Vital Signs Monitoring Devices Market Drivers, Regional Outlook and Business Development Analysis till 2030

Posted on 2022-05-20 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, May 20, 2022 — /EPR Network/ —

Vital Signs Monitoring Devices Industry Overview

The global vital signs monitoring devices market size was valued at USD 8.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030.

Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings, primarily hospitals, and rising prevalence of chronic disorders are the key drivers responsible for the lucrative growth of this market. Vital signs monitoring devices have evolved over a short duration of time from individual devices measuring Blood Pressure (BP), pulse, and temperature to a combined all-in-one device. In addition, there has been a rise in the number of innovations in this product category, which is fueling market growth.

Gather more insights about the market drivers, restrains and growth of the Global Vital Signs Monitoring Devices Market

The demand for vital sign monitoring devices like blood pressure monitors, pulse oximeters, and temperature monitoring devices escalated drastically due to the onset of the COVID-19 pandemic in 2020 as these were the crucial parameters to be looked for in identifying the presence of the virus. As per Sharp Health News, around 103 million people in the U.S. suffer from hypertension and as COVID-19 has been reported dangerous for people with heart disease and related conditions, especially high blood pressure, the demand for BP monitoring devices increased, and still witnesses growth. Other key factors driving the market include increasing demand for personalized healthcare, a growing number of geriatric patients, rising penetration of medical insurance, and blooming medical tourism in developing countries.

Medical tourism is in the steep growth phase in countries, such as Singapore, Canada, Costa Rica, Ecuador, India, Israel, Jordan, Malaysia, Mexico, Singapore, South Korea, Taiwan, Thailand, and Turkey. These countries are the key regional markets. The rising global prevalence of lifestyle-associated chronic disorders is expected to positively impact the market growth. With increasing awareness, the demand for personalized and accurate devices is expected to grow over the coming years. According to the Global Health Observatory data, in 2019, 71% of the deaths were due to Non-communicable Diseases (NCDs).

The major NCDs are Cardiovascular Diseases (CVDs), which caused 45.0% of all NCD deaths; cancer caused 22.0% of all NCD deaths; Chronic Obstructive Pulmonary Disease (COPD) caused 10.0% of all NCD deaths, and diabetes caused 4.0% of all NCD deaths. In recent years, home healthcare services have evolved as important end-user for these devices. Home healthcare offers long-term care at a comparatively lower cost than hospitals. The largest market segment of nursing and assisted living homes is in the U.S. and the U.K. In addition, countries like Japan and Sweden where the average lifespan of the population is higher also serve as a major segment of assisted living homes. These markets are therefore expected to be some potentially important regions for vital sign monitors.

The demand for these products is expected to be more in these regions as the market is likely to include a significant contribution from the higher numbers of assisted living homes. The COVID-19 pandemic has unsurprisingly escalated the demand for vital signs monitoring devices as continuous measurement of vital signs like temperature, respiration rate, pulse rate, etc. can prove to be an efficient infection-detection system for people infected with the virus. The use of vital signs monitoring devices for at-home settings and the demand for wearable monitoring devices have increased keeping in mind the importance of patient-provider safety. When used in conjunction with predictive platforms, users of wearable devices could be alerted when changes in their metrics match those associated with COVID-19.

Moreover, the FDA facilitated to increase in the availability and capability of patient monitoring devices due to the pandemic and also stated that modified use of such devices may increase access to important patient physiological data without the need for in-clinic visits and facilitate patient management by health care providers while reducing the need for in-office or in-hospital services during the COVID-19 public health emergency. Patient monitoring device manufacturers like Nihon Kohden, Phillips, and Masimo have also reported an increase in the global sales of patient monitoring devices with an average of 30% during the pandemic. These aforementioned factors played a crucial role in increasing the demand for vital signs monitoring devices during the pandemic.

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Vital Signs Monitoring Devices Market Segmentation

Grand View Research has segmented the global vital signs monitoring devices market on the basis of product, end use, and region:

Vital Signs Monitoring Devices Product Outlook (Revenue, USD Million, 2018 – 2030)
- Blood Pressure Monitors
- Pulse Oximeters
- Temperature Monitoring Devices
- Other Vital Sign Monitors
Vital Signs Monitoring Devices End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Hospitals
- Physician’s Office
- Home Healthcare
- Ambulatory Centers
- Emergency Care Centers
- Other Healthcare Settings
Vital Signs Monitoring Devices Regional Outlook (Revenue, USD Million, 2018- 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

Market Share Insights

February 2021: Philips announced plans to acquire BioTelemetry, Inc. This acquisition is expected to aid Philips to increase its patient monitoring portfolio by adding BioTelemetry’s cardiac diagnostics and monitoring devices.
January 2021: Mindray launched its new VS 9 and VS 8 Vital Signs Monitors, which are now available in Europe, Australia, and other selected regions.

Key Companies profiled:

Some prominent players in the Vital Signs Monitoring Devices 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.

Order a free sample PDF of the Vital Signs Monitoring Devices Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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