Vital Sign Monitoring Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Vital Sign Monitors by Product Type (Standalone Monitoring Devices [Blood Pressure Monitoring Devices {Mercury Blood Pressure Monitors, Aneroid Blood Pressure Monitors, Automated Blood Pressure Monitors, and Others}, Pulse Oximeters {Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Bench Top Pulse Oximeters, and Wearable Pulse Oximeters}, Temperature Monitoring Devices {Digital Thermometers, Infrared Thermometers, and Others}, Others] and Combined Monitoring Devices), By End-User (Hospitals, Clinics, Home Care Settings, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the increase in prevalence of chronic diseases, increasing health consciousness and the popularity of fitness tracking, and increased in product developmental activities across the globe.

The global vital sign monitors market was valued at USD 7.59 billion in 2023, growing at a CAGR of 7.94% during the forecast period from 2024 to 2030, to reach USD 11.97 billion by 2030. The rising prevalence of chronic conditions like hypertension, diabetes, respiratory, and cardiovascular diseases is driving the demand for vital sign monitors. Additionally, this demand is bolstered by a global shift towards health-conscious behavior, with more consumers using wearable fitness devices to track vital signs daily. The integration of these monitoring capabilities into popular devices, along with advancements in product development, and the push towards digital health and telemedicine, especially post-COVID-19 are accelerating the adoption of vital sign monitors. As a result, the market is poised for rapid growth from 2024 to 2030.

Vital Sign Monitors Market Dynamics:

According to a recent data provided by British Heart Foundation (2024), globally, approximately 620 million people, or about 1 in 13 individuals, live with heart and circulatory diseases. Additionally, as per the same source, the prevalence of heart and circulatory diseases was 100 million in Europe and 340 million in Asia and Australia in 2021. Furthermore, as per the recent data provided by the British Heart Foundation (2024), coronary (ischemic) heart disease, the most commonly diagnosed worldwide, affected an estimated 200 million people globally. Cardiovascular conditions, such as coronary artery disease, heart failure, arrhythmias, and hypertension, require vigilant monitoring of vital signs like heart rate, blood pressure, and oxygen saturation to manage the disease effectively and prevent acute events like heart attacks or strokes. Vital sign monitors enable patients and healthcare providers to track these key indicators in real-time, allowing for early detection of abnormalities and timely interventions. Thus, the growing prevalence of chronic disorders such as cardiac disease, boost the market of vital sign monitors.

Furthermore, as per the International Diabetes Federation (2024), in 2021, globally, approximately, 537 million adults (1 in 10) were living with diabetes. This number was expected rise to 643 million by 2030 and 783 million by 2045. Diabetes management requires regular monitoring of blood glucose levels, but it also involves closely tracking other vital signs such as blood pressure, heart rate, and oxygen saturation, as people with diabetes are at higher risk for cardiovascular complications, hypertension, and other related health issues. Vital sign monitors, particularly those integrated with glucose monitoring capabilities, enable patients to maintain a comprehensive view of their overall health. This continuous monitoring is crucial for preventing complications such as diabetic neuropathy, retinopathy, and cardiovascular events, which are common among diabetic patients.

Additionally, companies are amplifying their production of vital sign monitors and launching the new products, thereby strategically expanding their market presence and driving further growth. For instance, in April, 2024, GE HealthCare announced that it had received 510(k) clearance from the FDA for its Portrait VSM vital signs monitor. The device, is an evolution of the DINAMAP legacy, used the SuperSTAT non-invasive blood pressure algorithm for precise readings.

Thus, the factors mentioned above are likely to boost the market of vital sign monitors during the forecasted period.

However, data and privacy concerns for wireless vital sign monitors and accuracy concerns of readings due to poor circulation, skin pigmentation, thickness, and temperature may hinder the future market of vital sign monitors.

Vital Sign Monitors Market Segment Analysis:

Vital Sign Monitors by Product Type (Standalone Monitoring Devices [Blood Pressure Monitoring Devices {Mercury Blood Pressure Monitors, Aneroid Blood Pressure Monitors, Automated Blood Pressure Monitors, and Others}, Pulse Oximeters {Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Bench Top Pulse Oximeters, and Wearable Pulse Oximeters}, Temperature Monitoring Devices {Digital Thermometers, Infrared Thermometers, and Others}, Others] and Combined Monitoring Devices), By End-User (Hospitals, Clinics, Home Care Settings, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the vital sign monitors product segment, the pulse oximeters which are further sub-categorized into fingertip pulse oximeter are expected to hold a significant market share in 2023. Fingertip pulse oximeters are significantly boosting the overall market for vital sign monitors through their convenience, accessibility, and increasing integration with advanced technology. As non-invasive devices that measure blood oxygen saturation and pulse rate, fingertip pulse oximeters have gained immense popularity, particularly during the COVID-19 pandemic, when there was a heightened demand for remote monitoring solutions. The ease of use and portability of fingertip pulse oximeters make them ideal for both clinical settings and home healthcare, facilitating continuous monitoring and enhancing patient engagement. Innovations in technology, such as wireless connectivity and integration with mobile applications, have further propelled their adoption, allowing patients and healthcare providers to track vital signs in real-time.

In addition, new product launches are also likely to upsurge the global fingertip pulse oximeter market during the forecasted period. For instance, in February 2024, Masimo announced FDA clearance of MightySat(R) Medical, making it the first and only FDA-cleared medical fingertip pulse oximeter available Over-The-Counter (OTC) direct to consumers without a prescription.

Hence, all the above-mentioned factors are expected to generate considerable revenue of the segment pushing the overall growth of the global vital sign monitors market during the forecast period.

North America is expected to dominate the overall vital sign monitors market:

North America is expected to account for the highest proportion of the vital sign monitors market in 2023, out of all regions. This domination is due to the growing demand for advanced technologies in remote patient monitoring devices or vital sign monitors. Additionally, the increasing chronic disease in the region such as cardiovascular disorders and respiratory diseases, increased R&D funding, favorable reimbursement for these devices, and the presence of an advanced healthcare system are also the fueling factors for the vital sign monitors market in the region.

According to the recent data and stats provided by American Lung Association (2024), more than 34 million people living in the U.S. lived with a chronic lung disease like asthma and COPD. Both COPD and asthma require regular tracking of vital signs such as oxygen saturation, heart rate, and respiratory rate to manage symptoms, prevent exacerbations, and avoid hospitalizations. The growing prevalence of these respiratory diseases, along with the emphasis on home-based care and telehealth solutions, drives demand for portable, user-friendly vital sign monitors thereby escalating the market across the region.

According to recent data from the Centers for Disease Control and Prevention (2024), in 2022, approximately 4.9% of adults were diagnosed with coronary heart disease in the United States. Furthermore, by 2023, an estimated 12.1 million individuals in the United States were projected to have atrial fibrillation. Cardiac disease boosts the market for vital sign monitors by creating a high demand for continuous tracking of heart-related metrics, such as heart rate, blood pressure, and oxygen levels. Patients with conditions like heart failure, arrhythmias, and hypertension need regular monitoring to manage their health and detect potential complications early thereby escalating the market across the region.

In addition, new product launches are also likely to upsurge the vital sign monitor market across the region during the forecasted period. For instance, in July 2022, Mindray announced the launch of its VS9 vital signs monitor, featuring a 10.1" touchscreen display. The VS9, designed for both spot check and continuous monitoring, provided tools to support clinical decisions and streamline workflows. Therefore, the above-mentioned factors are expected to bolster the growth of the vital sign monitors market in the North America during the forecast period.

Vital Sign Monitors Market Key Players:

Some of the key market players operating in the Vital Sign Monitors market include Masimo, Koninklijke Philips N.V., NIHON KOHDEN CORPORATION., Nonin Medical, Omron, ACCOSON, Advin Health Care, Lepu Medical Technology, TytoCare Ltd., VYAIRE, SCHILLER, SunTech Medical, Inc., Welch Allyn Inc., Medtronic PLC, GENERAL ELECTRIC COMPANY, Contec Medical Systems Limited, Biobeat, Honsun, Rudolf Riester GmbH, Promed Technology, and others.

Recent Developmental Activities in the Vital Sign Monitors Market:

• In June 2024, Aktiia, received regulatory approval for the world's first optical blood pressure system CALFREE(TM) which can be used without the need for calibration with a regular cuff.
• In March 2022, Nonin Medical, Inc. launched two new disposable products - a single-use wristband and a sensor for use with Nonin's WristOx2 3150, a wrist-worn pulse oximeter (SpO2).
• In June 2021, DetelPro launched the Oxy10 pulse oximeter. This compact device has an LED display which can easily be attached to the fingertip, providing readings for oxygen saturation and pulse rate.

Key Takeaways From the Vital Sign Monitors Market Report Study:

• Market size analysis for current vital sign monitors size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the vital sign monitors market.
• Various opportunities available for the other competitors in the vital sign monitors market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current vital sign monitors market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for vital sign monitors market growth in the coming future?

Target Audience who can be Benefited From This Vital Sign Monitors Market Report Study:

• Vital sign monitors product providers
• Research organizations and consulting companies
• Vital sign monitors -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in vital sign monitors
• Various end-users who want to know more about the vital sign monitors market and the latest technological developments in the vital sign monitors market.

Frequently Asked Questions for the Vital Sign Monitors Market:

1. What are vital sign monitors?

• Vital signs monitor are the devices that measure the basic medical indicators of health such as temperature, pulse, breathing, and blood pressure. Most of these monitors can store and record thousands of pieces of information.

2. What is the market for vital sign monitors?

• The global vital sign monitors market was valued at USD 7.59 billion in 2023, growing at a CAGR of 7.94% during the forecast period from 2024 to 2030, to reach USD 11.97 billion by 2030.

3. What are the drivers for the vital sign monitors market?

• The rising prevalence of chronic conditions like hypertension, diabetes, respiratory, and cardiovascular diseases is driving the demand for vital sign monitors, essential for continuous and accurate health monitoring. This demand is bolstered by a global shift towards health-conscious behaviours, with more consumers using wearable fitness devices to track vital signs daily. The integration of these monitoring capabilities into popular devices, along with advancements in product development, and the push towards digital health and telemedicine, especially post-COVID-19, are accelerating the adoption of vital sign monitors. As a result, the market is poised for rapid growth from 2024 to 2030.

4. Who are the key players operating in the vital sign monitors market?

• Some of the key market players operating in the Vital Sign Monitors market include Masimo, Koninklijke Philips N.V., NIHON KOHDEN CORPORATION., Nonin Medical, Omron, ACCOSON, Advin Health Care, Lepu Medical Technology, TytoCare Ltd., VYAIRE, SCHILLER, SunTech Medical, Inc., Welch Allyn Inc., Medtronic PLC, GENERAL ELECTRIC COMPANY, Contec Medical Systems Limited, Biobeat, Honsun, Rudolf Riester GmbH, Promed Technology, and others.

5. Which region has the highest share in the vital sign monitors market?

• North America is expected to account for the highest proportion of the vital sign monitors market in 2023, out of all regions. This domination is due to the growing demand for advanced technologies in remote patient monitoring devices or vital sign monitors, the increasing chronic disease in the region, and others that are driving the regional growth. Moreover, the rising prevalence of respiratory diseases, increased R&D funding, favourable reimbursement for these devices, and the presence of an advanced healthcare system are also the fueling factors for the vital sign monitors market in the region.