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Vital Signs Monitoring Market is anticipated to reach USD 7.44 billion by 2023 with a CAGR of 8.42% (during the forecast period). The market for vital signs monitoring is driven by myriad factors that define its growth and dynamics together. The increasing prevalence of chronic diseases and the rising focus on preventative healthcare are primary drivers for this market. More than ever before, the future of the vital signs monitoring market will be shaped by technological advancements. Continuous innovation in sensor technologies, wearable devices, connectivity solutions, etc., leads to the production of more accurate, user-friendly, and integrated vital signs monitoring systems. This includes but is not limited to real-time data transmission, remote-monitoring abilities, and analytics based on artificial intelligence, among others; these smart features facilitate vital sign monitoring in different healthcare capacities.
The regulatory perspective is a crucial factor affecting the market dynamics of vital signs monitoring devices. Tight regulatory standards and approvals are required from manufacturers to ensure patient safety and device efficiency. Moreover, economic conditions such as healthcare spending levels and compensation policies also affect the dynamics of this sector. Advanced vital signs monitoring devices can only be embraced into a normal clinical routine if their cost-effectiveness has been tested through reimbursement policy and coverage considerations. The geographical variations have an impact on the market as different regions face diverse challenges and have different priorities when it comes to healthcare services provision. Different geographies experience varying conditions in terms of health status profiles, health infrastructure, and patient demographics. The demand for specific types of vital sign monitors goes hand in hand with variations in the prevalence rates for certain health conditions across geographical areas. Manufacturers often adapt their strategies to individual country needs or regulations.
Competitive forces related to vital signs monitoring play an important role in bolstering innovation and market expansion within the segment. Companies that operate within this industry usually form strategic alliances with other key players while distributing their shares. Research efforts aimed at improving this technology are ongoing, resulting in increased accuracy of these sensors and non-invasive monitoring techniques. In addition, market growth is influenced by two significant factors, including educational programs and market awareness, as healthcare professionals themselves become more knowledgeable about the advantages of continuous vital signs monitoring for early detection, health promotion care, and telemedicine support. Consequently, the usage of devices such as these increases.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 4.2billion Billion |
| Market Size Value In 2023 | USD 4.55billion Billion |
| Growth Rate | 8.42% (2023-2032) |
Vital Signs Monitoring Market Highlights:
Global Vital Signs Monitoring Market Overview
Vital Signs Monitoring Market Size was valued at USD 4.2 billion in 2022. The Vital Signs Monitoring market industry is projected to grow from USD 4.55 Billion in 2023 to USD 7.44 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.42% during the forecast period (2023 – 2032). The senior population and rising prevalence of chronic diseasesare the major market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vital Signs Monitoring Market Trends
- Increasing Prevalence of Lifestyle-Associated Chronic Disorders to Fuel Market Growth
The growing occurrence of chronic diseases such as cardiovascular, disease diabetes, or non-communicable diseases (NCDs) will strongly boost the growth of the vital signs monitoring market. Increasing habits of sedentary lifestyles, including binge eating and sedentary lifestyles, have led to an increased prevalence of hypertension, diabetes, dyslipidemia, obesity, and several other chronic diseases. According to the Health Observatory, 70.0% of deaths in 2015 were due to non-communicable diseases (NCDs). Moreover, increasing public awareness of chronic diseases will boost the market's growth. Demand for accurate and personalized vital sign monitoring devices is expected to grow favorably in recent years as the aging population becomes more conscious.
In the neonatal intensive care unit (NICU), respiratory rate, heart rate, and oxygen levels are common vital signs for newborns. Recent statistics show that continuous vital sign analysis can predict sepsis, necrotizing enterocolitis, brain injury, bronchopulmonary dysplasia, mortality, and cardiopulmonary decompensation. Accurate and continuous monitoring of vital signs enables preventive interventions and increased vigilance, improving neonatal outcomes. The fusion of big data analytics and frequent technological advances could be an efficient tool for eradicating neonatal diseases in the 21st century. This is the latest trend in the vital sign monitoring market revenue.
Figure 1: Obesity and the risk of developing chronic diseases in middle-aged and older adults
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In addition, the new product launch is expected to impact the vital signs monitoring device industry significantly. For instance, in June 2020, health and wellness company Neptune Wellness Solutions Inc. announced the launch of Correct Neptune Halo, an electronic pulse oximeter. Such factors enable the significant growth in the vital signs monitoring market CAGR.
Vital Signs Monitoring Market Segment Insights
Vital Signs Monitoring Product Insights
Based on Product, the Vital Signs Monitoring market segmentation includes BP monitoring, pulse oximeter, and others. The BP monitoring segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. This is due to increased blood pressure monitoring as the prevalence of hypertension is rapidly increasing. Moreover, with increasing awareness, patients pay attention to blood pressure as a precautionary measure or precaution. This has further increased the demand for self-service digital blood pressure monitors. The pulse oximeter segment will also gain a significant share in 2022. Hence, rising product options for Vital Signs Monitoring positively impact the market growth.
March 2022: Alder Hey Children's NHS Foundation Trust and digital health company Isansys Lifecare joined forces to enhance at-home patient monitoring and lessen the burden on the healthcare system.
Vital Signs Monitoring Type Insights
Based on type, the Vital Signs Monitoring market data includes non-integrated systems, integrated systems & others. The integrated system & others vital signs monitoring segments held the majority share in 2021 with respect to the Vital Signs Monitoring market revenue. These devices are connected via software to a comprehensive platform, allowing hospital staff to monitor patient vital signs from a single dashboard easily. Hospitals require all categories of vital sign monitors. Also, every hospital room, nurses station, operating room, emergency room, ambulance, and outpatient service requires vital sign monitors, thus creating a high need for these devices.
Vital Signs Monitoring Portability Insights
Based on portability, the Vital Signs Monitoring market segmentation includes standalone and portable. The portable Vital Signs Monitoring segment held the majority share in 2022 with respect to the Vital Signs Monitoring market revenue. Portable is in greater demand than standalone because they provide higher accessibility, which offers more patient compliance, such as fingertip pulse oximeters devices being portable and wireless.
Figure 2: Vital Signs Monitoring Market, by Portability, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vital Signs Monitoring Regional Insights
By region, the study offers market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North America Vital Signs Monitoring market accounted for USD 1.92 billion in 2022 and anticipated to exhibit a substantial CAGR growth during the study period. A growing geriatric population, increasing prevalence of chronic diseases, and increasing interest in remote and wireless devices combined with optimized coverage policies are important considerations resulting from this proportion. The region also has high awareness and access to medical services with strong reimbursement coverage for critical medical equipment, resulting in high demand. Further, the United States Vital Signs Monitoring market held the largest market share, and the Canada Vital Signs Monitoring market was the fastest-growing market in the North American region.
Further, the key countries studied in the market report are the U.S, Canada, UK, Italy, Germany, France, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: VITAL SIGNS MONITORING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Vital Signs Monitoring market accounts for the second-largest market share because of the higher death rate and rising demand for cost-efficient treatment. The availability of vital signs monitoring shall drive the market during the forecast. Major players in Europe are more focused on adopting advanced Vital Signs Monitorings to enhance operational efficiency, which also plays a crucial role in market growth. Further, the Germany Vital Signs Monitoring market held the largest market share, and the United Kingdom Vital Signs Monitoring market was the fastest growing market in the European region
The Asia-Pacific Vital Signs Monitoring Market is anticipated to develop at the fastest CAGR from 2022 to 2030. This is because in emerging markets such as India and China, the region has significant unmet needs, including essential healthcare. Additionally, increasing medical tourism and improving the healthcare sector in the region will offer much to market participants during the forecast period. Further, the China Vital Signs Monitoring market held the largest market share, and the India Vital Signs Monitoring market was the fastest growing market in the region
Vital Signs Monitoring Key Market Players & Competitive Insights
Key market players are spending a large portion of money on research & development to increase their product lines, which will help the Vital Signs Monitoring market grow even more. Market players are also taking several strategic initiatives to increase their worldwide footprint, with key market developments such as mergers and acquisitions, contractual agreements, increased investments, new product launches, and collaboration with other organizations. Competitors in the Vital Signs Monitoring industry must expand their business footprint to survive in an increasingly competitive and rising market environment.
One of the manufacturers primary business strategies in the Vital Signs Monitoring industry is to help clients and increase the market sector by increasing investment in R&D to enhance solutions and services. In recent years, the Vital Signs Monitoring industry has provided transparency and reduced disruptions in the supply chain. The Vital Signs Monitoring major market players such as Medtronic, Koninklijke Philips N.V, GENERAL ELECTRIC COMPANY, Boston Scientific Corporation, Natus Medical Incorporated, Siemens Healthcare Private Limited, Spacelabs Healthcare, Masimo, Mindray DS USA, and others are working on expanding the market demand by investing in research and development activities.
Mindray Medical International Limited is a Chinese multinational medical device manufacturer. Mindray manufactures and develops accessories and medical devices for human and veterinary use. The company consists of three main business areas: patient monitoring and life support, in-vitro diagnostic products, and medical imaging systems. In 2008, Mindray was recognized as China's largest medical device manufacturer. In January 2021, Mindray launched the new VS 9 and VS 8 vital signs monitors. These are currently available in Europe, Australia, and other selected regions.
Koninklijke Philips N.V., commonly known as Philips, is a Dutch multinational conglomerate corporation. It improves people’s health and well-being through meaningful innovation and gives clinicians the tools they need to make a precision diagnosis and deliver personalized treatment. In February 2021, Philips announced plans to acquire BioTelemetry, Inc. The acquisition is intended to help Philips expand its patient monitoring portfolio with BioTelemetry's cardiac diagnostic and monitoring devices.
Key Companies in the Vital Signs Monitoring market include
- Medtronic
- Koninklijke Philips N.V
- GENERAL ELECTRIC COMPANY
- Boston Scientific Corporation
- Natus Medical Incorporated
- Siemens Healthcare Private Limited
- Spacelabs Healthcare
- Masimo
- Mindray DS USA
Vital Signs Monitoring Industry Developments
April 2022:To integrate BioIntelliSense's FDA-cleared BioSticker and BioButton wearable medical devices and data services with Anelto's RemoteCareLive! RPM platform, BioIntelliSense and Anelto entered into a partnership. BioIntelliSense is a continuous health monitoring and clinical intelligence company.
April 2020:Pune-based CSIR-National Chemical Laboratory has developed and designed a digital infrared thermometer for coronavirus-infected patients. NCL is affiliated with Bharat Electronics Ltd. They worked together to create a thermometer to help reduce the corona outbreak.
Vital Signs Monitoring Market Segmentation
Vital Signs Monitoring Product Outlook
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BP Monitoring
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Other
Vital Signs Monitoring Type Outlook
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Non-Integrated System
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Integrated System
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Others
Vital Signs Monitoring Portability Outlook
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Standalone
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Portable
Vital Signs Monitoring Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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