Increasing adoption of vital signs monitoring devices by clinicians for the measurement of vital signs of hospitalized patients has immensely attracted market players’ attention. However, continuous focus among manufacturers on developing new vital signs monitoring devices is also expected to propel market growth during forecast period. Moreover, growing demand for portable and low-cost devices is creating significant opportunity for global vital signs monitoring devices market players to develop and launch novel products and expand their businesses.
Key stakeholders are increasingly investing in vital signs monitoring devices as well as the development of innovative products. The global vital signs monitoring devices market was valued at US$ 5.7 Bn in 2020, and is expected to exhibit a CAGR of 8.5% during the forecast period (2020-2030).
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.
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“Demand for personalized and accurate vital sign monitoring devices, as well as continuous focus on the development of portable and low-cost variants are projected to propel the growth of the vital signs monitoring devices market over the next decade.”
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 market, 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 market, 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 market 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.
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 2019, 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.
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What else is in the report?
Future Market Insights offer a unique perspective and actionable insights on the vital signs monitoring devices market in its latest study, presenting historical demand assessment of 2015-2019 and projections for 2020-2030, based on product (monitors, temperature measurement devices, blood pressure measurement devices, and standalone pulse oximeters), mount type (standalone and portable), end user (hospitals, clinics, ambulatory surgical centres, and home care settings), across seven key regions.
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