Vital Signs Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Blood Pressure Monitors, Pulse Oximeters, Temperature Monitoring Devices), By End-use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global vital signs monitoring devices market size was valued at USD 6.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings primarily hospitals, and growing prevalence of chronic disorders are the key factors 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 temperature to a combined all-in-one device. In addition to this, there has been an increasing number of innovations in this product category, which is fueling the growth of products in this category. 

Other key growth factors 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 on 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 for vital sign monitors.

The rising global prevalence of lifestyle-associated chronic disorders is expected to positively impact market growth. With the increasing awareness, the demand for personalized and accurate vital signs monitoring devices is expected to grow lucratively in recent years. According to the Global Health Observatory data, in 2019, 71% of the deaths were due to non-communicable diseases (NCD). The major NCDs are cardiovascular diseases (CVD) that caused 45.0% of all NCD deaths, cancer that caused 22.0% of all NCD deaths, and chronic obstructive pulmonary disease (COPD) that caused 10.0% of all NCD deaths, and diabetes that caused 4.0% of all NCD deaths.

In recent years, home healthcare services have evolved as an important end-user of 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. Additionally, countries like Japan and Sweden where the average lifespan of the population is higher also serve 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.

The advent of the COVID-19 pandemic has unsurprisingly escalated the demand for vital signs monitoring devices as continuous measurement of vital signs like temperature, respiration rate, and pulse rate can serve as an efficient infection- detection system for people infected with the virus. The use of vital signs monitoring devices for at-home setting and the demand for wearable monitoring devices has increased 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 the expansion of the availability and capability of patient monitoring devices due to the pandemic. The FDA also stated that modified use of patient monitoring 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 COVID-19.

Product Insights

Blood pressure monitors (sphygmomanometer) held the largest share of more than 30.0% in 2020 and are anticipated to witness healthy growth over the forecast period. This can be attributed to the increasing BP monitoring due to the rapidly rising prevalence of hypertension. Additionally, with the increasing awareness, patients today are keeping an eye on blood pressure as a precautionary or preventive measure. This has further led to an increase in the demand for self-operational digital blood pressure monitors.

Pulse oximeters held the second-largest share in 2020. These 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, wireless, and offer more patient compliance.

Temperature monitoring devices are categorized into digital thermometers, mercury-filled thermometers, infrared thermometers, liquid crystal thermometers, and temperature monitoring device accessories. Mercury is considered to be hazardous to the environment and the patients in case of accidental breakage in the body cavity. This leads to innovation in this product segment to reduce the risk of mercury, 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

Hospitals held the largest share of 28.6% in 2020. This can be attributed 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 patient’s vital signs in a single dashboard. Hospitals require all categories of vital sign monitors. They require these devices in large quantities 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 home healthcare end-use segment is likely to witness significant growth over the forecast period as patients are preferring to take treatment, have a post-surgical recovery, and avail long-term care. The option of home healthcare is cost-efficient compared to the hospital stay. Additionally, developed countries such as the U.S. and the 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 an increase in the demand for these devices for the home healthcare sector.

Regional Insights

North America emerged as the predominant regional market in 2020 with a share of 42.4%. Expanding geriatric population, rising occurrences of interminable disorders, developing interest for remote and wireless devices, and streamlined coverage policies are the key factors driving the regional market.

Europe, particularly the Western European nations, held the second-largest share in 2020. This is attributed to the higher death rate and rising demand for cost-efficient treatment. The market in Asia Pacific is likely to witness the fastest growth over the forecast period. This can be attributed 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 the healthcare sector in this region have a lot to offer for the market players over the forecast period.

Key Companies & Market Share Insights

New product developments, collaborations, regional expansion, and mergers are the key strategic initiatives undertaken by the market players. For instance, in May 2019, Mindray and Masimo entered into an agreement that includes the integration of Mindray devices with Masimo sensors i.e. Masimo SET. This agreement also helps in expanding the presence of these devices in Europe, the Middle East, Asia Pacific, and other countries, including Russia, Australia, and India. Some prominent players in the global vital signs monitoring devices market 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.

• SunTech Medical, Inc.

 Vital Signs Monitoring Devices Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. 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, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • 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

  • Others Vital Sign Monitors

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Physician’s Office

  • Home Healthcare

  • Ambulatory Centers

  • Emergency Care Centers

  • Other Healthcare Settings

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Mexico

    • Brazil

  • MEA

    • South Africa

    • Saudi Arabia