Vital Parameter Monitoring Devices And Equipment Market Size, Share, Growth Report And Forecast 2033

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 aging population, chronic diseases, patient empowerment, healthcare digitization.

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 remote patient monitoring, personalized medicine, preventive healthcare, value-based healthcare. Major trends in the forecast period include wearable technology, ai and machine learning, telemonitoring expansion, smart home integration.

Market Overview -
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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Rising Geriatric Population Fuels Demand For Vital Parameter Monitoring Devices And Equipment
The increase in the geriatric population is expected to boost the growth of the vital parameter monitoring devices and equipment market going forward. The geriatric population refers to the percentage of people 65 and older to those between the ages of 18 and 64 who are employed. The increasing elderly population globally requires continuous monitoring of vital signs, contributing to the demand for monitoring devices and equipment. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. The number of persons who are 80 years of age or older will increase by 426 million between 2020 and 2050 compared to the current population. Therefore, the increase in the geriatric population is driving the growth of the vital parameter monitoring devices and equipment market.

Competitive Landscape -
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.

Rise Of Wearable Health Devices (WHDS) In Vital Parameter Monitoring
Vital parameter monitoring devices and equipment companies are increasingly investing in the research and development of wearable health devices (WHDs). WHDs are smart electronic devices that can be worn by a consumer and are capable of tracking information related to health and fitness. These devices facilitate better monitoring of health and can help in early diagnosis and guidance from doctors. For instance, the ViSi Mobile developed by Sotera Wireless is a wearable device that can provide many vital parameters such as heart rate, respiration rate, oxygen saturation, pulse rate, etc. VitalTag is another wearable device developed as part of the Department of Homeland Security Science and Technology Directorate program to detect and monitor heart rate, blood oxygen levels, body temperature, and blood pressure. Current Health recently got FDA approval for an artificial intelligence-powered wearable device that monitors patient vital signs at the hospital and home.

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Key Segments -
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/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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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