Vital Signs Monitoring Devices Market Analysis By Product (Blood Pressure Monitors, Pulse Oximeters, Temperature Monitors), By Application, By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global vital signs monitoring devices market size was valued at USD 4.1 billion in 2016 and is expected to grow at a CAGR of 6.5% over the forecast period. Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings primarily hospitals and rising prevalence of chronic disorders are key driver responsible for the lucrative growth of the market.

Vital signs monitoring devices have evolved over a short duration of time from individual devices measuring blood pressure (BP), pulse, and the temperature to a combined all-in-one device which measures all three. In addition to this, there has been increased innovation in this product category which is fueling the growth of products in this category.

U.S. vital signs monitoring devices market, by product, 2014 - 2025 (USD Billion)

Hospital stands out to be key end-user for the vital signs monitoring devices. There is a global increase in the number of hospitals. The key growth factor for this sector is the increase in population, the increasing number of geriatric patients, the increasing penetration of medical insurance and increasing medical tourism in developing countries. Medical tourism is mostly in the following countries- Singapore, Canada, Costa Rica, Ecuador, India, Israel, Jordan, Malaysia, Mexico, Singapore, South Korea, Taiwan, Thailand, and Turkey. These countries are the key regional market for vital sign monitors.

There is a constant increase of chronic disorders due to the lifestyle changes in the young population. The number of cardiovascular disease patients and diabetes patients are increasing monumentally. This is causing a need for more vigilant monitoring of the vital signs. According to the Global Health Observatory data, in 2015, 70.0% of the deaths were due to non-communicable diseases (NCD). The major NCDs are cardiovascular diseases (CVD) which caused 45.0% of all NCD deaths, cancer which caused 22.0% of all NCD deaths and chronic obstructive pulmonary disease (COPD) which causes 10.0% of all NCD deaths, and diabetes which caused 4.0% of all NCD deaths. 

In recent years, home healthcare services have evolved as important end-user of these devices. Home healthcare offers long term care at comparatively lower cost than hospitals. The largest market segment of nursing and assisted living homes is in the U.S. and the UK. Additionally, countries like Japan, Sweden where the average lifespan of the population is higher also serves as a major segment for assisted living homes. These markets are therefore expected to be some potentially important regions for vital sign monitors. The demand for these products is expected to be more in these regions as the market is likely to include a significant contribution from the higher numbers of assisted living homes.

Product Insights

Blood pressure monitors (sphygmomanometer) held lucrative share of more than 38.0% in 2016 and also anticipated to grow at a healthy CAGR of 6.7% from 2017 to 2025. This can be attributed to the increasing BP monitoring due to rapidly rising prevalence of hypertension. Additionally, with the increasing awareness, patient’s today are keeping eye on blood pressure as a precautionary or preventive measure. This further led to increase in demand for the self-operational digital blood pressure monitors.

The BP monitors are further segmented based on their types into mercury based, aneroid, digital, ambulatory blood pressure monitoring and accessories. The sphygmomanometer has evolved over the years, initially, sphygmomanometers were used only by physicians and trained nurses. Patients to measure their blood pressure had to visit private clinics and incur additional cost to monitor their blood pressure.

Pulse oximeters held more than 35.0% share in 2016, which are further sub segmented into table-top/ bedside, fingertip, hand-held, wrist-worn, pediatric pulse oximeters and their accessories. Fingertip pulse oximeters are likely to witness lucrative growth, as these devices are portable, and being a wireless device offers more patient compliance.

Temperature monitoring devices are categorized into digital thermometers, mercury filled thermometers, infrared thermometers, liquid crystal thermometer and temperature monitoring device accessories. Due to mercury being hazardous to the environment and also to the patients in case of accidental breakage in the body cavity. There was innovation in this product segment to reduce the risk of mercury, giving rise to digital thermometers which could measure the temperature of the patient more accurately and safely due to the absence of mercury.

End-Use Insights

Hospitals form the largest end-user with share of around 35.0% in 2016. This dominion can be contributed to their large patient pool, and greater financing capability for these devices. These devices can now be connected in a comprehensive platform through software wherein hospital staff can easily monitor patient’s vital signs in single dashboard.

Hospitals require all categories of vital sign monitors. They require these devices in large quantities as well, as vital sign monitors are required in each room, nurse’s station, operation theater, emergency room, outpatient clinics and in the hospital’s ambulatory services.

The demand for vital signs monitoring devices in home healthcare settings is likely to boost as patients are preferring to take treatment, have post-surgical recovery and avail long term care. Option of home healthcare is cost efficient compared to hospital stay.

Additionally, developed regions such as the U.S. and UK have streamlined policies for the reimbursement of home healthcare medical devices including vital signs monitoring devices. Thus, as the disease burden of NCDs is increasing, there may be an increase in demand for these devices for the home healthcare sector.

Global vital signs monitoring devices market, by end-use, 2016 (USD Million)

Regional Insights

North America is the predominant region for vital signs monitoring devices market in 2016. Expanding base of geriatric populace, rising occurrences of interminable disorders, developing interest for remote and wireless devices combined with streamlined coverage policies are main considerations crediting to its bigger piece of the market. 

Europe, particularly the Western European nations, because of higher death rate and rising demand for cost efficient treatment, is projected to remain the second most profitable region over the forecast period.

Asia Pacific regional market is likely to develop at the speediest rate over the forecasted time, which can be attributable to the extensive unmet needs in this region including primary healthcare especially in the developing markets such as India and China. Moreover, rising medical tourism and improving healthcare sectors in this region has lot to offer for the market players over the forecast period.

Competitive Insights

Some of the key players in vital signs monitoring devices industry include Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, GE Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., and SunTech Medical, Inc. New product developments, collaborations, regional expansion, and mergers are key strategic initiatives undertaken.

For instance, in May 2017, Masimo announced a partnership with Midmark Corporation. This partnership is based on the inclusion of Masimo SET technology in the IQvitals Zone devices. This is expected to increase the product reach and product diversity of the company.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the vital signs monitoring devices market on the basis of product, end-use and region:

• Product Outlook (Revenue, USD Million; 2014 - 2025)

  • Blood Pressure Monitors

    • Mercury Blood Pressure Monitors

    • Aneroid Blood Pressure Monitors

    • Digital Blood Pressure Monitors

    • Ambulatory Blood Pressure Monitors

    • Blood Pressure Instrument Accessories

  • Pulse Oximeters

    • Table-Top/Bedside Pulse Oximeters

    • Fingertip Pulse Oximeters

    • Hand-Held Pulse Oximeters

    • Wrist-Worn Pulse Oximeters

    • Pediatric Pulse Oximeters

    • Pulse Oximeter Accessories

  • Temperature Monitoring Devices

    • Mercury Filled Thermometers

    • Digital Thermometers

    • Infrared Thermometers

    • Liquid Crystal Thermometer

    • Temperature Monitoring Device Accessories

  • Other Vital Sign Monitors

• End-Use Outlook (Revenue, USD Million; 2014 - 2025)

  • Hospitals

  • Physician’s Office

  • Home Healthcare

  • Ambulatory Centers

  • Emergency Care Centers

  • Other Healthcare Settings

• Regional Outlook (Revenue, USD Million; 2014 - 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Mexico

    • Brazil

  • MEA

    • South Africa

    • Saudi Arabia