Unlocking Opportunities in the Vital Parameter Monitoring Devices And Equipment Market: Key Growth Trends and Forecast Insights
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What is the Growth Potential of the Vital Parameter Monitoring Devices And Equipment Market, and How Will It Perform by 2034?
The market size for vital parameter monitoring devices and equipment has seen substantial growth over the last few years, and it is projected to increase from $8.06 billion in 2024 to an impressive $8.81 billion in 2025. This represents a compound annual growth rate (CAGR) of 9.3%. The historical growth can be traced back to factors such as the aging population, prevalence of chronic diseases, patient empowerment, and digitization in healthcare.
The market size for critical monitoring devices and equipment is projected to witness robust expansion in the upcoming years, reaching $12.13 billion in 2029 with a compound annual growth rate (CAGR) of 8.3%. This growth during the forecast period is driven by factors such as remote patient monitoring, personalized medicine, preventive healthcare, and value-based healthcare. Prominent trends expected to influence the market during the projection period include wearable technology, artificial intelligence and machine learning, expansion of telemonitoring, and the integration of smart homes.
What External and Internal Drivers Are Contributing to the Growth of the Vital Parameter Monitoring Devices And Equipment Market’s Growth?
The growth of the vital parameter monitoring devices and equipment market is anticipated to be fueled by the rise in the aging population. The term “geriatric population” alludes to the ratio of people aged 65 and above in comparison to working individuals between 18 and 64 years old. The surge in the elderly population across the globe necessitates continuous monitoring of vital signs, thus augmenting the demand for monitoring devices and equipment. For example, a World Health Organization (WHO) report in October 2022 predicts that by 2030, one in six people globally will be 60 or above. By 2050, there will be 2.1 billion people globally over 60 years of age. Those aged 80 or more are projected to increase by 426 million between 2020 and 2050 relative to the current population. As a consequence, the burgeoning geriatric population is propelling the expansion of the vital parameter monitoring devices and equipment market.
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Who Are the Major Companies Shaping the Competitive Landscape of the Vital Parameter Monitoring Devices And Equipment Market?
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.
What Are the Emerging Trends Shaping the Future of the Vital Parameter Monitoring Devices And Equipment Market?
Increasingly, companies producing devices and equipment for monitoring vital health parameters are investing in the development and research of wearable health devices (WHDs). WHDs are intelligent electronic gadgets that a user can wear, which are capable of gathering health and fitness related data. Such devices offer improved health tracking and can assist in early disease detection and provide medical advice from doctors. For example, the ViSi Mobile by Sotera Wireless is a wearable gadget that can monitor numerous vital health metrics like heart rate, respiration rate, pulse rate, oxygen saturation, and so on. VitalTag, another wearable gadget, was developed under the Department of Homeland Security Science and Technology Directorate program, and can detect and track heart rate, blood oxygen levels, body temperature, and blood pressure. Current Health recently received FDA authorization for a wearable device powered by artificial intelligence that monitors patient vital signs, both in the hospital and at home.
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What Are the Main Segments of the Vital Parameter Monitoring Devices And Equipment Market, and How Are They Evolving?
The vital parameter monitoring devices and equipment market covered in this report is segmented –
1) By Product Type: Blood Pressure Monitoring Devices, Pulse Oximeters, Temperature Monitoring Devices
2) By Blood Pressure Monitoring Devices: Aneroid BP Monitors, Digital BP Monitors, Ambulatory BP Monitors, Blood Pressure Instrument Accessories
3) By Pulse Oximeters: Table-top Or Bedside Pulse Oximeters, Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Pediatric Pulse Oximeters
4) By Temperature Monitoring Devices: Digital Thermometers, Infrared Thermometers, Temperature Strips
5) By End User: Hospitals, Clinics, Ambulatory Surgery Centers, Home Care Settings
Subsegments:
1) By Blood Pressure Monitoring Devices: Digital Blood Pressure Monitors, Aneroid Blood Pressure Monitors, Mercury Sphygmomanometers, Ambulatory Blood Pressure Monitors, Wrist Blood Pressure Monitors
2) By Pulse Oximeters: Finger Pulse Oximeters, Handheld Pulse Oximeters, Fingertip Pulse Oximeters, Pediatric Pulse Oximeters, Wrist Pulse Oximeters
3) By Temperature Monitoring Devices: Digital Thermometers, Infrared Thermometers, Ear Thermometers, Forehead Thermometers, Clinical Thermometers
Which Regions Are Making a Mark in the Vital Parameter Monitoring Devices And Equipment Market Growth?
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.
What Key Parameters Define the Vital Parameter Monitoring Devices And Equipment Market’s Scope?
Vital parameter monitoring devices and equipment are used to monitor critical parameters such as blood pressure, heart rate, and other physiological parameters.
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