Global Vital Signs Monitoring Devices Market is estimated to witness a rise in revenue from US$ 4,960.0 Mn in 2021 to US$ 8,126.0 Mn by 2030. The market is registering a CAGR of 5.8% during the forecast period 2022-2030. Moreover, in terms of volume, the global vital signs monitoring devices market is expected to project a CAGR of 5.2% during the forecast period 2022-2030.
Vital signs monitoring devices provide a quantification of physiological functions that measures the basic medical indicators of health. Vital signs are used to measure the basic functions in humans such as pulse rate, body temperature, respiration rate, and blood pressure, it can record and store thousands of pieces of information. Moreover, advances in medical science and technology, medicine and public health, as well as increasing awareness of nutrition, and environmental and personal cleanliness, leads to a remarkable increase in worldwide life expectancy in recent decades.
Market Dynamics
The major factor responsible for the growth of the global vital signs monitoring devices market includes growth in demand for home care monitoring with the increasing aging population and increasing incidence rate of chronic diseases. Remote real-time monitoring of a person's health can be utilized in order to detect relapses in diseases so that early medical intervention can be done. As a result, the focus is to create a smart healthcare monitoring system capable of remotely monitoring elderly people. Moreover, chronic diseases such as heart disease, diabetes, obesity, and asthma are on the rise as a result of modern lifestyles and eating habits combined with an aging population. Furthermore, technological advancement and innovation of new devices provide a lucrative opportunity in vital signs monitoring devices. However, the presence of counterfeit products and competitive pricing pressure restrict the market growth.
Report Summary
The study of the Global Vital Signs Monitoring Devices Market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the vital signs monitoring devices industry for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the Global Vital Signs Monitoring Devices Market across 15 Chapters and 224 . The report includes data presentation across 68 tables and 120 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and competitive rivalry is moderate.
The subsequent section provides details of the market analysis based on different segments such as measuring parameters, application, form factor, end-user, and region. The report includes a detailed study of the value chain of the industry. It includes raw material suppliers, manufacturers, distributor channels, and end-users. The report also covers extensively the key competitors in the market for Global vital signs monitoring devices.
Impact of COVID-19 on Global Vital Signs Monitoring Devices Market
The demand for vital sign monitoring devices such as blood pressure monitors, pulse oximeters, and temperature monitoring devices escalated drastically due to the COVID-19 pandemic in 2020. The necessary effective techniques for remotely monitoring the patients’ symptoms were the crucial parameters to be looked for in identifying the presence of the virus. Moreover, recent advances in Machine Learning (ML) and Deep Learning (DL) have strengthened the power of imaging techniques that can be used to remotely perform several tasks that previously required the physical presence of a medical professional.
The COVID-19 pandemic has flooded the existing healthcare infrastructure in many parts of the world. However, the increasing adoption of online distribution channels is estimated to keep the pace of the market over the forecast period.
Common Remote Patient Monitoring Devices
Key Takeaways from the Global Vital Signs Monitoring Devices Market Report
Competitive Landscape
The key players in the Global Vital Signs Monitoring Devices Market are A&D Company Limited, Clarity Medical, CONTEC Medical Systems Co., Ltd., DRE Medical, GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips, Masimo Corporation, Mediaid, Inc., Medtronic PLC, Nihon Kohden Corporation, Nonin Medical Inc., Omron Corporation, Smiths Group plc. and SunTech Medical Inc. among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on an emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
Global Vital Signs Monitoring Devices Market is segmented based on measuring parameters, application, form factor, end-user, and region. The industry trends in the global vital signs monitoring devices market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Vital Signs Monitoring Devices Market:
By Measuring Parameters segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:
By Application segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:
By Form Factor segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:
By End User segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:
By Region segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:
Vital signs monitoring devices provide a quantification of physiological functions that measures the basic medical indicators of health.
Blood pressure cuff, glucometer, pulse oximeter, ECG + Stethoscope, wearables, thermometer, and scale are the common remote patient monitoring devices.
Vital signs are used to measure the basic functions in humans such as pulse rate, body temperature, respiration rate, and blood pressure, it can record and store thousands of pieces of information.
Global vital signs monitoring devices market is projected to grow at a CAGR of 5.8% during the forecast period 2022-2030 and is expected to reach US$ 8,126.0 Million.
The Vital signs monitoring devices market is studied from 2017-2030.
Factor such as growth in demand for home care monitoring with the increasing ageing population and increasing incidence rate of chronic diseases drives the growth in the global vital signs monitoring devices market over the forecast period.
The intensive care segment holds the largest CAGR in the Global vital signs monitoring devices market during the forecast period.
Asia-Pacific region is growing with the fastest CAGR during the forecast period.
Competitive pricing pressure and the presence of counterfeit products is a restraining factor that inhibits the growth of the vital signs monitoring devices market over the forecast period.
China holds the major share in terms of revenue in the Asia Pacific vital signs monitoring devices market.
Technological advancement and innovation of new devices provide a lucrative growth opportunity in the vital signs monitoring devices.
Measuring parameters, application, form factor and end user are the different segments in the global vital signs monitoring devices market.
A&D Company Limited, Clarity Medical, CONTEC Medical Systems Co., Ltd., DRE Medical, Hill-Rom Holdings, Inc., Koninklijke Philips, Masimo Corporation, Nihon Kohden Corporation, Smiths Group plc. and SunTech Medical Inc. among others.