The global vital signs monitoring devices market size is anticipated to reach USD 9.1 billion by 2026, according to the new report of Grand View Research, Inc., expanding at CAGR of 8.7% over the forecast period. Growing prevalence of lifestyle associated chronic conditions, and rising demand for advanced monitoring devices in developing countries such as China, India, Thailand, and Brazil are some of the major factors driving the market growth. Availability of monitoring systems at competitive prices and increasing disposal income is expected to fuel the market growth during the forecast period.
Introduction of advanced, integrated vital signs monitoring solutions and growing trends of usage of these devices in home healthcare settings as well as all time wearable devices for chronic patients are some of the factors expected to drive the market during the forecast period.
Blood pressure monitors is the largest segment in the vital sign’s devices market due to the increasing incidence of hypertension and increasing demand for blood pressure monitors designed for personal use. The dynamics of blood pressure monitoring has witnessed drastic changes in the recent past. Compatible, affordable, easy to use blood pressure monitoring devices are rapidly replacing conventional devices.
Hospitals segment dominated the market in 2018 due to the factors such as huge patient pool, financing capability, and requirement of vital signs monitors in bulk. Lack of skilled professional and demand for advanced methods for continuous and accurate patient monitoring solutions are expected to drive the segment growth. Availability of integrated devices and patient monitoring suits specially designed for operating rooms are the factors expected to fuel the market in developed as well as developing countries.
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Further key findings from the report suggest:
- By product, blood pressure monitors held largest market share in 2018 and expected to grow at a lucrative CAGR of over 8.0% from 2019 to 2026
- Based on end users, hospital segment dominated the market in 2018. The segment is expected to continue its dominance throughout the forecast period owing to high preference of advanced devices.
- North America dominated the global vital sign monitoring devices market share in 2018. Availability of major market players and high adoption rates for advanced technology are the factors which can be attributable to high segment share.
- The industry is highly competitive with players including Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, GE Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., and SunTech Medical, Inc.
- Various manufactures are focusing on new product launches, technological innovations, collaboration, regional expansion as major strategic initiatives
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Grand View Research has segmented the vital signs monitoring devices market on the basis of product, end-user, and regions:
Product Outlook (Revenue, USD Million; 2015–2026)
- Blood Pressure Monitors
- Mercury Blood Pressure Monitors
- Aneroid Blood Pressure Monitors
- Digital Blood Pressure Monitors
- Ambulatory Blood Pressure Monitors
- Blood Pressure Instrument Accessories
- Pulse Oximeters
- Table-Top/Bedside Pulse Oximeters
- Fingertip Pulse Oximeters
- Hand-Held Pulse Oximeters
- Wrist-Worn Pulse Oximeters
- Pediatric Pulse Oximeters
- Pulse Oximeter Accessories
- Temperature Monitoring Devices
- Mercury Filled Thermometers
- Digital Thermometers
- Infrared Thermometers
- Liquid Crystal Thermometer
- Temperature Monitoring Device Accessories
- Other Vital Sign Monitors
End-Use Outlook (Revenue, USD Million, 2015–2026)
- Hospitals
- Physician’s Office
- Home Healthcare
- Ambulatory Centers
- Emergency Care Centers
- Other Healthcare Settings
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