Vital Signs Monitoring Devices Market Comprehensive Analysis and Future Estimations by 2030

The Vital Signs Monitoring Devices Market is estimated to reach US$ 25,617.24 million in 2022 to US$ 66,824.03 million by 2030; the market is projected to record a CAGR of 12.7% from 2022 to 2030.

Some of the key driving factors for the vital signs monitoring devices market growth are the increasing number of product launches and approvals and rise in need for remote patient monitoring. However, product recalls by companies and regulatory authorities are hindering market growth.

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Analysis of the Top Market Players:

1. Koninklijke Philips NV
2. Medtronic Plc
3. Nihon Kohden Corp
4. GE HealthCare Technologies Inc
5. OMRON Corp
6. Nonin Medical Inc
7. SunTech Medical Inc
8. Masimo Corp
9. Contec Medical Systems Co Ltd
10. Baxter International Inc

In this report, the market has been segmented on the basis of:

Product
• Pulse Oximeters
• Blood Pressure Monitors
• Temperature Monitoring Devices
• Glucose Monitoring Devices

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Rise in Need for Remote Patient Monitoring

The demand for vital signs monitoring devices surged exponentially during the COVID-19 pandemic. Moreover, there was a sudden increase in Medicare Advantage claims during the COVID-19 pandemic. As per a survey published in Health Affairs in September 2022, claims for remote patient monitoring grew by four times during the COVID-19 pandemic, reaching 19,762 claims in March 2021 from 4,355 claims in March 2020. Remote patient monitoring has replaced conventional methods of monitoring patients' vital signs. The popularity of digital health has led to a rise in home care services, creating tremendous demand for devices such as pulse oximeters, BP monitors, and thermometers in homecare settings. Home healthcare has led to enhanced efficiency and cost-effectiveness in healthcare systems worldwide in the last few years. Similarly, the demand for remote patient monitoring increases with the growing preference for home care settings for the geriatric population and for people with critical conditions who require monitoring post-hospital care.

Advancements such as wireless technologies and wearable devices have improved interoperability among healthcare professionals and scalability among patients. These devices have made it easy to monitor heart conditions, weight gain/loss, blood pressure, sleep apnea, asthma, and chronic obstructive pulmonary disease. In addition, the requirement for remote vital signs monitoring devices grew during the COVID-19 crisis owing to a shift in consumer preference toward telehealth. The use of telehealth resulted in a significant decrease in the frequency of hospital visits and optimized the use of healthcare resources, making healthcare more sustainable. Additionally, people in rural and urban areas are becoming highly aware of telehealth services due to the influence of social media and favorable initiatives by healthcare facilities.

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