The Global Vital Signs Monitoring Devices Industry is poised to surge to a substantial valuation of US$ 16 billion by 2033, exhibiting a robust CAGR of 8% from 2023 to 2033, with an estimated market worth of US$7.4 billion in 2023.
The increasing adoption of vital signs monitoring devices by clinicians for monitoring hospitalized patients’ vital signs has garnered significant attention from market players. Additionally, manufacturers’ unwavering focus on the development of cutting-edge vital signs monitoring devices is expected to further fuel market expansion throughout the forecast period.
Furthermore, the escalating demand for portable and cost-effective devices presents a significant opportunity for global vital signs monitoring device manufacturers to introduce innovative products and expand their market footprint.
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The healthcare industry is at the front line of the coronavirus (COVID-19) pandemic. As epidemiological numbers continue to soar, the industry is running out of resources for treating the expanding patient pool. In a bid to ease off the burden, players such as Medtronic Plc. and Masimo Corporation are launching vital signs monitoring devices to treat patients remotely.
Key Takeaways of Global Vital Signs Monitoring Devices Industry Study
- Monitors, followed by temperature measurement devices, account for a larger value share in the Global Vital Signs Monitoring Devices Industry, owing to their increasing use in hospitals and other diagnosis centers for patient monitoring.
- Standalone vital signs monitoring devices hold a leading revenue share, owing to their availability and increasing installation rates in hospitals and other healthcare centers.
- Hospitals capture around 70% value share in the vital signs monitoring devices market, owing to high patient preference for diagnosis and treatment of different diseases in these settings.
- North America will continue to define stakeholders’ bottom lines in the Global Vital Signs Monitoring Devices Industry during the forecast period.
- Upsurge in government funding to increase the number of hospitals and improve quality of care is expected to drive the growth of the vital signs monitoring devices market in Asia.
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New Product Development and Launch – Imperative Strategy for Market Players
Market introduction of new innovative products as per patients’ needs is majorly responsible for intense competition among players in the Global Vital Signs Monitoring Devices Industry. Several companies are focusing on launching customizable vital signs monitoring devices to increase their product sales and expand market share.
For example, in December 2021, Nihon Kohden Corporation launched the life scope SVM-7200 series vital sign monitors – easy-to-use, portable monitors having customizable early warning functionality to help clinicians.
Global Vital Signs Monitoring Devices Industry Segmentation
By Product Type:
- Monitors (Low Utility Monitors, Mid Acuity Monitors, High Acuity Monitors)
- Temperature Measurement Devices (Liquid Filled Thermometers, Digital Thermometers, Infrared Thermometers)
- Blood Pressure Measurement Devices (Sphygmomanometers, Automated Blood Pressure Monitors)
- Standalone Pulse Oximeters
By Mount Type:
- Standalone
- Portable
By End-user:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Home Care Settings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa (MEA)
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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