Vital Signs Monitoring Devices Market to Reach USD 16 Billion by 2033, Growing at a CAGR of 6.6%

It is anticipated that the global market for vital signs monitoring devices will surpass USD 16 billion by 2033. The market’s projected compound annual growth rate (CAGR) from 2023 to 2033 is 8%. It is estimated to be USD 7.4 billion in 2023.

A few factors which are expected to augment the market growth are:

• The evolution of wearable health technologies, in turn, is opening up new avenues for the market.
• Extensive application in sports and fitness-related industries.
• Usage in ambulatory surgical centers for intensive monitoring of patients for a day to provide a prompt and accurate result.
• The rising penetration of medical insurance policies.

Owing to the surge in the well-established healthcare sector and superior reimbursement infrastructure, the market share is expected to surge. The growing geriatric population, increased demand for wireless and remote devices, and surge in chronic diseases might also push the demand for vital signs monitoring devices.

The world has been witnessing an increase in cardiovascular diseases in specific. As per the research reports released by WHO, more than 17.9 million people died because of CVDs worldwide. More than 85% of deaths were because of heart attack and stroke. Therefore, as per healthcare experts, it is extremely important to detect CVD as early as possible. These factors might surge the sales of vital signs monitoring devices during the forecast period.

Key Opportunities for the Manufacturers

Adoption of vital sign monitors is low in tier 2 and tier 3 cities of developing regions. Hence, manufacturers need to capitalize on these untapped opportunities by increasing awareness regarding the advances in this technology. This can be achieved through innovative marketing activities and campaigns in hospitals, clinics, and ASCs.

Innovation and technological advancements with regard to the software are opening up a plethora of opportunities for the vital sign monitoring devices market. Currently, data from high-acuity monitors can be transferred wirelessly to multiple compatible devices.

The monitors can be configured and upgraded as per end-user requirements, and these factors are driving demand for such devices. As a result, manufacturers need to conduct extensive Research and Development to develop and introduce next-generation products to cater to the increasing demand.

All these factors provide vast opportunities for the players in the vital sign monitoring devices market over the forecast period.

Manufacturers look to achieve Innovation Goals: Develop the ‘Firsts’

Manufacturers serving the market look to serve the target audience by breaking new ground. In September 2022, Koninklijke Philips N.V. was in the news regarding the development of the first-ever spectral detector Angio CT solution. The company is currently working on the ‘Philips Spectral Angio CT Suite. The product would bring about the company’s breakthrough spectral CT imaging technology into an integrated hybrid angio CT suite.

Key recent developments are:

• In November 2022, Philips released new AI-enhanced informatics solutions to increase diagnostic confidence with intelligence at every step of the radiology workflow at RSNA.
• In December 2022, GE and MYTILINEOS to supply approximately 200 MW of Reserve Power to the Electricity Supply Board of Ireland (ESB).

Vital Signs Monitoring Devices Market Segmentation

By Product Type:

• Monitors (Low Utility Monitors, Mid Acuity Monitors, High Acuity Monitors)
• Temperature Measurement Devices (Liquid Filled Thermometers, Digital Thermometers, Infrared Thermometers)
• Blood Pressure Measurement Devices (Sphygmomanometers, Automated Blood Pressure Monitors)
• Standalone Pulse Oximeters

By Mount Type:

• Standalone
• Portable

By End-user:

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Home Care Settings

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan
• Japan
• Middle East and Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531

For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube