INDUSTRY INSIGHTS
The global vital signs monitoring devices market size to cross USD 15 billion by 2025, growing at a CAGR of 8% during the forecast period. The global market is expected to grow at an absolute growth of 58% during the forecast period. Advances in vital monitoring devices is a major factor influencing the growth of the market. The availability of several medical platforms, applications,
telehealth solutions, and software to support care providers and assist in monitoring vital organs ensures quality care. These applications send vital signs data from the bedside directly to the
electronic health record (EHR) so that care providers can access accurate patient data whenever required.
Similarly, vendors are coming with clinical surveillance systems on a single platform to help care providers increase efficiency, improve clinical decision-making, and enhance patient safety. These platforms and products work in compliance with several major and other prominent vendors' medical guidelines, thereby providing quality care and boosting the market growth. Hence, the growing demand for advanced vital sign monitoring devices to assist critical patients with accurate and necessary treatment options is expected to drive the market's growth.
SNIPPETS
- The standalone vital sign monitoring devices segment is expected to grow at a CAGR of over 8% during 2019–2025.
- North America is expected to reach revenues of over $5 billion by 2025. The demand for vital sign monitoring devices is increasing in the United States and Canada due to the high prevalence of chronic diseases and the outbreak of the COVID-19 pandemic.
- The geriatric patient segment is expected to grow at an absolute growth of over 61% during the forecast period.
- The ambulatory center setting segment is likely to the highest CAGR during the forest period as these centers are equipped with sophisticated and advanced diagnostic and treatment equipment.
GLOBAL VITAL SIGNS MONITORING DEVICES MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Product
- Patient Group
- End-user
- Geography
INSIGHTS BY PRODUCT
Standalone vital signs monitoring devices have evolved over a short duration from individual measuring blood pressure monitoring devices (BP),
pulse oximeters, and temperature monitoring to a combined all-in-one device. There has been an increasing number of innovations in the product category, which is fueling the growth. The COVID-19 pandemic has increased challenges for the entire healthcare industry, thereby affecting the growth of the integrated vital signs monitoring devices market. Standalone devices are mainly used in recording several physiological functions such as body temperature and blood pressure among COVID-19 patients.
The growth in hospital admissions due to the COVID-19 virus and the rise in chronic diseases boost the integrated vital signs monitoring devices market. Also, integrated equipment has increased the demand from end-users, which provides quick medical assistance to avoid fatalities. This is leading to the moderate growth of integrated equipment. With increasing awareness, the demand for personalized and accurate integrated equipment is expected to grow lucratively in upcoming years.
INSIGHTS BY PATIENT GROUP
The geriatric patient population is growing at a faster growth rate as these patients require the continuous assessment of their vital signs, which is driving the market on a large scale. Hence, the increasing chronic disease prevalence in the elderly population influences the demand for vital sign monitoring devices. Also, the COVID-19 infection has severely affected the geriatric population due to their low immunity. The global geriatric population is expected to reach 2.1 billion by 2050. The population aged 60 years and above is growing faster than any other age group. These factors are likely to increase the adoption of several vital sign monitoring devices.
The adult population is moderately influencing the global market. In 2019, the adult patient group segment accounted for over 20% share. The market is growing, albeit at a steady rate. The prevalence of chronic diseases in the adult population is increasing due to changing lifestyles. Moreover, adults are fitness conscious, increasing the adoption of several monitoring devices such as vital parameters during workout sessions. Hence, the rising demand for vital sign monitoring devices, especially wearable vital sign monitoring devices, boosts the market growth.
INSIGHTS BY END-USER
Vital signs monitoring devices are in high demand in hospitals and ACSs. These devices facilitate early detection of the patient’s deteriorating health condition, thereby enabling speedy intervention from medical experts. Hospitals constituted the largest end-user in 2019. This dominion can be contributed to a large patient pool and high financing capability. These devices can be connected on a comprehensive platform through software wherein the hospital staff can easily monitor the patient’s vital signs in the single dashboard. This has increased their usage, especially in developed economies.
The demand for vital signs monitoring devices in-home care settings is likely to boost as patients increasingly prefer to take treatment and post-surgical care at home. The option of
home healthcare is cost-effective compared to hospitals. The increasing COVID-19 impact globally has increased the adoption of this equipment by individuals and hospital and home care settings. This has increased the usage of stand-alone equipment by end-users.
INSIGHTS BY GEOGRAPHY
North America currently dominates the market for vital sign monitoring, and it is expected to continue its stronghold for a few more years. The region is expected to increase its market share in the future owing to the well-established healthcare industry and better reimbursement facilities in the region. Factors such as the increasing geriatric population, the rising occurrence of interminable disorders, developing interest for remote patient monitoring and wireless devices combined with streamlined coverage policies are the main considerations crediting to its major share in the industry. Moreover, new product launches and product improvement/enhancements to earlier version vital signs monitors and favorable reimbursement policies will boost the market.
INSIGHTS BY VENDORS
The global vital signs monitoring devices market is highly competitive. The market is fragmented with the presence of several global, local, and regional manufacturers. Owing to continuous technological advancements and product innovations, mid-sized and emerging vendors increase their market presence by introducing new products at competitive prices. The market potential is driving numerous players to expand their market share through acquisitions. Hillrom, Masimo, Koninklijke Philips, GE Healthcare, Contec Medical Systems, Medtronics, NIHON KOHDEN Corporation, and Smiths Medical are some of the major vendors offering a wide range of standalone and integrated vital signs monitors worldwide. All these companies have a significant presence in major geographical regions such as North America, APAC, and Europe.
The vital signs monitoring devices market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Product Type
By Patient Group
- Geriatric
- Adult
- Pediatric
By End-user
- Hospitals
- Ambulatory Care Settings
- Home Care Settings Aftermarket
- Others
By Geography
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- APAC
- China
- Japan
- South Korea
- India
- Australia
- Latin America
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
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