The size of the vital worldwide signs monitoring market is estimated to cross USD 8.87 billion by 2029, registering a CAGR of 6.6% between 2024 to 2029.
Vital sign devices accurately assess the patient's respiratory rate, blood pressure, temperature, and pulse. While giving treatment services, these devices are crucial in monitoring the patient's condition. These devices can also be used at home to monitor vital signs regularly. It is important to monitor critical patients at risk of complications on small changes, like patients with high/low B.P., diabetes patients, People with heart problems, and patients in the care of E.R. Therefore, these devices make sure to monitor any abnormal changes continually.
Changes in lifestyles and food habits are also a factor for the increasing number of heart-related diseases, solely to propel the market's growth rate. The growing adoption of sedentary lifestyles and irregular physical activities are ascribed to fuel the market demand tremendously. In addition, rising awareness over the usage of home care settings is elevating the market's demand.
Launching innovative devices like digital blood pressure monitoring devices, pulse oximeters, and others favoring the end-users is also propelling the market's demand. Besides, government initiative steps Escalating expenditure on healthcare associated with the rising disposable income in both developed and developing countries is likely to fuel the growth rate of the vital signs monitoring market. In addition, people prefer home care settings to hospitals due to its convenience factor significantly impacting the market's growth rate. Therefore, innovations in vital signs monitoring devices and the shortage of healthcare professionals are to support growth.
There is a critical nursing shortage in the U.S. According to the Bureau of Labor Statistics, there will be a shortage of at least 1 million nurses nationwide by 2024. Even now, the estimated 3 million U.S. nurses are insufficient to effectively staff clinics, elder living facilities, emergency rooms, and surgical centers. Therefore, the unmet requirement for professionals can be covered with the help of vital sign monitors. Additionally, introducing various types of monitors, body-worn, ingestible, non-contact, etc., is helping the market's growth.
Along with this, people in rural areas are less aware of the devices available, which hinders the vital signs monitoring market demand. In low and middle-income economic countries, the demand for these devices is deficient due to a lack of knowledge, which hampers the market's growth. In addition, the lack of reimbursement policies in underdeveloped countries is also restraining the market's growth rate.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
Segments Covered |
By Product, End User, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, G.E. Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., SunTech Medical, Inc. |
Based on the product, the B.P. monitoring devices segment was the market leader in 2023 and is predicted to continue dominating the forecast period. Y-O-Y growth in the prevalence of hypertension directly reflects the growth of the B.P. monitoring devices market. B.P. monitors are essential for measuring and preventing any severe heart conditions caused by high or low BP.
The Pulse oximeters segment is positioned next to the B.P. monitors segment, accounting for the market's dominating shares. However, increasing cardiovascular-related problems and the rising priority for pulse oximeters during the COVID-19 pandemic are outraging the growth rate of this segment. As a result, the fingertip segment among the pulse oximeters segment is estimated to grow 8.36% during the forecast period.
Based on End Users, the Hospitals are gaining traction over the market shares among all based on the end-users. An increasing number of hospitals by the growing number of patients due to the spread of COVID-19 is accelerating the demand of the market. In addition, technological advancements in healthcare and the adoption of new product launches in hospitals are likely to promote the growth rate of this segment.
However, the home healthcare segment is expected to show fast growth during the forecast period. The sudden surge in the digitalization of the world and the population preferring at-home services rather than hospital care, and the rising awareness about remote and personal care are supporting the rise of the segments. Additionally, the rise of geriatric populations and critically ill patients who find it difficult to visit hospitals support this revenue for the segment.
Geographically, North America is expected to hold the highest shares of the market due to increasing healthcare research and development activities. The presence of the key players and collaborations of the companies to introduce quality healthcare services positively impact the market's growth rate in this region. The United States is the major country dominating the market shares. According to the Population Reference Bureau, in the U.S., people aged above 60 years will be around 98 million by 2060.
Europe is next in leading with the dominant shares of the market. Constant economic growth and high investments in the healthcare sector are elevating the demand in the market.
Asia Pacific is growing faster and will hit the highest CAGR in the near future. The rising scale of hospitals and increasing awareness of pulse oximeters and temperature monitoring devices at home are likely to fuel the market's demand. In addition, the increasing geriatric population and trend towards fitness activities are also ascribed to leverage the growth rate of the vital signs monitoring market in Asia Pacific.
Some of the notable companies playing a promising role in the global vital signs monitoring market profiled in this report are Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, G.E. Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., SunTech Medical, Inc.
By Product
By End User
By Region
Frequently Asked Questions
As per our research report, the global vital signs monitoring market size is estimated to grow to USD 8.87 billion by 2029.
Based on the product, the BP monitoring devices segment is projected to dominate the vital signs monitoring market from 2024 to 2029.
Based on the region, the North American market led the vital signs monitoring market in 2023.
Clean Cells, Charles River Laboratories International Inc, Danaher Corporation, Merck KGaA, Parker Hannifin, and Read Source Technologies are the key market players in the vital signs monitoring market
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