Reports And Data
vital signs monitoring market size was USD 5.35 billion in 2022 and is expected to reach USD 9.84 billion in 2032, and register a revenue CAGR of 7%
— Reports and Data
NEW YORK, NY, UNITED STATES, April 25, 2023 /EINPresswire.com/ -- The global Vital Signs Monitoring Market had a size of USD 5.35 billion in 2022 and is expected to reach USD 9.84 billion in 2032, with a projected revenue CAGR of 7% during the forecast period. The rising incidence of chronic diseases, aging population, and increased need for remote patient monitoring systems are among the major factors driving the market's revenue growth.
Monitoring vital signs, such as blood pressure, heart rate, respiration rate, and temperature, is crucial in providing medical care. These variables are significant predictors of a person's general health, and continuous monitoring of these factors can help medical practitioners make informed decisions regarding a patient's care.
The need for vital signs monitoring systems has increased due to the rising prevalence of chronic diseases, such as diabetes, cardiovascular disease, and respiratory disease. With the aging population, individuals become more vulnerable to chronic illnesses, making frequent monitoring of their vital signs necessary. Moreover, the use of vital sign monitoring equipment is gaining popularity in home healthcare settings, enabling patients to keep track of their vital signs and reducing the need for frequent doctor visits. The pandemic has further highlighted the importance of remote patient monitoring technologies, such as wearable devices, as patients opt for remote monitoring systems to check their vital signs from the comfort of their homes.
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The market's revenue growth is also fueled by the development of technologically advanced vital sign monitoring equipment. Manufacturers are creating more precise, user-friendly, and internet-connected gadgets, enabling healthcare practitioners to receive real-time vital sign data. The incorporation of Artificial Intelligence (AI) and machine learning algorithms into vital sign monitoring devices is also expected to increase the accuracy of vital sign measures and enable the early identification of health disorders.
Segments Covered in the Report
The global vital signs monitoring market is segmented by product type into blood pressure monitors, pulse oximeters, temperature monitoring equipment, and other vital sign monitoring devices. Blood pressure monitors and pulse oximeters are the most commonly used devices for monitoring vital signs. Blood pressure monitors are used to measure the pressure of blood flowing through the arteries, while pulse oximeters are used to measure blood oxygen saturation levels.
Temperature monitoring equipment is another type of vital sign monitoring device, which is used to measure body temperature. This device is commonly used in hospitals and clinics to monitor the temperature of patients, especially those who are critically ill. Other vital sign monitoring devices include devices for measuring respiratory rate, electrocardiography (ECG) devices, and devices for monitoring blood glucose levels.
Based on end-use, the global vital signs monitoring market is segmented into hospitals and clinics, home care settings, and others. Hospitals and clinics are the largest end-users of vital sign monitoring equipment due to the high demand for vital sign monitoring in these settings. Vital signs monitoring equipment is used in intensive care units (ICUs), emergency departments, and general wards in hospitals and clinics.
Home care settings are emerging as a key market for vital signs monitoring equipment due to the increasing adoption of remote patient monitoring systems. Home-based vital sign monitoring systems allow patients to keep track of their vital signs at home, reducing the need for frequent hospital visits. These devices are also becoming popular among the elderly population, who prefer to monitor their vital signs in the comfort of their homes.
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The "Other" segment includes ambulatory surgical centers, rehabilitation centers, and long-term care centers. Ambulatory surgical centers are becoming an important end-user of vital sign monitoring equipment, especially for procedures that require conscious sedation or general anesthesia. Rehabilitation centers and long-term care centers are also using vital sign monitoring devices to monitor the health of their patients.
Strategic development:
In 2021, Philips introduced a new wearable device called Biosensor BX100 that continuously monitors respiratory rate, heart rate, and movement. The device is intended for use in hospitals, particularly for COVID-19 patients, and can be integrated into existing patient monitoring systems.
Also in 2021, Masimo Corporation acquired the connected care business from St. George’s University Hospitals NHS Foundation Trust, which includes a variety of patient monitoring and clinical decision support tools. The acquisition is expected to strengthen Masimo's position in the vital signs monitoring market.
Medtronic announced a strategic partnership with Viz.ai in 2020, a leading provider of artificial intelligence software for stroke care. The partnership aims to integrate Viz.ai's software with Medtronic's vital signs monitoring systems to provide better patient outcomes for stroke patients.
In 2020, GE Healthcare introduced a new vital signs monitor named CARESCAPE ONE, a portable, all-in-one device that provides continuous monitoring of ECG, blood pressure, and oxygen saturation. The device is designed for use in hospitals, particularly for critical care patients.
Nihon Kohden Corporation also announced a strategic partnership with Optellent in 2020, a top provider of medical device connectivity solutions. The partnership aims to integrate Optellent's software with Nihon Kohden's vital signs monitoring systems to provide better patient outcomes and improved operational efficiencies.
GE Healthcare launched another patient monitoring system in 2021 called CARESCAPE R860, designed for use in intensive care units. The system provides continuous monitoring of vital signs, including respiratory rate, oxygen saturation, and blood pressure. It also features advanced ventilation capabilities and is compatible with other GE Healthcare products.
Philips introduced another patient monitoring system in 2021, called IntelliVue X3, designed for use in emergency and critical care settings. The system provides continuous monitoring of vital signs, including ECG, blood pressure, and oxygen saturation. It also includes a touchscreen display and is compatible with other Philips products.
Competitive Landscape:
The global vital signs monitoring market is highly competitive and is dominated by several large and medium-sized players, which account for a significant portion of market revenue. In order to maintain their market position, these players are focusing on developing innovative products and entering into strategic agreements and partnerships.
Some of the major companies operating in the global vital signs monitoring market include General Electric Company, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Omron Healthcare, Inc., Smiths Medical, Spacelabs Healthcare, Welch Allyn, Inc., and Nonin Medical, Inc.
General Electric Company offers a wide range of vital signs monitoring systems for use in both hospital and home care settings. Koninklijke Philips N.V. is a major player in the global vital signs monitoring market and offers innovative products for use in hospitals and clinics. Masimo Corporation is another major player in the market and offers advanced monitoring systems for use in critical care and anesthesia settings.
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Medtronic plc is a leading provider of vital signs monitoring systems for use in the management of chronic diseases, while Nihon Kohden Corporation offers a wide range of vital signs monitors for use in hospitals and clinics. Omron Healthcare, Inc. specializes in the development of blood pressure monitors for use in home care settings.
Smiths Medical and Welch Allyn, Inc. offer a wide range of vital signs monitoring systems for use in both hospital and home care settings, while Spacelabs Healthcare and Nonin Medical, Inc. specialize in the development of advanced monitoring systems for use in critical care and anesthesia settings. Overall, the global vital signs monitoring market is highly competitive, with major players focused on developing innovative products and entering into strategic agreements and partnerships to maintain their market position.
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