Vital Signs Monitoring Devices Market Size, Share & Trends Analysis Report By Product (BP Monitors, Pulse Oximeters), By End Use (Hospitals, Home Healthcare), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global vital signs monitoring devices market size was valued at USD 8.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030. Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings, primarily hospitals, and rising prevalence of chronic disorders are the key drivers responsible for the lucrative growth of this market. Vital signs monitoring devices have evolved over a short duration of time from individual devices measuring Blood Pressure (BP), pulse, and temperature to a combined all-in-one device. In addition, there has been a rise in the number of innovations in this product category, which is fueling market growth.

The demand for vital sign monitoring devices like blood pressure monitors, pulse oximeters, and temperature monitoring devices escalated drastically due to the onset of the COVID-19 pandemic in 2020 as these were the crucial parameters to be looked for in identifying the presence of the virus. As per Sharp Health News, around 103 million people in the U.S. suffer from hypertension and as COVID-19 has been reported dangerous for people with heart disease and related conditions, especially high blood pressure, the demand for BP monitoring devices increased, and still witnesses growth. Other key factors driving the market include increasing demand for personalized healthcare, a growing number of geriatric patients, rising penetration of medical insurance, and blooming medical tourism in developing countries.

Medical tourism is in the steep growth phase in countries, such as Singapore, Canada, Costa Rica, Ecuador, India, Israel, Jordan, Malaysia, Mexico, Singapore, South Korea, Taiwan, Thailand, and Turkey. These countries are the key regional markets. The rising global prevalence of lifestyle-associated chronic disorders is expected to positively impact the market growth. With increasing awareness, the demand for personalized and accurate devices is expected to grow over the coming years. According to the Global Health Observatory data, in 2019, 71% of the deaths were due to Non-communicable Diseases (NCDs).

The major NCDs are Cardiovascular Diseases (CVDs), which caused 45.0% of all NCD deaths; cancer caused 22.0% of all NCD deaths; Chronic Obstructive Pulmonary Disease (COPD) caused 10.0% of all NCD deaths, and diabetes caused 4.0% of all NCD deaths. In recent years, home healthcare services have evolved as important end-user for these devices. Home healthcare offers long-term care at a comparatively lower cost than hospitals. The largest market segment of nursing and assisted living homes is in the U.S. and the U.K. In addition, countries like Japan and Sweden where the average lifespan of the population is higher also serve as a major segment of 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. The COVID-19 pandemic has unsurprisingly escalated the demand for vital signs monitoring devices as continuous measurement of vital signs like temperature, respiration rate, pulse rate, etc. can prove to be an efficient infection-detection system for people infected with the virus. The use of vital signs monitoring devices for at-home settings and the demand for wearable monitoring devices have increased keeping in mind the importance of patient-provider safety. When used in conjunction with predictive platforms, users of wearable devices could be alerted when changes in their metrics match those associated with COVID-19.

Moreover, the FDA facilitated to increase in the availability and capability of patient monitoring devices due to the pandemic and also stated that modified use of such devices may increase access to important patient physiological data without the need for in-clinic visits and facilitate patient management by health care providers while reducing the need for in-office or in-hospital services during the COVID-19 public health emergency. Patient monitoring device manufacturers like Nihon Kohden, Phillips, and Masimo have also reported an increase in the global sales of patient monitoring devices with an average of 30% during the pandemic. These aforementioned factors played a crucial role in increasing the demand for vital signs monitoring devices during the pandemic.

Product Insights

Blood pressure monitors (sphygmomanometers) held a lucrative share of more than 41.5% in 2021 and are also anticipated to grow at a healthy CAGR from 2022 to 2030. This can be attributed to the increasing BP monitoring due to the rapidly rising prevalence of hypertension. In addition, with the increasing awareness, patients today are keeping eye on blood pressure as a precautionary or preventive measure. This further led to an increase in demand for self-operational digital blood pressure monitors. Pulse oximeters held a significant share in 2020, 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 thermometers, and temperature monitoring device accessories. There was innovation in the mercury-filled product segment to reduce the risk of mercury, as it can be hazardous to the environment and also to the patients in case of accidental breakage in the body cavity, giving rise to digital thermometers that could measure the temperature of the patient more accurately and safely due to the absence of mercury.

End-use Insights

The hospitals end-use segment led the market with a share of more than 35.5% of the global revenue in 2021. This growth can be contributed to their large patient pool and greater financing capability for these devices. These devices can now be connected to a comprehensive platform through software wherein hospital staff can easily monitor patients’ vital signs in a single dashboard. Hospitals require all categories of vital sign monitors and in large quantities in operation theaters, emergency rooms, outpatient clinics, patient rooms, nurse’s stations, and in the hospital’s ambulatory services.

The product demand in home healthcare settings is likely to increase as patients are preferring to take at-home treatments and post-surgical recovery and avail of long-term care. The option of home healthcare is cost-efficient compared to the hospital stay. In addition, developed regions, such as the U.S. and U.K., 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 a rise in the demand for these devices in the home healthcare sector.

Regional Insights

North America is the predominant region and accounted for the largest share of more than 41.00% of the global revenue in 2021. The regional market will expand further at a steady growth rate from 2022 to 2030. The growing geriatric populace, rising occurrences of interminable disorders, and developing interest for remote & wireless devices combined with streamlined coverage policies are the key factors that will drive the regional market. The region also has high awareness levels and access to healthcare services with strong reimbursement coverage for essential medical devices thereby leading to the high product demand.

Europe, particularly the Western European nations, because of the 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 is likely to develop at the fastest growth rate over the forecast period. This growth is attributed to the extensive unmet needs in this region including primary healthcare, especially in the developing markets, such as India and China. In addition, the rising medical tourism and improving healthcare sectors in this region will provide numerous growth opportunities to the market players.

Key Companies & Market Share Insights

New product developments, collaborations, regional expansions, and mergers are key strategic initiatives undertaken by market players. For instance, in January 2021, Mindray launched its new VS 9 and VS 8 Vital Signs Monitors, which are now available in Europe, Australia, and other selected regions. Other key layers are focused on partnerships and mergers that will allow them to introduce new products in different markets. In February 2021, Philips announced plans to acquire BioTelemetry, Inc. This acquisition is expected to aid Philips to increase its patient monitoring portfolio by adding BioTelemetry’s cardiac diagnostics and monitoring devices. Some of the prominent players in the global vital signs monitoring devices market include:

• Koninklijke Philips N.V.

• Medtronic

• Nihon Kohden Corp.

• GE Healthcare

• Masimo

• Omron Healthcare

• Contec Medical Systems Co. Ltd.

• A&D Company Ltd.

• Nonin Medical, Inc.

• SunTech Medical, Inc.

• Spacelabs Healthcare, Inc.

Vital Signs Monitoring Devices Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global vital signs monitoring devices market report on the basis of product, end use, region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Blood Pressure Monitors

    • Mercury Blood Pressure Monitors

    • Aneroid Blood Pressure Monitors

    • Digital Blood Pressure Monitor

    • Ambulatory Blood Pressure Monitors

    • Blood Pressure Instrument Accessories

  • Pulse Oximeters

    • Table-Top/Bedside Pulse Oximeters

    • Fingertip Pulse Oximeter

    • 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, 2018 - 2030)

  • Hospitals

  • Physician’s Office

  • Home Healthcare

  • Ambulatory Centers

  • Emergency Care Centers

  • Other Healthcare Settings

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • Singapore

    • Australia

    • South Korea

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE