Enjoy complimentary customisation on priority with our Enterprise License!
The vital signs monitoring devices market size is forecast to increase by USD 4.79 billion, at a CAGR of 9.13% between 2022 and 2027. Market growth hinges on multiple factors such as a surge in self-care monitoring devices' popularity, increased emphasis on preventive treatments, and expanding Internet access. Consumers increasingly opt for self-care gadgets to track health metrics, fostering a shift toward proactive healthcare measures. Preventive treatments gain traction as people prioritize early intervention and wellness maintenance. Concurrently, rising Internet penetration democratizes access to health information and telemedicine services, empowering individuals to manage health remotely. This convergence of trends fuels market expansion, with technology bridging gaps in healthcare delivery and encouraging a proactive approach to personal well-being.
To learn more about this report, Download Report Sample
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.
The market is driven by the increasing prevalence of chronic disorders like Cardiovascular Diseases (CVDs), cancer, and diabetes, prompting a greater need for continuous health monitoring. Technological advancements in pulse oximeters and temperature monitoring devices have enhanced Vital sign monitoring, aiding in early CVD detection and proactive management of chronic diseases. However, challenges persist in ensuring widespread adoption among geriatric patients and addressing medical tourism complexities. The market trend leans towards wearable monitoring devices and wireless technologies, yet regulatory compliance and medical insurance coverage remain key hurdles. 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.
The growing preference for self-care monitoring devices is notably driving the market. 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 market during the forecast period.
Increasing growth opportunities in emerging economies is an emerging trend in the market. As the number of chronic diseases in developing countries is increasing, companies 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 companies 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 market during the forecast period.
Intense competition among companies is a major challenge impeding market growth. Competition among companies in the market is largely based on product design and production costs. The competition among companies for prices is fierce, which has resulted in low margins of profit. Local companies 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 companies 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.
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.
Market Customer Landscape
companies 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 companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is rapidly evolving, driven by the increasing prevalence of Non-Communicable Diseases (NCDs), especially among geriatric patients and those with lifestyle-associated chronic disorders. Healthcare providers worldwide are leveraging technologies like IoT (Internet of Things) and sophisticated Vital sign monitoring devices to monitor patients' current health status continuously. These devices play a pivotal role in diagnostic and preventive procedures, aiding in the early detection of critical conditions such as heart attacks, strokes, and facilitating efficient CVD detection. Moreover, they are crucial in anesthesia administration, ensuring patient safety during surgical procedures in operation theaters and Ambulatory Surgical Centers.The integration of Electronic Medical Records (EMR) and advanced Software platforms in clinics and hospitals has streamlined data management and enhanced patient care. Additionally, the availability of Vital Signs Monitoring solutions in emergency rooms, outpatient clinics, and Nursing and assisted living homes has significantly improved healthcare delivery.
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.
Get a glance at the market contribution of various segments Request a PDF Sample
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 segment during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
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 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 market in North America. companies 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 market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market is experiencing remarkable growth, propelled by the increasing demand for home healthcare services and the rising prevalence of chronic disorders like blood pressure (BP), Cardiovascular Diseases (CVDs), cancer, and diabetes. This surge is further fueled by advancements in wearable monitoring devices and digital thermometers, enabling continuous monitoring of patients' health parameters. The market also benefits from the growing adoption of wearable health technologies in sports and fitness-related industries.
Additionally, factors such as the aging population, rising medical tourism, and the availability of medical insurance policies contribute significantly to market expansion. The integration of Wireless and remote devices with healthcare Information Technology (HIT) systems, including Electronic Healthcare Records (EHR) and Personal Healthcare Records (PHR), enhances patient care and management. Moreover, the emergence of IoT-enabled consumer health wearables and platforms like VitalOn enables remote patient monitoring (RPM), ensuring timely intervention and improved healthcare outcomes. As ambulatory services and same-day surgical care gain traction, the market continues to witness robust growth, driven by a paradigm shift towards personalized and data-driven healthcare solutions.
Moreover, the market is rapidly evolving, driven by the increasing prevalence of Non-Communicable Diseases (NCDs), especially among geriatric patients and those with lifestyle-associated chronic disorders. Healthcare providers worldwide are leveraging technologies like IoT (Internet of Things) and sophisticated Vital sign monitoring devices to monitor patients' current health status continuously.These devices play a pivotal role in diagnostic and preventive procedures, aiding in the early detection of critical conditions such as heart attacks, strokes, and facilitating efficient CVD detection. Moreover, they are crucial in anesthesia administration, ensuring patient safety during surgical procedures in operation theaters and Ambulatory Surgical Centers.
Furthermore, the integration of Electronic Medical Records (EMR) and advanced Software platforms in clinics and hospitals has streamlined data management and enhanced patient care. Additionally, the availability of Vital Signs Monitoring solutions in emergency rooms, outpatient clinics, and Nursing and assisted living homes has significantly improved healthcare delivery. The market landscape depends on Global Health Observatory, Deaths, Heart attack, Stroke, Ailing or injured person, Disease possibility, Physician. With a growing patient pool and evolving healthcare sector, there's a strong focus on reimbursement infrastructure and regulatory compliance from ruling authorities to ensure widespread adoption and affordability of these vital technologies. Furthermore, the integration of wearable devices like headsets, headbands, and sports shirts has enabled convenient Vital Signs Monitoring, especially for monitoring brainwaves and neurological conditions.
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 companies, Market Positioning of companies, 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 research and growth, Market forecasting, market growth 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.