Report ID: SQMIG35A2912
Vital Signs Monitoring Devices Market Size, Share, Growth Analysis, By Product Type (Fingertip Pulse Oximeters, BP Monitoring Devices), By End Users (Hospitals & Clinics, Homecare Settings), By Applications (Patient Monitoring in Hospitals, Home Healthcare), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG35A2912 |
Region:
Global |
Published Date: September, 2024
Pages:
212
|Tables:
0
|Figures:
0
Vital Signs Monitoring Devices Market Insights
Global Vital Signs Monitoring Devices Market size was valued at USD 9.20 Billion in 2022 and is poised to grow from USD 9.98 Billion in 2023 to USD 19.17 Billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).
As the name suggests, vital signs monitoring devices are the important monitoring devices that help medical professionals to track crucial health parameters of their patients and help them avoid severe effects in the future. This market is emphasized on monitoring vital health metrics like respiratory rate, heart rate, temperature, blood pressure, and more. The market is fueled by the growth of geriatric population, improvements in technology like telehealth solutions, and increasing number of chronic illnesses. Nonetheless, the market is facing a few limitations due to significantly priced advanced devices that could limit their adoption and use in middle and low-income economies. Moreover, navigating strict compliance regulations could be time-consuming, this creating challenges for market growth. Yet, a few opportunities seen for market growth include improvements in wearable technology and the growing prominence of remote monitoring and telemedicine.
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Vital Signs Monitoring Devices Market Segmental Analysis
The global Vital Signs Monitoring Devices market is segmented based on Product Type, End User, and Region. Based on Product Type, the market is divided into Blood Pressure Monitoring Device, Aneroid BP Monitors, Digital BP Monitors, Blood Pressure Instrument Accessories, Ambulatory BP Monitors, Pulse Oximeters, Table-top/Bedside Pulse Oximeters, Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Pediatric Pulse Oximeters, Temperature Monitoring Device, Mercury-filled Thermometers, Digital Thermometers, Infrared Thermometers, Temperature Strips. Based on End User, the market is divided into Hospitals & Clinics, Ambulatory Surgery Centers (ASCs), Home Care Settings. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product Type
Based on product type, the blood pressure monitoring device segment registered for a significant market share in 2023 and is expected to lead in the future as well owing to growing cases of hypertension. This is one of the common conditions seen in a large population, thus demanding these monitoring systems, and hence the segment growth. Such patients also need accurate and regular monitoring, which makes them crucial and efficient for clinical and home purposes. Moreover, advancements in blood pressure technology like digital and automatic devices have increased the user-friendliness and accessibility of these devices. These factors will propel the segment’s growth in the forthcoming years.
Conversely, the fingertip pulse oximeters segment is projected to grow considerably over the estimated period driven by its easy usage. These pulse oximeters are non-invasive, compact, and can be easily used, increasing their preference and popularity for clinical and home uses. Moreover, accurate and speedy readings offered by these devices make them important to manage cardiovascular and respiratory conditions. Also, the rising health awareness among individuals, especially after COVID-19 is fueling the demand for these devices, thus the segment growth.
Analysis by End User
Based on end user, the market is segmented into hospitals & clinics, ambulatory surgery centers (ASCs), home care settings. The hospitals & clinics segment held a larger market share in 2023 and is projected to lead over the forecast period owing to increasing number of admissions and higher financing capabilities for such monitoring devices. These monitoring systems can be efficiently connected to the all-inclusive platform via software, helping the hospital staff to monitor patient’s vitals easily. Hospitals need all forms of vital sign monitors in huge quantities since these monitors are needed in every patient room, operation theatres, and nurse’s station, outpatient clinics, emergency rooms, and ambulatory services.
On the other hand, the home care setting segment is projected to hold a larger market share in the forthcoming years owing to increasing patient preferences for home care for better comfort. Home care options are cost-efficient for patients in comparison with hospital stays. Moreover, developed countries like the United Kingdom and the United States have simplified reimbursement policies for the medical devices used at home. Hence, the growing cases of non-communicable diseases fuel the demand for these monitoring devices, thus the segment’s growth.
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Vital Signs Monitoring Devices Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to high-tech healthcare infrastructure and growing cases of chronic illnesses. The developed nations like Canada and the United States hold well-developed medical infrastructure with increased adoption of improved medical technologies like vital signs monitoring devices. The growing cases of chronic conditions along with the geriatric population that need these devices are fueling the market in the region. Moreover, the region is home to innovations and advancements of novel monitoring devices, thus contributing to market growth. The key players profiled in the region include Medtronic plc, GE HealthCare, Masimo, Nonin Medical Inc. and more.
Asia-Pacific is the fastest-growing region in global vital signs monitoring devices market due to speedy healthcare in the key developing regions like India and China. These nations are speedily developing their healthcare sectors, which ultimately increases the demand for and adoption of these vital monitoring devices. The large population base of the region is another driver for the market growth in the region since the growing population demands effective monitoring devices due to the rising prevalence of chronic illnesses. Furthermore, supportive government initiatives for the use of these devices are impacting regional growth.
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Vital Signs Monitoring Devices Market Dynamics
Drivers
- Advancements in Technologies
Improvements in technology, comprising the development of wearable devices, integration with mobile applications, wearable devices, and wireless monitoring devices have increased the accessibility and competencies of vital signs monitoring systems. Improved technologies like machine learning and artificial intelligence are also improving the efficiency and accuracy of these monitoring devices.
- Focus on Preventive Healthcare and Expansion of Home Healthcare
In recent years, the emphasis on preventive care has notably increased. Individuals are becoming aware of early detection of diseases, which ultimately increases the demand for vital signs monitoring devices. These systems enable early detection of possible health issues, which may result in better patient outcomes and timely intervention. Also, the increasing inclination towards home-based care is contributing to the demand for these monitoring systems.
Restraints
- Data Security and Privacy Issues
The growing number of monitoring devices are increasingly storing, collecting, and transmitting data, which eventually increases the concerns for data privacy and security. It can be challenging to guarantee that monitoring systems and their related platforms adhere to the strict data protection norms and protect patient data. If this is not ensured, it may lead to data leakage and loss of trust.
- Lack of Standardization and Low Awareness
Lack of standardized metrics and protocols for monitoring crucial signs may result in fluctuations in the performance of these devices and data interpretation. Hence, the absence of proper standardization may impact the comparability and reliability of outcomes in different systems and devices. The market growth is further restrained by low education and awareness in the unexplored regions, slowing the adoption of these devices.
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Vital Signs Monitoring Devices Market Competitive Landscape
The global vital signs monitoring devices market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
- Philips Healthcare
- Medtronic
- GE Healthcare
- Nihon Kohden Corporation
- Siemens Healthineers
- Boston Scientific
- Honeywell
- Cardinal Health
- Schiller AG
- Carestream Health
- Drägerwerk AG & Co. KGaA
- Mindray Medical International Limited
- Masimo Corporation
- Welch Allyn (Hillrom)
- Oridion Medical
Vital Signs Monitoring Devices Key Market Trends
- Advantages of Vital Signs Monitoring Devices in Hospitals: Deploying wireless vital signs monitoring devices in hospitals provides multiple benefits that majorly contribute to improved efficiency. These devices allow constant monitoring of a patients’ vital parameters, offering medical experts exhaustive and updated watch on their conditions. This real-time information enables early detection of any minor or major changes in the patient’s health. This allows to prevent adverse effects and prompts intervention.
- Maximizing the Efficiency of Wireless Systems: To enhance the efficiency of wireless vital signs monitoring systems, hospitals need to comply with numerous best practices. They should have clear guidelines and protocols for using systems to confirm standardized and consistent monitoring practices. They should also assess the reliability and accuracy of the monitoring systems for better maintenance of data integrity. Moreover, they should integrate these systems with clinical decision support technologies for real-time notifications and alerts, allowing timely interventions.
Vital Signs Monitoring Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the vital signs monitoring devices market is considerable progressing due to the increasing cases of emergencies, development of healthcare infrastructure, and government funding and initiatives. The market is also propelled by growing health awareness and patient engagement. However, the market is hampered by operational and technical issues and poor integration with the existing systems. North America is anticipated to lead the market owing to growing healthcare spending, hub for innovations, and well-established healthcare infrastructure. Nonetheless, a few opportunities for the growth of the vital signs monitoring devices market include the growing integration with IoT, improved insights and data analytics, and development of less invasive and non-invasive technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.20 Billion |
| Market size value in 2031 | USD 19.17 Billion |
| Growth Rate | 8.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vital Signs Monitoring Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vital Signs Monitoring Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vital Signs Monitoring Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vital Signs Monitoring Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vital Signs Monitoring Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vital Signs Monitoring Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Vital Signs Monitoring Devices Market Report Snapshots
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