Michael Barbella, Managing Editor08.11.22
The prevalence of chronic and infectious diseases is convincing the world's aging population of the importance of home-based vital signs monitoring.
The global vital signs monitoring equipment market garnered $8 billion last year and is estimated to grow about 9% annually through 2030, according to Kenneth Research. Contributing to the market's growth is patient awareness of the need for home-based vital signs monitoring to manage chronic and infectious diseases. Other growth factors include a rising demand for personalized healthcare, the increasing number of healthcare facilities, and the world's aging population. According to data from the Department of Economic and Social Affairs of the United Nations, there were 702.9 million people aged 65 and older in 2019 (worldwide). That number is expected to balloon to 1.54 billion by the end of 2050.
COVID-19 has also been a boon for the vital signs monitoring equipment market, as demand for devices such as blood pressure monitors, pulse oximeters, and temperature monitoring devices skyrocketed during the pandemic. COVID patients use these devices to check for virus symptoms.
The vital signs monitoring equipment market's growth can also be attributed to the rising prevalence of hypertension globally. According to WHO statistics, about 1.28 billion adults aged 30-79 suffer from hypertension, with roughly 46% of those people unaware they have the condition. The surge in government initiatives to promote R&D in advanced vital signs monitoring devices is also expected to drive the market's growth. For instance, the National Academy of Medicine is working with a organizations to build field leadership and partnerships to improve treatment and boost population health at a lower cost. Over the past few years, business organizations have been working on adopting initiatives aimed at lowering chronic diseases globally, which is also expected to drive market growth in the coming years. In 2015, OMRON Corporation, a vital signs monitoring equipment manufacturer, introduced a cardiovascular business vision—a new challenge to attain zero events by “Reducing the event of cerebrovascular and cardiovascular diseases caused by high blood pressure to zero.”
Digital wearable health devices (WHD), whose use grew significantly from about 35% in 2019 to nearly 48% in 2020, was introduced to help make people's lives easier. With the growing awareness to monitor the health amongst individuals, the demand for WHDs grew significantly. About 85% of the women worldwide preferred to use these digital machines to track their fertility, while nearly 70% of women used these devices to track their menstrual cycle. Moreover, the majority of people who monitored their health digitally were under 55 years old and had severe conditions.
According to the WHO statistics, 41 million people globally die each year due to noncommunicable diseases (NCDs)—which amounts to 71% of all deaths. Cardiovascular diseases accounted for 17.9 million deaths annually, proving to be a major cause of NCD deaths. Cardiovascular was followed by cancer with 9.3 million, respiratory diseases with 4.1 million, and diabetes with 1.5 million deaths. Concern about the rising number of deaths from NCDs is raising the need amongst individuals to monitor their health for early disease diagnosis. By using vital signs monitoring devices, any individual can observe their health and also share the data with their healthcare provider(s), which is one of the major factors anticipated to create numerous opportunities for the market's growth. Besides this, the surge in surgical procedures in hospitals or ambulatory surgical centers is also projected to drive the sector's growth.
The global vital signs monitoring equipment market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Owing to the well-established healthcare infrastructure, rising frequency of lifestyle-related disorders, and the presence of key manufacturers, North America is expected to generate the largest revenue with a significant compound annual growth rate (CAGR) through 2030. According to the Centers for Medicare & Medicaid Services (CMS) of the U.S. government, the National Health Expenditure (NHE) in the United States increased by 9.7% to $4.1 trillion in 2020, equating to $12,530 per person. Also, healthcare spending by the U.S. government increased 36% in 2020, compared to 5.9% in 2019, due primarily to COVID-19.
The Asia Pacific market is estimated to witness noteworthy growth through 2030 and provide good business opportunities on account of the high population base, and rising knowledge about the benefits of vital signs monitoring equipment amongst individuals. World Bank statistics show the current healthcare expenditure per capita in the East Asia Pacific region grew from $664.47 in 2017 to $719.48 in 2018 and $750.69 in 2019. Among the East Asia Pacific, Australia had the highest per capita healthcare expenditure—$5,427.46 in 2019.
The global vital signs monitoring equipment market is segmented by product into pulse oximeters, blood pressure monitoring devices, and temperature monitoring devices. On the back of the rising prevalence of cardiovascular diseases and fluctuating blood pressure among the geriatric population and people with lifestyle-related diseases such as obesity and diabetes, the blood pressure monitoring devices segment is expected to hold the largest share of the market. The Centers for Disease Control and Prevention (CDC) estimates that high blood pressure (hypertension) accounts for about 500,000 U.S. deaths annually. Nearly one in every two people (approximately 108 million) has high blood pressure, and just one in every four has it under control. Hypertension is curable if treated properly and monitored frequently. As a result, the demand for blood pressure monitoring equipment devices is estimated to grow significantly.
The pulse oximeter segment, on the other hand, is predicted to expand most over the next eight years, thanks mostly to product approvals stemming from rising demand for the product during the pandemic (SpO2—oxygen saturation—readings were key to monitoring COVID-19's severity). The pulse oximeter is widely used in critical care such as emergency rooms or hospitals, and in-office setup for pulmonologist doctors. Apart from the hospital-grade pulse oximeters, the demand for the smaller latest version of consumer-grade models for use in sports, such as trekking and other recreational activities, is also increasing. As the consumer-grade models are economical, more patients preferably the geriatric population, prefer to use these devices to monitor their vitals at home. World Integrated Trade Solutions statistics indicate that major exporters of pulse oximeter monitoring devices in 2019 were the United States, the European Union, Japan, Germany, and China.
The global vital signs equipment market is further segmented by end-users into hospitals, ambulatory surgical centers, clinics, home care, and others. Amongst these segments, the hospitals segment is projected to grow with a modest CAGR through 2030. The growth of the segment can be attributed to the increasing number of patients visiting hospitals to treat different types of diseases, followed by the increase in hospital expenditure to adopt advanced monitoring devices. CDC data show 33.6 million people visited hospitals with essential hypertension as the primary diagnosis. Whereas, based on the statistics by the CMS, the hospital expenditure increased 6.4% to $1.27 billion in 2020 from 6.3% growth in 2019. The clinics segment is expected to exhibit significant growth during the forecast period, backed by the increasing availability of doctors who provide personalized healthcare services as well as the rising clinical services expenditure witnessed globally. For instance, in statistics by CMS, physicians and clinical services expenditure increased 5.4% to $809.5 billion in 2020 from 4.2% growth in 2019.
Some of the major players in the global vital signs monitoring equipment market are Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, Masimo, OMRON Healthcare Inc., and Contec (Focus Technology Co. Ltd.), A&D Company Ltd., Nonin, and others.
The global vital signs monitoring equipment market garnered $8 billion last year and is estimated to grow about 9% annually through 2030, according to Kenneth Research. Contributing to the market's growth is patient awareness of the need for home-based vital signs monitoring to manage chronic and infectious diseases. Other growth factors include a rising demand for personalized healthcare, the increasing number of healthcare facilities, and the world's aging population. According to data from the Department of Economic and Social Affairs of the United Nations, there were 702.9 million people aged 65 and older in 2019 (worldwide). That number is expected to balloon to 1.54 billion by the end of 2050.
COVID-19 has also been a boon for the vital signs monitoring equipment market, as demand for devices such as blood pressure monitors, pulse oximeters, and temperature monitoring devices skyrocketed during the pandemic. COVID patients use these devices to check for virus symptoms.
The vital signs monitoring equipment market's growth can also be attributed to the rising prevalence of hypertension globally. According to WHO statistics, about 1.28 billion adults aged 30-79 suffer from hypertension, with roughly 46% of those people unaware they have the condition. The surge in government initiatives to promote R&D in advanced vital signs monitoring devices is also expected to drive the market's growth. For instance, the National Academy of Medicine is working with a organizations to build field leadership and partnerships to improve treatment and boost population health at a lower cost. Over the past few years, business organizations have been working on adopting initiatives aimed at lowering chronic diseases globally, which is also expected to drive market growth in the coming years. In 2015, OMRON Corporation, a vital signs monitoring equipment manufacturer, introduced a cardiovascular business vision—a new challenge to attain zero events by “Reducing the event of cerebrovascular and cardiovascular diseases caused by high blood pressure to zero.”
Digital wearable health devices (WHD), whose use grew significantly from about 35% in 2019 to nearly 48% in 2020, was introduced to help make people's lives easier. With the growing awareness to monitor the health amongst individuals, the demand for WHDs grew significantly. About 85% of the women worldwide preferred to use these digital machines to track their fertility, while nearly 70% of women used these devices to track their menstrual cycle. Moreover, the majority of people who monitored their health digitally were under 55 years old and had severe conditions.
According to the WHO statistics, 41 million people globally die each year due to noncommunicable diseases (NCDs)—which amounts to 71% of all deaths. Cardiovascular diseases accounted for 17.9 million deaths annually, proving to be a major cause of NCD deaths. Cardiovascular was followed by cancer with 9.3 million, respiratory diseases with 4.1 million, and diabetes with 1.5 million deaths. Concern about the rising number of deaths from NCDs is raising the need amongst individuals to monitor their health for early disease diagnosis. By using vital signs monitoring devices, any individual can observe their health and also share the data with their healthcare provider(s), which is one of the major factors anticipated to create numerous opportunities for the market's growth. Besides this, the surge in surgical procedures in hospitals or ambulatory surgical centers is also projected to drive the sector's growth.
The global vital signs monitoring equipment market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Owing to the well-established healthcare infrastructure, rising frequency of lifestyle-related disorders, and the presence of key manufacturers, North America is expected to generate the largest revenue with a significant compound annual growth rate (CAGR) through 2030. According to the Centers for Medicare & Medicaid Services (CMS) of the U.S. government, the National Health Expenditure (NHE) in the United States increased by 9.7% to $4.1 trillion in 2020, equating to $12,530 per person. Also, healthcare spending by the U.S. government increased 36% in 2020, compared to 5.9% in 2019, due primarily to COVID-19.
The Asia Pacific market is estimated to witness noteworthy growth through 2030 and provide good business opportunities on account of the high population base, and rising knowledge about the benefits of vital signs monitoring equipment amongst individuals. World Bank statistics show the current healthcare expenditure per capita in the East Asia Pacific region grew from $664.47 in 2017 to $719.48 in 2018 and $750.69 in 2019. Among the East Asia Pacific, Australia had the highest per capita healthcare expenditure—$5,427.46 in 2019.
The global vital signs monitoring equipment market is segmented by product into pulse oximeters, blood pressure monitoring devices, and temperature monitoring devices. On the back of the rising prevalence of cardiovascular diseases and fluctuating blood pressure among the geriatric population and people with lifestyle-related diseases such as obesity and diabetes, the blood pressure monitoring devices segment is expected to hold the largest share of the market. The Centers for Disease Control and Prevention (CDC) estimates that high blood pressure (hypertension) accounts for about 500,000 U.S. deaths annually. Nearly one in every two people (approximately 108 million) has high blood pressure, and just one in every four has it under control. Hypertension is curable if treated properly and monitored frequently. As a result, the demand for blood pressure monitoring equipment devices is estimated to grow significantly.
The pulse oximeter segment, on the other hand, is predicted to expand most over the next eight years, thanks mostly to product approvals stemming from rising demand for the product during the pandemic (SpO2—oxygen saturation—readings were key to monitoring COVID-19's severity). The pulse oximeter is widely used in critical care such as emergency rooms or hospitals, and in-office setup for pulmonologist doctors. Apart from the hospital-grade pulse oximeters, the demand for the smaller latest version of consumer-grade models for use in sports, such as trekking and other recreational activities, is also increasing. As the consumer-grade models are economical, more patients preferably the geriatric population, prefer to use these devices to monitor their vitals at home. World Integrated Trade Solutions statistics indicate that major exporters of pulse oximeter monitoring devices in 2019 were the United States, the European Union, Japan, Germany, and China.
The global vital signs equipment market is further segmented by end-users into hospitals, ambulatory surgical centers, clinics, home care, and others. Amongst these segments, the hospitals segment is projected to grow with a modest CAGR through 2030. The growth of the segment can be attributed to the increasing number of patients visiting hospitals to treat different types of diseases, followed by the increase in hospital expenditure to adopt advanced monitoring devices. CDC data show 33.6 million people visited hospitals with essential hypertension as the primary diagnosis. Whereas, based on the statistics by the CMS, the hospital expenditure increased 6.4% to $1.27 billion in 2020 from 6.3% growth in 2019. The clinics segment is expected to exhibit significant growth during the forecast period, backed by the increasing availability of doctors who provide personalized healthcare services as well as the rising clinical services expenditure witnessed globally. For instance, in statistics by CMS, physicians and clinical services expenditure increased 5.4% to $809.5 billion in 2020 from 4.2% growth in 2019.
Some of the major players in the global vital signs monitoring equipment market are Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, Masimo, OMRON Healthcare Inc., and Contec (Focus Technology Co. Ltd.), A&D Company Ltd., Nonin, and others.