Global Vital Signs Monitoring Devices Market is Expected to Foresee Significant Growth. North America Accounted Significant Portion of the Pie!
The global vital signs monitoring devices market is expected to register a CAGR of around ~8% over the period of 2021-2027. The market is expected to witness robust growth mainly due to the growing rate of chronic disorders such as hypertension, respiratory conditions, and others contributing to market growth. For instance, in 2022, The CDC estimates that six in ten adults in the United States currently live with a chronic disease such as cancer, heart disease, or diabetes. Chronic diseases are among the leading causes of death in the United States with heart disease and cancer alone accounting for around 38 percent of all deaths. In addition, vital signs monitoring devices involve the measurement of heart rate, respiratory rate, temperature, and blood pressure in order to assess the physical functioning of the body and capture medical data from a patient and transmit it to the hospital’s medical records, thereby enhancing patient treatment and reducing errors. Therefore, the market for vital signs monitoring devices is expected to witness significant growth during the forecast period.
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Based on product type, the market is categorized into blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Among these, blood pressure monitoring devices are expected to witness a significant CAGR during the forecast period. This is mainly due to the increasing incidence of hypertension and the high demand for BP monitors designed for personal use. According to WHO, cardiovascular diseases (CVDs) are the leading cause of death worldwide. Furthermore, around 17.9 million people died because of CVDs in 2019.
Based on end-user, the market is categorized into hospitals & clinics, ambulatory surgery centers, home care settings, and others. Among these, hospitals & clinics are expected to witness a significant CAGR during the forecast period. This is mainly due to the huge patient pool, financing capability, and the requirement for vital signs monitors in bulk in hospitals. In addition, rise in the number of patients visiting hospitals with various chronic disorders for clinical measures.
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For a better understanding of the market adoption of vital signs monitoring devices, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness a significant CAGR during the forecast period owing to high awareness levels and access to healthcare services with strong reimbursement coverage for essential medical devices in countries like the U.S. and Canada. Furthermore, many healthcare and vital signs monitoring device companies are headquartered in the region, which is focusing on novel vital signs monitoring devices for the treatment of diseases.
Some of the major players operating in the market include Contec Medical Systems Co., Ltd, GE Healthcare, Halma plc, Masimo Corporation, Medtronic plc, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden Corporation, A&D Company, Limited, Omron Healthcare, Inc., Koninklijke Philips N.V.
Global Vital Signs Monitoring Devices Market Segmentation
Market Insight, by Product Type
- Blood Pressure Monitoring Devices
- Aneroid BP Monitors
- Automated BP Monitors
- Pulse Oximeters
- Fingertip Pulse Oximeters
- Hand-held Pulse Oximeters
- Temperature Monitoring Devices
- Digital Thermometers
- Infrared Thermometers
Market Insight, by End User
- Hospitals & Clinics
- Ambulatory Surgery Centers
- Home Care Settings
Market Insight, by Region
- North America
- The U.S.
- Rest of North America
- The UK
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Contec Medical Systems Co., Ltd
- GE Healthcare
- Halma plc
- Masimo Corporation
- Medtronic plc
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Nihon Kohden Corporation
- A&D Company, Limited
- Omron Healthcare, Inc.
- Koninklijke Philips N.V.