VITAL SIGN MONITORING DEVICES MARKET ANALYSIS

Global vital sign monitoring devices market is estimated to be valued at US$ 6,515.9 million in 2023, exhibiting a CAGR of 9.6 % during the forecast period (2023-2030).

Analysts’ Views on Global Vital Sign  Monitoring Devices Market:

Global vital sign  monitoring devices  market growth can be hindered by availability of low quality products. Rising prevalence of cardiovascular diseases such as hypertension, atrial fibrillation, and stroke is expected to drive the global vital sign  monitoring devices market growth over the forecast period. For instance, according to the World Health Organization, in 2021, about 1.28 billion people of age 30-79 years have hypertension across the world, with two-thirds of this population living in low- and middle-income countries.

Figure 1. Global Vital Sign Monitoring Devices Market Share (%), By Product Type, 2023

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Global Vital Sign  Monitoring Devices Market – Drivers

Increasing Prevalence of Chronic Diseases

Increasing prevalence of chronic diseases such as Cardiovascular diseases (CVD), neurological disorders, and cancer  is expected to drive the global vital sign  monitoring devices market growth over the forecast period. For instance, in 2022, according to the World Health Organization, the major diseases that lead to the most deaths from non-communicable diseases (NCDs) are cardiovascular diseases, cancers, respiratory diseases, and diabetes, accounting for more than 80% of all premature NCD deaths.

Figure 2. Global Vital Sign Monitoring Devices Market Value (US$ Million), By Region, 2023

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Global Vital Sign  Monitoring Devices Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global vital sign  monitoring devices market over the forecast period. North America holds 39.7 % of the market share, due to increasing prevalence of cardiovascular diseases in the U.S. region. For instance, in July 2022, according to Centers for Disease Control and Prevention (CDC), approximately 805,000 heart attack incidences arereported every year in the U.S., out of which, 605,000 people had heart attack for first time and the remaining 200,000 were those who already had a heart attack before.

Global Vital Sign  Monitoring Devices Market-Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global vital sign  monitoring devices market growth. For instance, demand for vital sign monitoring devices like blood pressure monitors, pulse oximeters, and temperature monitoring devices were increased in COVID-19, to identify the presence of the virus. In 2020, according to the  Sharp Health News, around 103 million people in the U.S. suffer from hypertension, and COVID-19 is dangerous for people with heart disease and related conditions especially high BP, the demand for BP monitoring devices has increased.

Global Vital Sign  Monitoring Devices Market- Segmentation

Global vital sign  monitoring devices market is segmented into product type, end user, and region.

Based on Product Type, the market is segmented into low acuity monitors,  mid acuity monitors, high acuity monitors, liquid filled thermometers, digital thermometers, infrared thermometers, sphygmomanometers, automated blood pressure monitors, and standalone pulse oximeters. Out of which, the automated blood pressure monitors segment is expected to hold a dominant position in the global vital sign  monitoring devices market during the forecast period, owing to increasing usage of blood pressure monitors .

Based on End User, the market is segmented into hospitals, clinics, ambulatory surgical center, and homecare settings. Out of which, the hospital segment is expected to dominate the market over the forecast period, owing to increasing number of partnership among the hospitals.  

Among all segmentation, the product type segment has the highest potential due to increasing usage of automated blood pressure monitors over the forecast period. For instance, on May 3, 2022, Vivalink, a leading provider of digital healthcare solutions for virtual patient care and decentralized clinical trials, announced launch of the multi-vital blood pressure patch for remote patient monitoring for usage in commercial research and development. These patch offers electrocardiogram (ECG), heart rate, respiratory rate, and blood pressure monitoring for commercial research and development.

Global Vital Sign  Monitoring Devices Market- Cross Sectional Analysis

In product type segment, automated blood pressure monitors held a dominant segment in North America region,as  key players  are focusing on inorganic strategies such as acquistion in order to expanding their presence, and are focused on enhancing market growth in U.S. For instance, in January 2022, ICU Medical, a company that connects patients and caregivers through safe, life saving, life enhancing IV therapy products, systems, and services, acquired Smiths Medical,. a company that has syringe and ambulatory infusion devices, vascular access, and vital care products. The addition of vital care products expanded the business range of ICU Medical with a robust reach.

Global Vital Sign  Monitoring Devices Market- Key Developments

• In December 2021, Baxter, a company that provides products and therapies in hospitals and clinics, and patients care in their homes, acquired Hillrom, a medical technology leader
• In January 2021, Hillrom, acquired Bardy Diagnostics, an innovator in digital health and a leading provider of ambulatory cardiac monitoring technologies
• In February 2021, Koninklijke Philips, a company that improves people’s health and well-being through meaningful innovation, completed the acquisition of BioTelemetry, Inc., the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care. This resulted in the business expansion of patient care management solutions for the hospital and homes.

Global Vital Sign  Monitoring Devices Market- Key Trends

Technological Advancments

Key market players are focusing on launching new portable vital sign  monitoring devices to expand their product portfolio. For instance, in 2021, Analog Devices, Inc., a company is a modern digital economy, converting real-world phenomena into actionable insight, launched a wearable remote patient monitoring (RPM) device for measuring four vital sign  with one MAX86178 triple-system vital sign  analog front end (AFE).

Global Vital Sign  Monitoring Devices Market: Restraint

Availability of Low Quality Products

Global vital sign  monitoring devices market growth can be hindered by availability of not good quality products. The availability of substandard products at cheap cost acts as a hurdle for sales of low, mid, and high acuity monitors worldwide. For instance, according to the article published in april 2022, approximately 820 women die in pregnancy and childbirth every day worldwide, with 99% of these occurring in low-

resource settings. In order to these key players should provide good quality of products to overcome the restraint.

Global Vital Sign  Monitoring Devices Market - Key Players

Major players operating in the global vital sign  monitoring devices market include CAS Medical Systems, Inc., Koninklijke Philips N.V., General Electric Co. (GE), Masimo Corporation, Mindray Medical International Limited, Medtronic, Nihon Kohden Corporation, Smiths Group plc., Dragerwerk AG & Co. KGaA, SunTech Medical, Inc., Welch Allyn, Inc., Spacelabs Healthcare, Inc., Contec Medical Systems Co., Ltd., Iradimed Corporation, and Xenoma.

*Definition: Vital sign  monitoring involves measurement of heart rate, respiratory rate, temperature, and blood pressure, in order to assess physical functioning of the body. Vital sign  monitoring devices are an integral part of patient monitoring. These devices are used in emergency rooms, operating rooms, intensive care units, and critical care settings.