More than $10 Billion Investment Opportunities in the Vital Signs Monitoring Market
CHICAGO, July 18, 2023 /PRNewswire/ -- According to Arizton's latest research report, the global vital signs monitoring devices market will grow at a CAGR of 8.36% during 2022-2028.
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The vital sign monitoring devices landscape has become more complex and competitive after the COVID-19 outbreak. Although the demand for vital monitors during the pre-pandemic phase was high, the emergence of the COVID-19 pandemic accelerated the adoption of vital signs monitoring devices worldwide. Also, the pandemic contributed to the surge in awareness of these devices, advances in product development, and an increase in the application rate for individual care management. The pandemic overwhelmed the healthcare infrastructure worldwide.
Recent advances in vital sign monitoring devices with the integration of Deep Learning (DL) and Machine Learning (ML) have strengthened the power of imaging techniques to remotely perform many tasks, which previously required physical intervention by medical professionals. Also, the launch of advanced wearable vital signs monitoring devices has positively influenced market growth. The unprecedented expansion of the aging population and the rise in the prevalence of associated chronic conditions have accelerated the demand for healthcare services in hospitals, ambulatory care centers, and other health establishments with a high disease burden. Thus, the rise in the preference for outpatient care settings and remote patient monitoring options has fueled the adoption of vital signs monitoring devices worldwide.
Vital Signs Monitoring Devices Market Report Scope
Report Attributes | Details |
Market Size (2028) | USD 33.36 Billion |
Market Size (2022) | USD 20.60 Billion |
CAGR (2022-2028) | 8.36 % |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Product Type, Patient Group, Application, End-users, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Countries Covered | The US, Canada, Germany, France, The UK, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, South Africa, and the UAE |
Market Dynamics | · Increasing Burden of Chronic Disorders · Available Integrated Vital Sign Monitoring Devices Offer More Benefits · Paradigm Shift Towards Outpatient Care · Increasing Patient Population and Shortage of Healthcare Workers |
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APAC Creating Huge Investment Opportunities in the Vital Sign Monitoring Devices Market
The APAC vital signs monitoring devices market will grow at a CAGR of 10.20% to reach $8.06 billion by 2028.
In APAC, several countries have been focusing on implementing telemedicine platforms in recent years with the shift in patient preference from hospital-based medical services to day-to-day healthcare services at home. The Asia-Pacific Economic Corporation (APEC) actively helps and promotes the use of telemedicine platforms in the region, which is expected to drive around 50% growth in telemedicine in the next 10 years. Japan and Korea have a huge foundation of medical information and are gradually supporting telemedicine platforms, accelerating the demand for remote patient monitoring and vital signs monitoring devices. The telemedicine collaboration network in China covers all prefecture cities across more than 1,800 counties.
Singapore is one of the emerging countries in the APAC vital signs monitoring market with significant development in healthcare settings and a substantially large potential patient population. The considerably large senior population in the country is expected to witness a two-fold growth by 2040. Thus, the Singapore health ministry, the government, and health authorities have undertaken initiatives to tackle health challenges and deliver better value in care. The shortage of healthcare workers is one of the challenging parts of healthcare delivery, which has accelerated the adoption of remote patient monitoring services where vital signs monitoring devices are commonly used. According to the Philips Future Health Index 2018, Singapore recorded the high-value score of the 16 countries researched in the Future Health Index. With the help of connected care technologies such as telehealth and remote patient monitoring, medical professionals in the country are improving access to care.
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Strategies Adopted by the Vendors in the Vital Signs Monitoring Market
Vendors with an international presence dominate the global vital signs monitoring devices market. Many international players are expected to expand their presence worldwide to gain market share during the forecast period, especially in the fast-developing countries across APAC and Latin America. Further, the increasing economic conditions of these countries would fuel market growth, making it an attractive option to launch new products. The market is witnessing intense competition since all the major players want to gain more market share. Therefore, all these factors make vendors need to differentiate their product offerings to survive the highly competitive market environment.
Some major and minor national and global level mergers and acquisitions, and partnerships are tremendously changing the market landscape. The market is highly competitive, and therefore, most vendors invest in strategic mergers and acquisitions to improve their market penetration and revenue generation. Also, such measures enable vendors to deliver new solutions in the market and enhance their existing product portfolio.
Key Company Profiles
- A&D Company
- Contec Medical Systems
- GE Healthcare
- Baxter
- ICU Medical
- Koninklijke Philips
- Masimo
- Medtronic
- NIHON KOHDEN
- Nonin
- OMRON
- OSI Systems
- 100-plus
- Arjo
- American Diagnostic
- Advanced Instrumentations
- Biofourmis
- Bittium
- BioIntelliSense
- Cardinal Health
- Compass Health Brands
- Drägerwerk AG & Co.
- Essence
- EDAN Instruments
- FUKUDA DENSHI
- Halma
- Infinium Medical
- Mennen Medical
- Microlife
- NURECA
- Oxitone
- Qardio
- Rossmax International
- Solaris Medical Technology
- Sunset Healthcare Solutions
- Turtle Shell Technologies Pvt. Ltd.
- Viatom Technology
- VitalConnect
- VivaLNK
- VYAIRE MEDICAL
- Cosinuss
- Better Life Medical Technology
- TaiDoc
- aXcent medical
- General Meditech
- Clarity Medical
- Hicks Thermometers India
- medical Econet
- Meditech
- Shenzhen Creative Industry
- Progetti
- GETEMED Medical and Information Technology
- Shenzhen Unicare Electronic
- Opto Circuits (India)
- Beijing Choice Electronic Technology
- Shenzhen Mindray Bio-Medical Electronics
- Remote Diagnostic Technologies
- Samtronic
- Charmcare
- AVI Healthcare
- Recorders & Medicare Systems
- Acare Technology
Market Segmentation
Product Type
- Standalone Vital Sign Monitors
- Heart Rate/ Cardiac Monitors
- Pulse Oximeter
- Blood Pressure Monitors
- Body Temprature Monitors
- Integrated Vital Sign Monitors
Patient Group
- Geriatric
- Pediatric
- Adults
Application
- Chronic Care
- Acute Care
End-users
- Hospitals
- Outpatient Care Settings
- Homecare Settings & Individuals
- Others
Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Italy
- Spain
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
- The UAE
Key Questions Answered in the Report:??
- How big is the global vital signs monitoring devices market?
- What is the growth rate of the vital signs monitoring devices market?
- What are the rising trends in the vital signs monitoring devices industry?
- Which region holds the most significant global vital signs monitoring devices market share?
- Who are the key players in the global vital signs monitoring devices market?
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