Vital Parameter Monitoring Devices And Equipment Global Market Report 2024

The vital parameter monitoring devices and equipment market size has grown strongly in recent years. It will grow from $7.33 billion in 2023 to $7.95 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to several factors, including an aging population, the prevalence of chronic diseases, increased patient empowerment, and the ongoing digitization of healthcare. These factors have collectively driven the demand for vital parameter monitoring devices and equipment to help manage and monitor the health of individuals.

The vital parameter monitoring devices and equipment market size is expected to see strong growth in the next few years. It will grow to $10.51 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to various factors, including the increasing adoption of remote patient monitoring, the rise of personalized medicine, a focus on preventive healthcare, and the shift towards value-based healthcare models. These trends are driving the demand for vital parameter monitoring devices and equipment. Additionally, there is a growing interest in wearable technology, the integration of artificial intelligence (AI) and machine learning in healthcare, the expansion of telemonitoring capabilities, and the integration of smart home technologies to enhance patient care and monitoring.

The growth of the market for vital parameter monitoring devices and equipment is being significantly driven by the increasing geriatric population. This demographic shift refers to the proportion of people aged 65 and older compared to those in the working-age group (between 18 and 64). The global increase in the elderly population necessitates ongoing monitoring of vital signs, which in turn fuels the demand for monitoring devices and equipment. Notably, the World Health Organization (WHO) reported in October 2022 that one in six individuals is expected to be 60 or older by 2030 worldwide, and by 2050, the global population of individuals aged 60 or older will reach 2.1 billion. This includes a substantial increase in the number of people aged 80 or older, projected to grow by 426 million from 2020 to 2050, compared to the current population. Consequently, the expanding geriatric population is a key driver of the vital parameter monitoring devices and equipment market.

The primary product categories of vital parameter monitoring devices and equipment include blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Blood pressure monitoring devices come in various types, including aneroid BP monitors, digital BP monitors, ambulatory BP monitors, and accessories for blood pressure instruments. Pulse oximeters are available as table-top/bedside pulse oximeters, fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. Temperature monitoring devices encompass digital thermometers, infrared thermometers, and temperature strips. These devices find application in hospitals, clinics, ambulatory surgery centers, as well as home care settings.

The vital parameter monitoring devices and equipment market research report is one of a series of new reports that provides vital parameter monitoring devices and equipment market statistics, including vital parameter monitoring devices and equipment industry global market size, regional shares, competitors with a vital parameter monitoring devices and equipment market share, detailed vital parameter monitoring devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the vital parameter monitoring devices and equipment industry. This vital parameter monitoring devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rising prevalence of chronic diseases is poised to further stimulate the growth of the vital parameter monitoring devices and equipment market. Chronic diseases, also known as non-communicable diseases (NCDs), are characterized by their prolonged duration and slow progression. Conditions such as cardiovascular diseases, diabetes, and respiratory disorders are becoming increasingly common, necessitating continuous monitoring of vital signs to effectively manage these health issues. As an illustration, a report from the Lancet in June 2022 revealed that the estimated global number of individuals with diabetes in 2021 reached 529 million, with a 61% age-standardized total diabetes prevalence. The prevalence of diabetes is notably high in regions like Oceania (12%) and North Africa and the Middle East (9%). Moreover, diabetes prevalence can be quite substantial among specific age groups; for instance, Qatar saw the highest national prevalence of diabetes among individuals aged 75 to 79, at 761%. As a result, the increasing incidence of chronic diseases is a significant driving force behind the vital parameter monitoring devices and equipment market.

The market faces challenges due to security concerns related to wireless vital parameter monitoring devices. While medical devices with wireless connectivity, remote monitoring capabilities, and near-field communication provide healthcare professionals with the convenience of monitoring vital parameters like electrocardiograms (ECGs), blood pressure (BP), and temperature from remote locations, they also pose potential cybersecurity risks. These devices are connected to extensive networks via the Internet of Things (IoT), which could serve as entry points for hackers to launch ransomware attacks on large hospital networks, holding crucial hospital systems hostage or compromising sensitive medical records. Data obtained through such attacks can be exploited for fraudulent activities, including tax evasion or identity theft, and could even be used to trace active prescriptions. According to Linchpinseo data from 2022, nearly four million connected devices monitor various aspects of the human body.

Vital parameter monitoring devices and equipment companies are increasingly investing in the research and development of wearable health devices (WHDs). WHDs are intelligent electronic devices worn by consumers to track health and fitness-related data. These devices enhance health monitoring, enabling early diagnosis and guidance from healthcare professionals. For example, Sotera Wireless has developed ViSi Mobile, a wearable device capable of monitoring vital parameters such as heart rate, respiration rate, oxygen saturation, pulse rate, and more. VitalTag, developed as part of the Department of Homeland Security Science and Technology Directorate program, can detect and monitor heart rate, blood oxygen levels, body temperature, and blood pressure. Additionally, Current Health has obtained FDA approval for an artificial intelligence-powered wearable device that monitors patients' vital signs both in the hospital and at home.

Major companies in the vital parameter monitoring devices and equipment market are focusing on introducing new products like ambulatory blood pressure monitoring tools to expand their customer base, increase sales, and drive revenue. Ambulatory Blood Pressure Monitoring (ABPM) is a diagnostic tool used to monitor a patient's blood pressure over an extended period, typically 24 hours or longer, while the patient goes about their daily activities. In June 2021, Israel-based medical equipment manufacturer Biobeat launched a cuffless continuous ABPM tool that allows patients to self-install the device at home. The monitor, worn on the patient's chest, records a range of cardiac health information throughout the day, including heart rate, mean arterial pressure, cardiac output, systemic vascular resistance, and diastolic and systolic blood pressure. Healthcare providers can access an online report through a web application, while patients can view the data via a connected smartphone app. This innovative approach enhances the monitoring and management of vital parameters.

Major companies operating in the vital parameter monitoring devices and equipment market include Hill-Rom Holdings Inc., Halma plc, Masimo Corporation, General Electric Company, Medtronic plc, Nihon Kohden Corporation, Koninklijke Philips N.V., A&D Company Limited, Contec Medical Systems Co. Ltd., Nonin Medical Inc., Omron Corporation, Smiths Group plc, Spacelabs Healthcare, CAS Medical Systems Inc., Dragerwerk AG & Co., Briggs Healthcare Corp., OSI Systems Inc., Mindray Medical International Limited, Caretaker Medical LLC, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Boston Scientific Corporation, Hicks Inc., Covidien plc, Bosch GmbH, Biotronik Inc., Intel Corporation, Health anywhere Inc, Johnson & Johnson, Schiller AG, Edwards Lifesciences, Nonin Medical Inc., Hill-Rom Holdings Inc., Midmark Corporation, Baxter International Inc., ICU Medical Inc.

Asia-Pacific was the largest region in the global vital parameter monitoring devices and equipment market in 2023. North America was the second-largest region in the vital parameter monitoring devices and equipment market share. The regions covered in the vital parameter monitoring devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the vital parameter monitoring devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The vital parameter monitoring devices and equipment market consist of sales of instruments such as blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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