Global Vital Signs Monitoring Devices Market Size Expands at Significant CAGR of 8.33% During 2023–2029 to Touch USD 9.57 Billion by 2029

Published | 21 December 2023

Global Vital Signs Monitoring Devices Market is flourishing because of increasing adoption of remote patient monitoring and growing awareness about using pulse oximeters.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Vital Signs Monitoring Devices Market size at USD 5.92 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Global Vital Signs Monitoring Devices Market size to grow at a significant CAGR of 8.33% reaching a value of USD 9.57 billion by 2029. Major growth drivers for the Global Vital Signs Monitoring Devices Market include a growing demand for home healthcare services, an increasing number of healthcare facilities, especially hospitals, and a rising incidence of chronic disorders. A significant evolution in vital signs monitoring devices is evident, transitioning from individual devices measuring blood pressure (BP), pulse, and temperature to integrated all-in-one devices. Also, the continual introduction of innovative products within this category contributes significantly to its expansion and overall market growth. Also, other drivers for industry expansion encompass a rising preference for personalized healthcare, growing geriatric population, increased adoption of medical insurance, and a flourishing medical tourism sector in developing economies. The growth of medical tourism is particularly notable in countries such as Singapore, Canada, Costa Rica, Ecuador, India, Israel, Jordan, Malaysia, Mexico, South Korea, Taiwan, Thailand, and Turkey, which serve as pivotal regional markets for vital sign monitors. Furthermore, the market is anticipated to benefit from the escalating global incidence of lifestyle-related chronic disorders. However, lack of awareness about these devices in low- and middle-income countries and increasing data privacy and security are anticipated to restrain the overall market growth during the forecast period.

Opportunity - Enhanced recognition of healthier lifestyles

The advancement of technology in the vital signs monitoring devices market is leading to the widespread adoption of sophisticated healthcare devices in both medical settings and everyday routines. These advanced solutions, employed for preventive purposes or ongoing health management, demand resilient and trustworthy technology. The influence of the Internet of Things (IoT) has reached approximately 50% of healthcare practices in developed and rapidly progressing nations, affecting various facets ranging from the management of patient care to post-care procedures. Recent breakthroughs in vital sign monitoring devices, inclusive of sensor integration, software upgrades, digital displays, and mobile applications, have catalyzed swift advancements in the field.

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Impact of Covid-19 on Global Vital Signs Monitoring Devices Market

Covid-19 pandemic had a positive impact on Global Vital Signs Monitoring Devices Market. The market witnessed a substantial impact as the adoption of vital signs monitoring devices surged. The uptick was driven by disruptions in care for non-COVID-19 conditions during the pandemic and the intensified need for monitoring vital signs in COVID-19 cases due to the severity of the disease. Notably, various technologies emerged in response to these challenges, exemplified by a November 2021 research study titled "Cost-Effective Vital Signs Monitoring System for COVID-19 Patients in Smart Hospital." The study introduced a reliable, cost-effective wireless monitoring system, showcasing accuracy and safety, with significant implications for the market's future.

Global Vital Signs Monitoring Devices Market – By End Use

On the basis of end use, the Global Vital Signs Monitoring Devices Market is segmented as Hospitals, Physician’s Office, Home Healthcare, Ambulatory Centers, and Emergency Care Centers. The hospitals segment is expected to dominate the Global Vital Signs Monitoring Devices Market by end use. It is driven by the substantial patient volume and ample financial resources available to hospitals. The integration of these devices with comprehensive software platforms allows hospital staff to efficiently monitor patients' vital signs through a unified dashboard. Vital sign monitors are essential across various hospital departments, including patient rooms, nurse stations, operating theaters, emergency rooms, outpatient clinics, and ambulatory services. This high demand for vital sign monitors in diverse hospital settings underscores the need for large quantities in the hospital end-use segment.

Global Vital Signs Monitoring Devices Market – By Region

The in-depth research report on the Global Vital Signs Monitoring Devices Market covers various country-specific markets across five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America region holds the highest share in the Global Vital Signs Monitoring Devices Market. The early incorporation of advanced medical technologies within the United States fueled the widespread acceptance and utilization of vital sign monitoring devices. The escalating awareness and the ongoing digital evolution of healthcare settings fueled a surging demand for standalone vital sign monitors in the United States, notably emphasizing the adoption of wearable devices for remote patient monitoring. Meanwhile, Europe holds the second highest share in the Global Vital Signs Monitoring Devices Market. The increasing adoption of connected health technologies by both patients and healthcare facilities creates promising growth avenues for the vital signs monitoring devices market. The integration of digital health technologies holds significant potential for enhancing health systems across Europe in terms of both care provision and administrative functions. Also, the challenges posed by the COVID-19 pandemic have spurred new requirements and a heightened willingness to embrace connected health technologies.

Competitive Landscape

Major players operating 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., Halma Plc, and Hill-Rom Holdings, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Vital Signs Monitoring Devices Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Vital Signs Monitoring Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Vital Signs Monitoring Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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