Vital Signs Monitoring Devices Market Size Worth 8.5% of CAGR by 2030 - The Research Insights

Vital signs monitoring devices have experienced significant evolution by moving from independent measurement tools for blood pressure and pulse to integrated all-inclusive systems. The rapid expansion of this product category reflects how ongoing technological advancements in newer technologies have increased these devices' functionality and effectiveness.

Healthcare professionals looking for early virus indicators led to increased demand for vital sign monitoring devices market after COVID-19 emerged in 2020. High blood pressure affects approximately 103 million Americans which made COVID-19 complications especially worrisome for people with heart disease and hypertension. The demand for blood pressure monitors and pulse oximeters and temperature monitoring devices surged and highlighted their vital role in disease management and diagnosis. Alongside blood pressure monitors and pulse oximeters, additional product segments within the U.S. market show potential for substantial expansion during the forecast period.

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The vital signs monitor market will expand due to rising needs for customized healthcare services alongside aging populations and medical insurance expansion and developing nations' medical tourism trends. Several nations including Singapore, Canada, Costa Rica, Ecuador, India, Israel, Jordan, Malaysia, Mexico, South Korea, Taiwan, Thailand, and Turkey serve as main regional players who leverage their robust economies to enhance their market share in this specialized sector.

The demand for precise and customized vital sign monitoring devices rises alongside increased global health awareness. Non-Communicable Diseases (NCDs) were responsible for 71% of all deaths in 2019 while Cardiovascular Diseases (CVDs) emerged as the leading cause accounting for 45.0% of these deaths. Both cancer and Chronic Obstructive Pulmonary Disease (COPD) make significant contributions to NCD mortality rates at 22.0% and 10.0% respectively. Diabetes represents a significant 4.0% share of NCD-related deaths. The home healthcare industry has become a major consumer of vital sign monitoring devices in recent times. The transition to home-based care brings many advantages such as cost-effectiveness along with lower rates of hospitalizations. Nursing and assisted living homes experience the most significant market development in the U.S. and U.K., while Japan and Sweden experience similar expansion because of their populations' longer lifespans.

The post-pandemic landscape reveals several markets that have become central players in vital sign monitor distribution. The global health crisis increased demand for these devices and demonstrated their usefulness in detecting infections. The increase in home-based monitoring solutions and wearable medical devices has made patient safety the most important factor to consider. Wearable devices combined with predictive analytics can alert users about vital sign changes that might suggest the presence of COVID-19.

The FDA took early actions that allowed companies to modify their offerings for remote patient monitoring which expanded access to necessary patient data and made healthcare provider management more efficient. During the pandemic Nihon Kohden, Phillips and Masimo experienced a substantial rise in global sales of patient monitoring systems achieving an average 30% growth. Digital health technology adoption became essential in boosting product demand during the COVID-19 pandemic.

Product Insights

Sphygmomanometers made up more than 48.5% of the medical device market share which experienced substantial growth throughout 2022. The sphygmomanometers segment will maintain its growth path with a CAGR of 9.3% from 2023 to 2030 due to the growing number of hypertension cases and heightened patient awareness about blood pressure monitoring as a preventive health practice. Healthcare systems that support proactive approaches make people adopt proactive health management techniques by consistently monitoring their blood pressure levels. The growing trend for self-operational digital blood pressure monitors has driven higher demand which boosts growth in this market segment. The pulse oximeters segment maintained strong market presence throughout 2022 which highlighted their key role in healthcare operations.

The pulse oximeter market consists of multiple segments such as table-top/bedside devices, fingertip pulse oximeters, hand-held models, wrist-worn options, pediatric pulse oximeters along with their respective accessories. Fingertip pulse oximeters are expected to undergo significant growth because their portable and wireless design leads to better patient compliance. The temperature monitoring segment includes digital thermometers along with mercury-filled thermometers and infrared thermometers plus liquid crystal thermometers as well as additional accessories. Growing environmental concerns and safety risks from accidental body cavity breakage of mercury thermometers have prompted a shift away from their traditional use. The design of digital thermometers emerged as new solutions to ensure precise temperature measurement with reduced safety risks. The development of these technologies has greatly enhanced patient safety while revolutionizing this product market.

End-use Insights

Hospitals control over one-third of our portfolio because they manage a significant patient population and possess important financial capabilities. Through software integration hospital staff can now monitor all patients' vital signs together on one centralized dashboard. The uniqueness of every room and area creates an ongoing demand.

The trend towards at-home patient care will increase the need for healthcare services provided in home settings. The trend of patients choosing home-based treatment along with post-surgical recovery creates a dual benefit of cost savings and convenience. The U.S. and the U.K., as developed regions, have established simplified reimbursement policies for medical devices used in home health care settings which cover vital signs monitoring equipment. The expanding burden of non-communicable diseases will likely create greater demand for home healthcare devices which will fuel growth in this sector.

Regional Insights

The North American market led the industry in 2022 by generating over 41.3% of worldwide revenue. The region's Compound Annual Growth Rate (CAGR) will remain constant which will keep its top position as a leading player throughout the forecast period. The aging population combined with more chronic diseases and heightened interest in wireless devices with superior coverage policies drives the market share. The combination of high healthcare awareness and accessibility with strong reimbursement coverage for essential medical devices results in substantial medical device demand throughout North America.

Over the next few years Western European countries will continue to offer profitable opportunities for pharmaceutical companies because of their elevated mortality rates and the growing need for affordable healthcare treatments. During this period, the Asia Pacific region will display the most rapid growth rate. The significant healthcare needs that remain unaddressed within primary care systems in developing countries like India and China continue to limit access to quality healthcare services. The rising trend of medical tourism along with healthcare system enhancements in the region will create substantial market opportunities for businesses during the forecast period.

Key Companies & Market Share Insights

For companies in the vital signs monitoring devices market new product launches and partnerships along with regional expansions and mergers serve as essential business growth drivers. Mindray expanded its market footprint through the launch of its VS 9 and VS 8 Vital Signs Monitors across Europe and Australia along with other select regions in January 2021. Major market competitors work towards establishing partnerships and merging with other entities to launch new products across various regions. Philips made a strategic announcement in February 2021 about its acquisition of BioTelemetry, Inc. to enhance its patient monitoring portfolio using BioTelemetry's cardiac diagnostic and monitoring devices. Notable companies operating within this market include:

Koninklijke Philips N.V.

Medtronic

Nihon Kohden Corp.

GE Healthcare

Masimo

Omron Healthcare

Contec Medical Systems Co. Ltd.

A&D Company Ltd.

Nonin Medical Inc.

SunTech Medical, Inc.

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