Vital Signs Monitoring Devices Market to grow at an annual rate of 8.5% by 2030

 

Wearable Health Devices (WHDs) are a new type of device that allows for continuous ambulatory monitoring of human vital signs in everyday life (at work, at home, during sports activities, etc.) or in a clinical setting, with the benefit of minimizing discomfort and interference with normal human activities.

WHDs allow for ambulatory vital signs and health status monitoring for longer periods of time (days/weeks) and outside of clinical settings. This function enables the collection of crucial data during various daily activities, allowing for improved medical diagnosis and/or aiding in quicker and faster recovery after a medical intervention or bodily harm.

The growing use of vital signs monitoring devices by doctors for the measurement of vital signs in hospitalized

patients has piqued market participants' interest. Nonetheless, manufacturers' continued focus on creating innovative vital signs monitoring devices is projected to drive market growth during the projection period. 

Furthermore, the growing demand for portable and low-cost devices is providing substantial opportunities for global vital signs monitoring devices market manufacturers to develop and launch new products as well as expand their operations.

Vital sign monitoring devices and the creation of novel goods are becoming increasingly important to key stakeholders. The global vital signs monitoring devices market was worth $5.7 billion in 2020, and it is predicted to grow at an annual rate of 8.5 percent over the next five years (2020-2030).

The coronavirus (COVID-19) pandemic has hit the healthcare industry hard. The industry is running out of resources to treat the growing patient pool as epidemiological numbers continue to rise. Players including Medtronic Plc. and Masimo Corporation are launching vital signs monitoring devices to treat patients remotely in an attempt to alleviate the strain.

Key Takeaways of Vital Signs Monitoring Devices Market Study

• Due to their increasing use in hospitals and other diagnosis centers for patient monitoring, monitors, followed by temperature measurement devices, account for a bigger value share in the global vital signs monitoring equipment market.
• Because of its availability and rising installation rates in hospitals and other healthcare facilities, stand-alone vital sign monitoring systems have the highest revenue share.
• Because of the strong patient preference for diagnosis and treatment of various diseases in these settings, hospitals account for almost 70% of the value share in the vital signs monitoring equipment market.
• During the forecast period, North America will continue to determine stakeholders' bottom lines in the worldwide vital signs monitoring devices market.
• The vital signs monitoring devices market in Asia is predicted to rise due to an increase in government spending to expand the number of hospitals and improve the quality of service.