fastest CAGR of during 2022–2030. Glucose monitoring devices are used to diagnose both hyperglycemic and hypoglycemic conditions in diabetic patients. These devices allow patients and clinicians to detect high or low blood glucose levels, further allowing therapy modifications and protecting patients by promptly confirming acute hypoglycemia or hyperglycemia. The technology contributes to patients’ knowledge about diabetes and its management.
Pulse oximeters are electronic devices used to determine the saturation of oxygen carried in red blood cells. The growth of the market for pulse oximeters is majorly driven by a rising prevalence of cardiovascular diseases and respiratory diseases, an increase in demand for minimally invasive surgeries, and newer developments in these devices. Pulse oximeters are available in table-top and handheld models along with accessories.
On the basis of end user, the market is categorized into hospitals and clinics, ambulatory care centers, home healthcare, and others. The hospitals and clinics segment held the largest market share in 2022. The home healthcare segment is estimated to register the fastest CAGR during 2022–2030. The increasing number of hospitals and clinics, surging preference for home healthcare settings, and rising R&D in medical devices are the key factors contributing to the growth of the vital signs monitoring devices market.
Based on geography, thevital signs monitoring devices market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America is the largest contributor to the growth of the market, and Europe is expected to register the fastest CAGR during 2022–2030. The market growth in North America is attributed to an extensive rise in respiratory diseases, a large pool of diabetic population, and an increase in awareness of respiratory diseases among the population. In Europe, the vital signs monitoring devices market is driven by factors such as the rising incidences of chronic diseases, an increasing number of product launches, growing investments for product developments, and a surge in the aging population.
Industry Developments and Future Opportunities:
Various initiatives by key players operating in the vital signs monitoring devices market are listed below:
The regional trends and factors influencing the Vital Signs Monitoring Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vital Signs Monitoring Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 25.62 Billion |
Market Size by 2030 | US$ 66.82 Billion |
Global CAGR (2022 - 2030) | 12.7% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Product
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Vital Signs Monitoring Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Vital Signs Monitoring Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
A few prominent players operating in the vital signs monitoring devices market are Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, GE HealthCare Technologies Inc, OMRON Corp, Nonin Medical Inc, SunTech Medical Inc, Masimo Corp, Contec Medical Systems Co Ltd, and Baxter International Inc. These companies focus on new product launches and geographic expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large set of customers, subsequently allowing them to expand their market share.
The List of Companies - Vital Signs Monitoring Devices Market
The growth of the market is attributed to the growing adoption of robotic pharmacies and the growing risk of medication errors. However, high capitalization cost requirements and shortcomings of systems are hindering market growth.
The vital signs monitoring devices market majorly consists of players such as Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, GE HealthCare Technologies Inc, OMRON Corp, Nonin Medical Inc, SunTech Medical Inc, Masimo Corp, Contec Medical Systems Co Ltd, and Baxter International Inc.
Answer: - The vital signs monitoring devices market is analyzed on the product and end user. Based on product, the market is segmented into pulse oximeter, blood pressure monitors, temperature monitoring devices, and glucose monitors. Pulse oximeter is subsegmented into table-top/beside pulse oximeters, hand-held pulse oximeters, and pulse oximeter accessories. Blood pressure monitors is subsegmented into mercury blood pressure monitors, ambulatory blood pressure monitors, digital blood pressure monitors, analog blood pressure monitors, and blood pressure instrument accessories. Temperature monitoring devices is subsegmented into mercury filled thermometers, digital thermometers, infrared thermometers liquid crystal thermometers, and temperature monitoring device accessories. And based on glucose monitors is subsegmeneted into self glucose monitors and continuous glucose monitors. Based on end user, the market is classified into hospitals & clinics, ambulatory surgical centers, home healthcare, and others.
Vital signs monitoring devices measure basic medical conditions such as pulse, temperature, blood pressure, and breathing. The devices include thermometers, pulse oximeters, blood pressure monitors, and glucose monitors used to detect and monitor vital conditions in different medical or healthcare settings such as hospitals, ambulatory surgical centers, home care settings, and others.