Vital signs monitoring devices tracks basic health indicators like pulse, temperature, blood pressure, etc. Such monitors generally have sensors attached either to finger or skin, helpful in recording the vitals. Traditionally, these devices were limited to hospital. But with the recent technological advancements, the devices are finding new ways in home-care settings. New fields like wearable vital signs monitoring devices are coming into play. The global market for vital signs monitoring devices monitors is estimated to grow with a CAGR of 5.8% from $4,960 million in 2021 to $8,126 million in 2030.
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The global market is driven by growth in demand for home care monitoring with the increasing ageing population, increasing incidence rate of chronic diseases, and technological advancement and innovation of new devices. As per World Health Organization, in 2019, there were over one billion people across the globe who aged 60 years or more. This population is estimated to grow and reach 1.4 billion by 2030. Such a growing geriatric population coupled with increasing incidence of chronic diseases is estimated to increase the demand for devices capable of monitoring vitals. As per a study published in the Aging Cell journal in 2021, more than 90% of the geriatric population had at least one chronic disease (atrial fibrillation, ischemia, etc.) within US. However, competitive pricing pressure and presence of counterfeit products is projected to restraint the market growth.
Segment Overview
By Measuring Parameters
- Oxygen
- Blood Pressure
- Temperature
- ECG
- Carbon dioxide
- Respiratory
- Heart Rate
- Blood Glucose
- Cardiac output
- Others
By Application
- Intensive Care
- Veterinary
- Ambulatory
- Emergency
- Clinical
- Transport
- Anesthesia
- Others
By Form Factor
- Portable
- Handheld
- Wearable
- Compact (Tabletop)
- Modular
- Floor standing
- Tunnel
By End User
- Hospitals
- Clinics
- Ambulatory Centers
- Home Healthcare
- Veterinary Clinics
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Takeaways
- By measuring parameters, oxygen is estimated to grow with a CAGR of 7%. Blood pressure is the largest segment and held 25% market share in 2021. Additionally, ECG is estimated to cross $1,000 million in revenue by 2028
- By application, intensive care has the highest CAGR of 6.7%. Ambulatory holds an opportunity to grow more than $700 million during the forecast period. Transport is estimated to cross the mark of $500 million revenue by 2024
- In 2021, by form factor, portable segment held the largest share of more than 30%. Additionally, modular segment is estimated to reach $750 million in revenue from 2021-2030
- By end user, ambulatory centers had the highest CAGR of 6.6%
- By region, Americas held the market share of 35% in 2021
Competitive Landscape
- A&D Company Ltd., Clarity Medical Pvt. Ltd., Contec Medical Systems Co. Ltd, DRE Inc., GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Masimo Corporation, Mediaid, Inc., Medtronic plc., Nihon Kohden Corporation, Nonin Medical Inc., Omron Healthcare, Smiths Group plc., SunTech Medical, Inc., and others are some of the prominent players in the market.
- The cumulative market share of the four major players is more than 15%
Recent Developments
- April 2021- A&D Company announced the launch of their new product in response to the international standard ISO80369 series, which is a new home-use brachial blood pressure monitor “A & D Plus series”
- December 2021- Philips received FDA 510(k) clearance for its most advanced acute patient monitors, i.e., IntelliVue MX750 and IntelliVue MX850. The products are paired with advanced software & services and are capable of supporting clinical decision, patient management and infection control
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