Vital Parameter Monitoring Devices and Equipment Market Opportunities and Strategies to 2034

This report describes and explains the vital parameter monitoring devices and equipment market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global vital parameter monitoring devices and equipment market reached a value of nearly $7.91 billion in 2024, having grown at a compound annual growth rate (CAGR) of 10.88% since 2019. The market is expected to grow from $7.91 billion in 2024 to $11.82 billion in 2029 at a rate of 8.35%. The market is then expected to grow at a CAGR of 5.88% from 2029 and reach $15.73 billion in 2034.

Growth in the historic period resulted from the increasing demand for affordable medicines, increasing adoption of home healthcare and expansion and modernization of healthcare facilities. Factors that negatively affected growth in the historic period were low healthcare access and privacy and security concerns.

Going forward, rising healthcare expenditure, increasing aging population, rising incidences of chronic diseases and favorable government initiatives will drive the growth. Factor that could hinder the growth of the vital parameter monitoring devices and equipment market in the future include reimbursement challenges and regulatory hurdles and compliance issues.

Asia-Pacific was the largest region in the vital parameter monitoring devices and equipment market, accounting for 32.60% or $2.58 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the vital parameter monitoring devices and equipment market will be Africa and Middle East where growth will be at CAGRs of 16.25% and 13.75% respectively. These will be followed by Western Europe and Asia-Pacific where the markets are expected to grow at CAGRs of 8.58% and 8.01% respectively.

The global vital parameter monitoring devices and equipment market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.09% of the total market in 2023. Medtronic plc was the largest competitor with a 4.61% share of the market, followed by Koninklijke Philips N.V. with 2.31%, Masimo Corporation. with 2.20%, Nihon Kohden Corporation with 2.09%, Drägerwerk AG & Co. with 1.92%, Edwards Lifesciences Corporation. with 1.88%, Baxter International Inc. (Hill-Rom Holdings Inc.) with 1.87%, Mindray Medical International Limited. with 1.78%, Siemens Healthineers AG. with 1.76% and Stryker Corporation. with 1.68%.

The vital parameter monitoring devices and equipment market is segmented by product type into blood pressure monitoring devices, pulse oximeters and temperature monitoring devices. The blood pressure monitoring devices market was the largest segment of the vital parameter monitoring devices and equipment market segmented by product type, accounting for 44.65% or $3.53 billion of the total in 2024. Going forward, the blood pressure monitoring devices segment is expected to be the fastest growing segment in the vital parameter monitoring devices and equipment market segmented by product type, at a CAGR of 9.59% during 2024-2029.

The vital parameter monitoring devices and equipment market is segmented by end-user into hospitals, clinics, ambulatory surgery centers and home care settings. The hospitals market was the largest segment of the vital parameter monitoring devices and equipment market segmented by end-user, accounting for 41.16% or $3.25 billion of the total in 2024. Going forward, the home care settings segment is expected to be the fastest growing segment in the vital parameter monitoring devices and equipment market segmented by end-user, at a CAGR of 11.14% during 2024-2029.

The top opportunities in the vital parameter monitoring devices and equipment markets segmented by product type will arise in the blood pressure monitoring devices segment, which will gain $2.05 billion of global annual sales by 2029. The top opportunities in the vital parameter monitoring devices and equipment markets segmented by end-user will arise in the hospitals segment, which will gain $1.32 billion of global annual sales by 2029. The vital parameter monitoring devices and equipment market size will gain the most in the USA at $826.75 million.

Market-trend-based strategies for the vital parameter monitoring devices and equipment market include developing innovative solutions like multi-vital remote patient monitoring, developing artificial intelligence (AI)-Driven Smart Ring, development of cutting-edge ambulatory monitoring systems and development and enhancement of remote monitoring capabilities using artificial intelligence (AI) and real-world data.

Player-adopted strategies in the vital parameter monitoring devices and equipment market include focus on expanding its business through strategic partnerships, product launches and new approvals.

To take advantage of the opportunities, the analyst recommends the vital parameter monitoring devices and equipment companies to focus on multi-vital remote patient monitoring solutions, focus on ai-driven smart devices for vital parameter monitoring, focus on advancing ambulatory monitoring systems for patient care, focus on blood pressure monitoring devices, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels for vital parameter monitoring devices, focus on competitive pricing strategies for vital parameter monitoring devices, focus on targeted digital marketing campaigns, focus on building partnerships with healthcare organizations, focus on targeting clinical decision-makers in hospitals.