Home Healthcare Segment by End User to Account Larger Share in Vital Signs Monitoring Devices Market during 2022–2030

According to our new research study on “Vital Signs Monitoring Devices Market Forecast to 2030 – Geography Analysis – by Product, End User, and Geography,” the vital signs monitoring devices market size is valued at US$ 25,617.24 million in 2022; and is expected to reach US$ 66,824.03 million by 2030 and it estimated to grow at a rate of 12.7% from 2022 to 2030. The report highlights trends prevailing in the market, and factors driving and hindering the vital signs monitoring devices market growth.

The vital signs monitoring devices market growth is due to the increasing number of product launches and approvals and rise in need for remote patient monitoring. However, product recalls by companies and regulatory authorities is hindering the market growth.

The vital signs monitoring devices market, by end user, is segmented into hospitals and clinics, ambulatory care centers, home healthcare, and others. The hospitals and clinics segment held the largest market share in 2022. The home healthcare segment is estimated to register the fastest CAGR during 2022–2030. The increasing number of hospitals and clinics, surging preference for home healthcare settings, and rising R&D in medical devices are the key factors contributing to the growth of the vital signs monitoring devices market. Home care usually includes community, residential, and hospice/palliative care to avoid hospital stay and risk of hospital-acquired infections. Under this segment, healthcare professionals provide equipment and services in the residences of patients and families requiring rehabilitation for acute or chronic needs. There is an upward trend in pulse oximeters, glucose monitoring devices, and temperature monitoring devices in homecare settings due to the growing awareness of self-care and changing perspectives about health. The most common patient groups requiring home healthcare services are those suffering from respiratory illness, diabetes, and other chronic conditions, who require regular vital signs monitoring. In addition, the aging population and individuals who need care post hospital procedures need home healthcare. Hospitals are usually expensive healthcare settings for long-term care; thus, home healthcare is emerging at the fastest pace among all healthcare facilities.

Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, GE HealthCare Technologies Inc, OMRON Corp, Nonin Medical Inc, SunTech Medical Inc, Masimo Corp, Contec Medical Systems Co Ltd, and Baxter International Inc.  are among the leading companies operating in the vital signs monitoring devices market.    

Companies operating in the vital signs monitoring devices market adopt various organic and inorganic strategies. Growth strategies mainly include product launches and product approvals, mergers & acquisitions, collaborations, and partnerships are among the growth strategies witnessed in the vital signs monitoring devices market.

A few of the significant developments by key market players are listed below.

• In December 2022, Medtronic partnered with BioIntelliSense, a continuous health monitoring and clinical health intelligence firm, wherein Medtronic will exclusively distribute the BioButton multi-parameter continuous, connected wearable monitoring device. BioButton is rechargeable and has configurable acute and post-acute modes as patients transition through acuity settings. BioButton performs up to 1,440 vital sign measurements daily, including skin temperature, respiratory rate at rest, and rest heart rate. Adding BioButton to Medtronic’s HealthCast connectivity gateway aims to help more general care patients both inside and outside the hospital with near real-time trend and alert data.
• In September 2021, Medtronic India partnered with Statis Health, a unit of Stasis Labs, to promote the latter's bedside patient monitoring system in India. The Stasis Monitor comprises a bedside monitor that tracks six vital signs, a tablet, and a cloud-connected app that enables remote device monitoring.

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