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The global vital signs monitoring devices market size was valued at USD 4.63 billion in 2019 and is projected to reach USD 11.55 billion by 2027, exhibiting a CAGR of 11.0% during the forecast period.
Vital signs are a significant component of patient care. It is used to decide which treatment protocols to follow, confirm feedback on treatments performed and provide critical information needed to make life-saving decisions. The growing rate of chronic disorders such as hypertension, respiratory conditions, and few others across the globe is one of the major factors set to augment the market across the forecast period. Also, the rising prevalence of COVID-19 across the globe has further boosted the demand for these devices such as digital thermometers and pulse oximeters, thereby propelling market growth.
COVID-19 Pandemic Surges Demand for Vital Signs Monitoring Devices to Control Spread of Infection
The impact of the COVID-19 pandemic on vital signs monitoring devices market is expected to reflect a sturdy growth rate across the analysis period. This is due to the significantly growing demand for vital sign monitoring devices across the globe. Moreover, the increasing initiatives from various private and public organizations to control the spread of the disease will further support market growth.
Moreover, the increasing number of product launches will further support market growth.
Also, various online distribution channels reported that there is a tremendous hike in the number of units sold of thermometers and pulse oximeters across the globe.
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Continuous Vital Sign Analysis for Predicting and Preventing Neonatal Disorders to Drive Growth
In the neonatal intensive care unit (NICU), heart rate, respiratory rate, and oxygen levels are vital signs that are frequently observed in newborns. Recent statistics reveal that the analysis of continuous vital signs can predict sepsis, necrotizing enterocolitis, brain injury, bronchopulmonary dysplasia, mortality, and cardiorespiratory decompensation. The precise and continuous monitoring of vital signs can enhance neonatal outcomes by allowing preemptive interventions or heightened vigilance. The amalgamation of big-data analytics coupled with frequent technological advancements can become an efficient tool to eliminate neonatal diseases in the twenty-first century. This is the latest trend in the market for vital signs monitoring market.
Increasing Prevalence of Lifestyle Associated Chronic Disorders to Propel Market Growth
The rising prevalence of chronic disorders or non-communicable diseases (NCD) such as diabetes, cardiovascular diseases, and few others will strongly propel the vital signs monitoring devices market growth. The increasing habit of sedentary lifestyle that includes binge eating and lack of physical activities have resulted in the growing prevalence of hypertension, diabetes, dyslipidemia, obesity, and few other chronic diseases. According to the Global Health Observatory data, in 2015, 70.0% of the deaths were due to non-communicable diseases (NCD). Moreover, the increasing awareness among the population pertaining to such chronic ailments will surge market growth. With rising awareness amongst the geriatric population, the demand for accurate and personalized vital signs monitoring devices is anticipated to grow lucratively in recent years.
Launch of Novel Vital Sign Monitoring Products to Propel Growth of Market
The introduction of novel products is expected to have a huge impact on the vital signs monitoring devices industry. For instance, in June 2020, Neptune Wellness Solutions Inc., a health and wellness company announced the launch of Correct Neptune Halo, an electronic pulse oximeter device. Such factors would enable the vital signs monitoring market to grow at a considerable pace.
High Price Associated with Certain Products Will Limit Growth
Despite the higher prevalence of chronic lifestyle related disorders globally, certain factors are limiting the vital signs monitoring market growth. Among them is the high cost associated with vital sign monitoring products. The price range varies according to the product type. For instance, table top oximeters have higher price range than the finger-tip pulse oximeters.
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Temperature Monitors Segment to Grow at Faster Pace Owing to Rising Product Manufacturing
On the basis of product, the vital signs monitoring market includes temperature monitors, blood pressure monitoring devices, and pulse-oximeters. The pulse-oximeters segment held a dominant share of the market in 2019. The dominance is due to the growing approval of product launch to fulfill the rising demand for pulse oximeters during the COVID-19 pandemic, along with its high efficiency in exudate monitoring of pulse rate. Moreover, the increasing prevalence of chronic ailment will further support the growth of the segment.
The temperature monitors segment is projected to register a higher CAGR by 2027 due to the increasing manufacturing of such products. For instance, in June 2018, Masimo and PositiveID announced the U.S. market launch of TIR-1, a non-contact Bluetooth-enabled thermometer that works with the Masimo Root patient monitoring and connectivity platform. Also, the growing technological advancements pertaining to these devices will further boost product demand, thereby augmenting market expansion across the analysis period.
Hospitals and Ambulatory Surgical Centers Segment to Show High CAGR Backed by Rising Partnerships
The hospitals and ambulatory surgical centers segment is expected to showcase lucrative growth rate during the forecast period in the vital signs monitoring market. This is due to the increasing number of partnerships among hospitals and the vital sign monitoring device manufacturers. For instance, BioIntelliSense, a company manufacturing sensors that can monitor patient vitals, initiated a partnership with Colorado health system UCHealth. The company’s sensor will be used for postoperative and preoperative care, as well as for caring for patients with chronic ailments. The homecare settings segment is anticipated to exhibit lucrative growth across the forecast period majorly due to the increasing prevalence of COVID-19 cases that has led to strict social distancing and home quarantine measures.
North America Vital Signs Monitoring Devices Market Size, 2016-2027 (USD Billion)
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The market size of Vital Signs Monitoring Devices in North America stood at USD 2.77 billion in 2019. The dominance is attributable to the increasing prevalence of lifestyle related chronic disorders across the region. For instance, according to a study published by the International Diabetes Federation, in 2019, around 48 million people in the U.S. were suffering from diabetes. The market in Asia Pacific is expected to grow at a significant CAGR owing to the rising awareness among the population about several benefits of these devices combined with the increasing number of companies entering the Asian market. Latin America & the Middle East & Africa accounted for a comparatively lower share of the vital signs monitoring devices market owing to the presence of a huge underpenetrated market.
Masimo and Medtronic to Lead Fueled by Increasing Product Launches
The market is consolidated owing to the strong product portfolio of vital signs monitoring devices and remarkable distribution network of major companies in the developed and emerging and developing countries. Currently, Medtronic, Masimo, and Omron Healthcare are leading the market, accounting for a dominant share in 2019. The other key market players for vital signs monitoring medical devices are Nihon Kohden Corporation, GE Healthcare, A&D Company Ltd. and others.
An Infographic Representation of Vital Signs Monitoring Devices Market
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The vital signs monitoring devices market research report provides a detailed market analysis and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments.
Value (USD billion)
By End User
Fortune Business Insights says that the global vital signs monitoring devices market size was USD 4.63 billion in 2019 and is projected to reach USD 11.55 billion by 2027.
In 2019, the North America market value stood at USD 2.77 billion.
Growing at a CAGR of 11.0%, the market will exhibit steady growth in the forecast period (2020-2027).
The pulse oximeters segment is expected to be the leading segment in this market during the forecast period.
The increasing prevalence of lifestyle related chronic disorders across the globe is driving the growth of the market.
Medtronic and Omron Healthcare are the major players of the global market.
North America dominated the market in terms of share in 2019.
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