Vital Signs Monitoring Devices Market 2030: Innovations Shaping the Future of Healthcare

Report Overview

The global vital signs monitoring devices market size was valued at USD 9.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2023 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 key drivers responsible for the lucrative growth of the industry. 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 an increasing number of innovations in this product category, which is fueling the growth of products in this category.

The demand for vital sign monitoring devices like blood pressure monitors, pulse oximeters, and temperature monitoring devices escalated drastically due to the onset of COVID-19 in 2020 as there were 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 as dangerous for people with heart disease and related conditions, especially high BP, the demand for BP monitoring devices increased. The others product segment in the U.S. market will have significant growth over the forecast period.

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

Product Insights

The blood pressure monitors (sphygmomanometers) segment held the largest share of more than 48.5% in 2022 and is also anticipated to grow at a healthy CAGR 9.3% from 2023 to 2030. This can be attributed to the increasing BP monitoring due to the rapidly rising prevalence of hypertension. In addition, with the increasing awareness, patients today are keeping an eye on blood pressure as a precautionary or preventive measure. This further led to an increase in demand for self-operational digital blood pressure monitors. The pulse oximeters segment also held a significant share in 2022.

End-use Insights

The hospitals end-use segment accounted for the largest share of 35.4% in 2022 due to their large patient pool and greater financing capability for these devices. These devices can now be connected to a comprehensive platform through software wherein hospital staff can easily monitor patients’ vital signs in a single dashboard. Hospitals require all categories of vital sign monitors. They require these devices in large quantities as well, as vital sign monitors are required in each room, nurse’s station, operation theater, emergency room, outpatient clinics, and in the hospital’s ambulatory services.

Regional Insights

North America dominated the global industry in 2022 and accounted for the largest share of more than 41.3% of the overall revenue. The region is likely to expand further at a steady CAGR maintaining its leading position throughout the forecast period. The growing geriatric population, rising occurrences of interminable disorders, and developing interest in remote and wireless devices combined with streamlined coverage policies are the main considerations credited to its share. The region also has high awareness and access to healthcare services with strong reimbursement coverage for essential medical devices, thereby leading to high demand.

Key Companies & Market Share Insights

New product developments, collaborations, regional expansion, and mergers are key strategic initiatives undertaken by companies. For instance, in 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. Other key players are focused on partnerships and mergers that will allow them to introduce new products in different markets. In 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.

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Some of the prominent players in the global 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.

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
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Thailand
• Latin America
  • Mexico
  • Brazil
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.