Arizton’s latest research report shows that the global vital signs monitoring devices market is growing at a CAGR of 8.36% from 2023-2028.
The report considers the present scenario of the global vital signs monitoring devices market and its market dynamics for 2023−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.
The vital sign monitoring devices landscape has become more complex and competitive after the COVID-19 outbreak. Although the demand for vital monitors during the pre-pandemic phase was high, the emergence of the COVID-19 pandemic accelerated the adoption of vital signs monitoring devices worldwide. Also, the pandemic contributed to the surge in awareness of these devices, advances in product development, and an increase in the application rate for individual care management. The pandemic overwhelmed the healthcare infrastructure worldwide. The screening and monitoring many infected and susceptible individuals emerged as significant challenges during the pandemic. However, such challenges necessitated effective techniques for remotely managing and monitoring patients.
Vital Signs Monitoring Devices Market Report Scope
|Market Size (2028)||USD 33.36 Billion|
|Market Size (2022)||USD 20.60 Billion|
|Market Segmentation||Product Type, Patient Group, Application, End-users, and Geography|
|Geographic Analysis||North America, Europe, APAC, Latin America, and Middle East & Africa|
|Countries Covered||The US, Canada, Germany, France, The UK, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, South Africa, and the UAE|
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Recent advances in vital sign monitoring devices with the integration of Deep Learning (DL) and Machine Learning (ML) have strengthened the power of imaging techniques to remotely perform many tasks that previously required physical intervention by medical professionals. Also, launching advanced wearable vital signs monitoring devices has positively influenced market growth. The unprecedented expansion of the aging population and the rise in the prevalence of associated chronic conditions have accelerated the demand for healthcare services in hospitals, ambulatory care centers, and other health establishments with a high disease burden. Thus, the rise in the preference for outpatient care settings and remote patient monitoring options has fueled the adoption of vital signs monitoring devices worldwide.
Market Segmentation Analysis
Insights by Product
The global vital signs monitoring devices market by product is segmented into standalone and integrated vital sign monitoring devices. The standalone vital sign monitoring devices include the heart rate/cardiac monitor, pulse oximeter, blood pressure monitor, and body temperature monitor. Standalone vital sign monitors are easy to transfer from one location to another. They are typically lightweight and compact, making it easy to keep looks on a given patient’s vital signs wherever they are. In 2022, the standalone vital sign monitors segment accounted for a higher industry share. A standalone system is envisioned that monitors all patients’ vital signs and automatically alerts the required emergency response services upon recognizing a crisis condition.
Insights by Patient Group
The global vital signs monitoring devices market by patient group is segmented into geriatric, pediatric, and adult patient groups. With the growing burden of chronic diseases among geriatric populations, the demand for vital sign monitors is generally high. The geriatric segment dominated the market by over 53% share in 2022. The high hospitalization visits and the huge preference for outpatient and homecare settings are accelerating the demand for vital sign monitoring devices from the aging patient population.
Insights by Application
The chronic care application segment dominated the global vital signs monitoring devices market. Chronic conditions are long-term impacting conditions with persistent effects. Their economic and social consequences can impact on people’s quality of life. These conditions are becoming increasingly common and one of the priority areas of healthcare settings. Chronic diseases affect over 60% of the world’s population and consume over 85% of healthcare expenditures. It indicates tremendous opportunities for vendors with the increasing chronic disease burden worldwide.
Vendors with an international presence dominate the global vital signs monitoring devices market. Many international players are expected to expand their presence worldwide to gain market share during the forecast period, especially in the fast-developing countries across APAC and Latin America. Further, the increasing economic conditions of these countries would fuel market growth, making it an attractive option to launch new products. The market is witnessing intense competition since all the major players want to gain more market share. Therefore, all these factors make vendors need to differentiate their product offerings to survive the highly competitive market environment.
Some major and minor national and global mergers & acquisitions, and partnerships are tremendously changing the market landscape. The market is highly competitive, and therefore, most vendors invest in strategic mergers and acquisitions to improve their market penetration and revenue generation. Also, such measures enable vendors to deliver new solutions in the market and enhance their existing product portfolio.
Key Company Profiles
- A&D Company
- Contec Medical Systems
- GE Healthcare
- ICU Medical
- Koninklijke Philips
- NIHON KOHDEN
- OSI Systems
- American Diagnostic
- Advanced Instrumentations
- Cardinal Health
- Compass Health Brands
- Drägerwerk AG & Co.
- EDAN Instruments
- FUKUDA DENSHI
- Infinium Medical
- Mennen Medical
- Rossmax International
- Solaris Medical Technology
- Sunset Healthcare Solutions
- Turtle Shell Technologies Pvt. Ltd.
- Viatom Technology
- VYAIRE MEDICAL
- Better Life Medical Technology
- aXcent medical
- General Meditech
- Clarity Medical
- Hicks Thermometers India
- medical Econet
- Shenzhen Creative Industry
- GETEMED Medical and Information Technology
- Shenzhen Unicare Electronic
- Opto Circuits (India)
- Beijing Choice Electronic Technology
- Shenzhen Mindray Bio-Medical Electronics
- Remote Diagnostic Technologies
- AVI Healthcare
- Recorders & Medicare Systems
- Acare Technology
- Product Type: Standalone Vital Sign Monitors (Heart Rate/ Cardiac Monitors, Pulse Oximeter, Blood Pressure Monitors, and Body Temperature Monitors) and Integrated Vital Sign Monitors
- Patient Group: Geriatric, Pediatric, and Adults
- Application: Chronic Care and Acute Care
- End-users: Hospitals, Outpatient Care Settings, Homecare Settings & Individuals, and Others
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
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