Vital Signs Monitoring Devices Market - By Product {Blood Pressure Monitoring, Pulse Oximeters (Fingertip Pulse Oximeters), Temperature Monitoring Devices}, By End-use (Hospitals and Clinics, Homecare), By Region, Market Forecast, 2023 – 2032
Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare
Publisher : MIR | Format : PDF&Excel
Vital Signs Monitoring Devices Market - By Product {Blood Pressure Monitoring, Pulse Oximeters (Fingertip Pulse Oximeters), Temperature Monitoring Devices}, By End-use (Hospitals and Clinics, Homecare), By Region, Market Forecast, 2023 – 2032
Vital Signs Monitoring Devices Market Size
Vital Signs Monitoring Devices Market size was worth more than USD 5.2 billion in 2022 and is projected to exhibit 7.8% CAGR from 2023-2032. Growing threat of chronic diseases worldwide is expected to favor the market expansion.
The burgeoning patient population driven by the growing burden of several chronic health conditions, specifically cardiac diseases and diabetes will positively influence the vital signs monitoring devices industry progress. The World Health Organization (WHO) estimates that around 17.9 million people die of cardiovascular diseases annually, with 85% responsible for deaths due to heart attacks. The rising popularity of sedentary lifestyles and the paradigm shift towards unhealthy dietary habits, including excessive consumption of smoking and alcohol is accelerating the surge in the number of cardiovascular disorders, further stimulating the market share.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Vital Signs Monitoring Devices Market Size in 2022 | USD 5.2 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7.8% |
| 2032 Value Projection | USD 10.4 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 342 |
| Tables, Charts & Figures | 398 |
| Segments covered | Product, End-use, and Region |
| Growth Drivers | |
| Pitfalls & Challenges |
Robust presence of strict regulatory frameworks to impede product adoption
A large number of regulatory authorities across the developed and developing economies have imposed several rules and regulations on device manufacturers and developers. Hence, the influx of stringent regulatory frameworks is likely to restrict the vital signs monitoring devices industry expansion to a considerable extent. Furthermore, the introduction of these regulations is limiting the entry of new players into the market, negatively impacting the market trends.
Vital Signs Monitoring Devices Market Analysis
Based on product, the vital signs monitoring devices market size from pulse oximeters is expected to record 8% CAGR from 2023-2032 due to the growing need for quick and easy as well as portable non-invasive devices. Pulse oximeters are medical devices that are used for the early detection of declining oxygen levels as they help measure the SpO2 (oxygen saturation level) in a person's blood. The rising importance of anesthesia safety across the U.S. and the growing number of technological innovations are accelerating the widespread use of pulse oximetry worldwide, subsequently anchoring the industry development.
In terms of revenue, the vital signs monitoring devices market from ambulatory surgical centers reached more than USD 1.5 billion in 2022 ascribing to the strong presence of advanced facilities. These healthcare settings are increasingly favoured by patients to undergo various interventional surgeries. Additionally, ambulatory surgical centers (ASCs) offer single day treatment, adding to increased patient preference. The thriving need for lower cost of care, reduced stress, predictable scheduling and safety will also influence the adoption of vital signs monitoring devices in ASCs.
North America vital signs monitoring devices market valuation is poised to surpass USD 4 billion by 2032 due to the rapid adoption rate of pulse oximeters. The rising awareness regarding the benefits of early diagnosis driven by the growing burden of several diseases has led to the emergence of a large number of supportive government initiatives. According to CDC (Centers for Disease Control and Prevention), early disease detection played a prominent role in bringing down the COVID-19 cases and hospitalisation rate in the U.S. The rising expenditure on healthcare is another factor driving the regional industry outlook.
Vital Signs Monitoring Devices Market Share
- Masimo Corporation
- SunTech Medical, Inc
- Koninklijke Philips N.V
- Nihon Kohden Corporation
- General Electric Company
- A&D Company Ltd.
- Dr Trust
- Omron Healthcare
- Medtronic plc
- Smiths Group Plc
- Contec Medical Systems Co. Ltd
- Nonin Medical Inc.
are some well-known companies in the vital signs monitoring devices market. These players are coming up with new products while deploying cutting-edge technologies to cater to the increasing healthcare requirements.
For instance, OMRON Healthcare Inc., in January 2023, introduced 'Viso', its new product designed for managing the patient data with physicians for receiving accurate care. The new system is a digital health service and software authorized by the NHS and helps patients in remotely consulting their doctors for treating AFib, diabetes, high blood pressure, and heart disease.
Impact of the COVID-19 pandemic
The COVID-19 pandemic posed serious challenges to people worldwide as the rapid infection rate resulted in a higher number of patient deaths. However, it positively impacted the vital signs monitoring devices industry with the incessant need for the effective monitoring of the infected patients worldwide and the rising penetration of massive public health emergencies. The imposition of severe lockdown polices in countries, including the U.K., France, the U.S., Germany Italy, and India for curbing the community transmission of the virus led to the delays in non-emergency as well as elective surgical procedures.
The vital signs monitoring devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments
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By product
- Blood pressure monitoring
- Aneroid blood pressure monitors
- Digital blood pressure monitor
- Blood pressure instrument accessories
- Pulse oximeters
- Fingertip pulse oximeters
- Hand-held pulse oximeters
- Wrist-worn pulse oximeters
- Table-top/bedside pulse oximeters
- Pulse oximeter accessories
- Temperature monitoring devices
- Mercury filled thermometers
- Digital thermometers
- Infrared thermometers
- Temperature monitoring device accessories
- Others
By end-use
- Hospitals and clinics
- Homecare
- Ambulatory surgery centers
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Switzerland
- Sweden
- Denmark
- Netherlands
- Czech Republic
- Finland
- Belgium
- Hungary
- Ireland
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Taiwan
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel