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The vital signs monitoring devices market is estimated to grow at a CAGR of 9.13% between 2022 and 2027. The size of the market is forecast to increase by USD 4.79 billion. The growth of the market depends on several factors, including the growing preference for self-care monitoring devices, the focus on preventive treatment, and the rise in Internet penetration.
This report extensively covers market segmentation by product (blood pressure monitoring devices, pulse oximeters monitoring devices, and body temperature monitoring devices), end-user (hospitals, home healthcare, physicians' offices, ambulatory centers, and emergency care centers), and geography (North America, Europe, Asia, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global vital signs monitoring devices market as a part of the global healthcare equipment market. The parent, global healthcare equipment market covers products and companies engaged in R&D of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing preference for self-care monitoring devices is notably driving the market growth, although factors such as intense competition among vendors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Vital Signs Monitoring Devices Market Driver
The growing preference for self-care monitoring devices is notably driving market growth. With the help of heart rate devices, people can get real-time information that allows them to monitor their heart rate more accurately. These devices track fitness levels and sleep patterns. This helps to modify the exercise program accordingly without consulting healthcare providers, which in turn saves healthcare costs. These devices provide easy and less time-consuming heart rate monitoring.
Focus on quality care and disease management will lead to increased adoption of wearable, self-care, and heart rate devices during the forecast period, especially in developed countries. Demand for multi-parameter self-care devices is also increasing. Multiparameter patient monitors can measure the vital signs of more than one patient. These devices consist of a core monitor box with slots for mounting separate units or modules to read various parameters and readings. Such factors will drive the growth of the market during the forecast period.
Significant Vital Signs Monitoring Devices Market Trend
Increasing growth opportunities in emerging economies is an emerging trend in the market. As the number of chronic diseases in developing countries is increasing, vendors are focusing on expanding their business in products for the diagnosis and treatment of chronic diseases such as cardiovascular disease, obesity, sleep apnea, and hypertension.
Additionally, the expansion of R&D and production facilities improves the existing product portfolio of the suppliers and helps bring new products to the market, which increases the growth opportunities of the suppliers in this market. The provision of affordable surgeries and improved health infrastructure are also among the factors that encourage people from other countries to travel to these areas for treatment. This further led vendors to focus on these areas to increase market share. Developing regions also have better economic growth, favorable government initiatives, and better health infrastructure. Therefore, the huge growth potential of emerging economies is likely to influence the growth of the market during the forecast period.
Major Vital Signs Monitoring Devices Market Challenge
Intense competition among vendors is a major challenge impeding market growth. Competition among vendors in the market is largely based on product design and production costs. The competition among vendors for prices is fierce, which has resulted in low margins of profit. Local vendors offer products at low costs compared to global players, allowing customers to choose from a wide range of products.
In addition, customers in developing countries have little awareness of new products and also have low purchasing power. They prefer local vendors because of better after-sales support, which forces MNCs to lower the prices of their products, leading to price wars. Small competitors, however, are surpassing the technological capabilities of leading companies by introducing FDA-approved products. In addition, there are fake products from the world's leading brands on the market, which negatively affects the brand image of sellers. These factors will adversely affect the global market during the forecast period.
Key Vital Signs Monitoring Devices Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Vital Signs Monitoring Devices Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Contec Medical Systems Co. Ltd. - The company operates under one segment. The company under this segment offers various products such as pulse oximeters, sphygmomanometers, ultrasound equipment, patient monitors, image equipment, and other medical products. The key offerings of the company include vital signs monitoring devices.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the blood pressure monitoring devices segment will be significant during the forecast period. The adoption of blood pressure monitoring devices is increasing due to the growing geriatric population base and increasing risk of lifestyle-associated disorders among a wide population base due to rising incidences of obesity and sedentary lifestyle.
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The blood pressure monitoring devices segment was valued at USD 2.84 billion in 2017 and continued to grow until 2021. Blood pressure monitoring devices were vital even before the COVID-19 pandemic, and it is even more important to keep blood pressure under control. Additionally, advancements in technology, such as mobile-based blood pressure monitoring devices and digital sphygmomanometers, are anticipated to drive the demand for blood pressure monitoring devices during the forecast period. Improvements in devices for measuring blood pressure, such as wearable and portable devices and mobiles, are gaining popularity owing to associated benefits such as the wireless transmission of patient information and easy handling. New technologies such as mHealth, which supports treatment and medication compliance for patients in chronic disease management, are likely to fuel the growth of the healthcare industry. It helps in tracking the patient health information, medication schedule, and follow-up for the treatment. Hence, such factors are expected to fuel the growth of the segment during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The rapid growth of the market in North America is attributed to the increasing number of product approvals, the presence of favorable reimbursement policies in countries such as the US, the presence of guidelines that recommend the use of vital signs monitoring devices, and the high prevalence of CHD. Additionally, the growing elderly population and requisite healthcare facilities are expected to increase the customer base for heart rate monitors during the forecast period.
Furthermore, technological advancements in heart rate monitoring devices are rising, which offer customers with better analysis of their health. For instance, connecting wearable heart rate monitoring devices to smartphones provide health tracking information of many patients available 24/7 for the entire year, which helps healthcare professionals to offer better health analysis and treatment. This will help drive the market growth during the forecast period.
Moreover, many established companies, such as Fitbit have a presence in the US, hence, the availability of the product is high. Moreover, the regulatory approval of advanced products also drives the growth of the vital signs monitoring devices market in North America. Vendors are obtaining approvals from regulatory authorities, such as the US FDA, to launch products. Such developments are expected to fuel the growth of the regional vital signs monitoring devices market during the forecast period.
In 2020, with the outbreak of COVID-19, the regional vital signs monitoring devices market registered low growth. However, in 2021, with the gradual decrease in COVID-19 cases, lockdowns were lifted, leading to the resumption of non-essential services in hospitals, health clinics, and manufacturing units. This will fuel the demand for vital signs monitoring devices and drive the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Blood pressure monitoring devices, Pulse oximeters monitoring devices, and Body temperature monitoring devices), End-user (Hospitals, Home Healthcare, Physicians' offices, Ambulatory centers, and Emergency care centers), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
Vital Signs Monitoring Devices Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.13% |
Market growth 2023-2027 |
USD 4.79 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.89 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
A and D Co. Ltd., Anelto Inc., Apple Inc., Biobeat Ltd., Contec Medical Systems Co. Ltd., General Electric Co., Hill Rom Holdings Inc., iRhythm Technologies Inc., Konica Minolta Inc., Koninklijke Philips NV, Masimo Corp., Medtronic Plc, Nihon Kohden Corp., Nonin Medical Inc., OMRON Corp, Samsung Electronics Co. Ltd., Shenzhen Mindray BioMedical Electronics, Smiths Group Plc, Spacelabs Healthcare Inc., and SunTech Medical Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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