Rise in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries drive growth of the global vital signs monitoring devices market.
Rise in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries drive growth of the global vital signs monitoring devices market. However, lack of awareness about these devices in low- and middle-income countries hamper the market growth
Vital Signs Monitoring Devices Market size generated $4.65 billion in 2018, and are estimated to reach $7.81 billion by 2026, registering a CAGR of 6.6% from 2019 to 2026. The report offers an extensive analysis of changing market trends, top winning strategies, business performance, major players’ profile, and competitive heat map.
Technological developments, demand for portable monitoring device, and surge in incidence of diseases drive the growth of the global vital signs monitoring devices market. However, lack of awareness in emerging economies hinders the market growth. On the other hand, availability of proactive monitoring and rise in expenditure on personal healthcare create new opportunities in the coming years.
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Vital signs devices monitoring deals with measurement of vital parameters, such as respiratory rate, blood pressure, temperature, and pulse to assess health conditions of a patient. These devices are used to monitor patient’s status prior to or during patient care. Vital signs can be measured in a medical setting, at home, or at the site of medical emergency.
Covid-19 scenario:
- The demand for vital signs monitoring devices has been increased due to the rise in number of patients affected by Covid-19.
- Moreover, decline in working hours in factories and restrictions on supply chain led to the shortage of medical equipment in the market.
Home environment segment to manifest highest CAGR through 2026:-
By end user, the ambulatory surgical centers segment is anticipated to portray the highest CAGR of 7.7% during the study period, as they minimize the duration of hospital stay for patients, thus reducing the overall cost of treatment. However, the ambulatory surgical centers segment held the largest share in 2018, accounting for more than half of the global vital signs monitoring devices market, owing to as these devices facilitate early detection of a patient’s deteriorating health condition.
Blood pressure monitoring devices segment dominated the market:-
By product, the blood pressure monitoring devices segment held the largest share in 2018, accounting for half of the global vital signs monitoring devices market. This is due to increase in incidence of cardiovascular diseases such as hypertension, lurking risk of high BP in geriatric population, and expanding base of lifestyle diseases including obesity and diabetes. However, the pulse oximetry devices segment to manifest the highest CAGR of 7.1% during the forecast period, owing to increase in geriatric population and latest upgrades in smart pulse oximeter.
North America held the largest share:-
By region, the market across North America dominated in 2018, contributing to nearly two-fifths of the revenue, due to increase in incidence of lifestyle diseases such as diabetes or hypertension, infectious, and respiratory diseases. However, the global vital signs monitoring devices market across Asia-Pacific is anticipated to register the highest CAGR 8.1% during the forecast period, owing to increase in incidence of infectious diseases such as malaria and typhoid and se in geriatric population and increase in demand for vital signs monitoring devices for home care settings.
Major market players:-
Leading market players analyzed in the research include Halma plc (SunTech Medical, Inc.), Omron Corporation, Hill-Rom Holdings, Inc., General Electric Company, Nonin Medical, Inc., Nihon Kohden Corporation, Masimo Corporation, A&D Company, Limited, Medtronic plc, Koninklijke Philips N.V., Contec Medical System Co., Ltd, and Smiths Group plc.
Key Market Segments:-
By Product Type -
- Blood Pressure Monitoring Device
- Pulse Oximeters
- Temperature Monitoring Device
By End User -
- Hospitals & Clinics
- Ambulatory Surgery Centers (ASCs)
- Home Care Settings
By Region -
- North America
- Europe
- Asia-Pacific
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