Global Vital Signs Monitoring Devices Market Size is Estimated to Reach USD 8,126.0 Million by 2030, at a CAGR of 5.8%: Astute Analytica

NEW DELHI, May 20, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global vital signs monitoring devices market from US$ 4,960.0 Million in 2021 to US$ 8,126.0 Million by 2030. The market is anticipated to grow at a CAGR of 5.8% during the forecast period 2022-2030. Moreover, in terms of volume, the global vital signs monitoring devices market is expected to project a CAGR of 5.2% during the forecast period 2022-2030.

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Market Insights

Vital signs monitoring devices provide a quantification of physiological functions that measures the basic medical indicators of health. Vital signs are used to measure the basic functions in humans such as pulse rate, body temperature, respiration rate and blood pressure, it can record and store thousands of pieces of information. Moreover, the vital signs provide critical information about a patient's clinical conditions and are conventional in hospitals and clinics. Earlier, patient's vital signs were collected by nursing assistants or technicians, which used to have errors.

In terms of measuring parameters, the blood pressure segment holds the highest share in the market in 2021 due to increasing BP monitoring due to the rapidly rising prevalence of hypertension. Whereas, the oxygen segment is anticipated to grow at the highest CAGR during the forecast period. Moreover, based on application, the intensive care segment held the largest share in the market in 2021 and is expected to grow at the highest CAGR during the forecast period. Furthermore, on the basis of form factor, the portable segment is estimated to hold the largest market share and highest CAGR over the forecast period. In addition, by end-user, the hospital segment dominated the vital signs monitoring devices market in 2021 owing to their large patient pool and greater financing capability for these devices. Moreover, the ambulatory center segment is anticipated to grow at the highest CAGR over the forecast period.

Market Dynamics and Trends

Drivers

The growth in demand for home care monitoring with the increasing aging population and increasing incidence rate of chronic diseases will boost the global vital signs monitoring devices market over the forecast period. The increased life expectancy has resulted in an aging population. Thus, it is critical to developing economical, inconspicuous, and easy-to-use healthcare solutions in order to meet the growing demand for geriatric healthcare services. As a result, the focus is on the creation of a smart healthcare monitoring system that is capable of remotely monitoring elderly people. Moreover, chronic diseases such as heart disease, diabetes, obesity, and asthma are on the rise as a result of modern lifestyles and eating habits combined with an aging population. Cardiovascular disorders are currently the leading cause of death worldwide, according to the World Health Organization (WHO). Also, diabetes is on the rise, and by 2030, it is anticipated to be the sixth biggest cause of death.

Restraints

Competitive pricing pressure and the presence of counterfeit products is a restraining factor that inhibits the growth of the vital signs monitoring devices market over the forecast period. The presence of counterfeit vital sign medical devices risk patient rights, erode brand equity, and also cost original equipment manufacturers money. These counterfeit vital sign monitoring devices not only endanger public health but also erode public confidence in the healthcare system at the same time. Moreover, the medical device businesses have little choice except to cut costs if they want to keep moving ahead in the market while prices remain under pressure.

Trend

Increasing partnerships among the market players for product launch and geographic expansion creates a significant growth opportunity for the vital signs monitoring devices market. The concept of partnerships and collaboration marks a critical step toward making linked care monitoring solutions more available to everyone. This will help to digitally transform more hospitals and care facilities around the world.

Global Vital Signs Monitoring Devices Market Country Wise Insights

• North America Vital Signs Monitoring Devices Market-

The US holds the major share in terms of revenue in the North America vital signs monitoring devices market in 2021. Whereas, Canada is projected to grow with the highest CAGR of 6.8% during the forecast period owing to high awareness levels and access to healthcare services with strong reimbursement coverage for essential medical devices. Moreover, based on measuring parameters, the blood pressure segment holds the highest share in the North America vital signs monitoring devices market in 2021.  

• Europe Vital Signs Monitoring Devices Market-

Western Europe is the highest shareholder region and is projected to grow with the highest CAGR of 5.6% because of the higher death rate and rising demand for cost-efficient treatment. Moreover, in terms of applications, the intensive care segment held the largest share in the market in 2021 and is expected to grow at the highest CAGR during the forecast period.

• Asia Pacific Vital Signs Monitoring Devices Market-

China is the highest shareholder region, and India is projected to grow with the highest CAGR of 7.4% in the Asia Pacific vital signs monitoring devices market. Asia-Pacific offers lucrative growth opportunities for players operating in the market, owing to its high population base, high disposable incomes, improvement in patient awareness about advanced monitoring devices, and increase in incidences of infectious diseases such as malaria and typhoid. Furthermore, in terms of form factor, the portable segment is estimated to hold the largest market share and highest CAGR over the forecast period.

• Middle East & Africa Vital Signs Monitoring Devices Market-

South Africa is the highest shareholder in 2021 and is also projected to grow with the highest CAGR during the forecast period in the MEA vital signs monitoring devices market. The market for vital signs monitoring devices in Middle East & Africa will have steady growth in the coming years as the medical devices industry is significantly gaining momentum. Moreover, by measuring parameters, the oxygen segment is anticipated to grow at the highest CAGR during the forecast period.

• South America Vital Signs Monitoring Devices Market-

Brazil is the highest shareholder country in the South America vital signs monitoring devices in 2021. Whereas, Argentina is projected to grow with the highest CAGR over forecast period. Furthermore, based on end user, the hospital segment dominated the South America vital signs monitoring devices market in 2021 owing to their large patient pool and greater financing capability for these devices. Whereas, the ambulatory center segment is expected to grow at the highest CAGR during the forecast period in the South America market.

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Competitive Insight

Global vital signs monitoring devices market is highly competitive. Some of the key players operating in the market include are A&D Company Limited, Clarity Medical, CONTEC Medical Systems Co., Ltd., DRE Medical, GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips, Masimo Corporation, Mediaid, Inc., Medtronic PLC, Nihon Kohden Corporation, Nonin Medical Inc., Omron Corporation, Smiths Group plc. and SunTech Medical Inc. among others.

Segmentation Overview

Global Vital Signs Monitoring Devices Market is segmented based on measuring parameters, application, form factor, end-user and region. The industry trends in the global vital signs monitoring devices market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Vital Signs Monitoring Devices Market:

By Measuring Parameters segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:

• Oxygen
• Blood Pressure
• Temperature
• ECG
• Carbon dioxide
• Respiratory
• Heart Rate
• Blood Glucose
• Cardiac output
• Others

By Application segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:

• Intensive Care
• Veterinary
• Ambulatory
• Emergency
• Clinical
• Transport
• Anesthesia
• Others

By Form Factor segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:

• Portable
• Handheld
• Wearable
• Compact (Tabletop)
• Modular
• Floor standing
• Tunnel

By End User segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:

• Hospitals
• Clinics
• Ambulatory Centers
• Home Healthcare
• Veterinary Clinics

By Region segment of the Global Vital Signs Monitoring Devices Market is sub-segmented into:

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of Latin America

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