New York, USA, May 31, 2022 (GLOBE NEWSWIRE) -- Vital Signs Monitoring Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Vital Signs Monitoring Market Information by Product, Type, Portability, End-User, Distribution Channel - Forecast till 2027”, the market size is projected to reach USD 7.30 Billion and expected to grow at CAGR 8.42% during the forecast period.
Market Scope:
Vital signs are considered to be the most important indicators of a person's overall health. In order for a human being to lead a life that is free from illness, their vital signs must fall within the acceptable range. Devices that monitor vital signs can be used to measure a person's breathing rate, heart rate, temperature, and blood pressure.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 7.30 Billion |
| CAGR | 8.24% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Type, Portability, End-User, Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing geriatric population |
| Rising prevalence of chronic diseases and changing lifestyle |
Vital Signs Monitoring Market Competitive Dynamics:
The Vital Signs Monitoring Market has had a tremendous and nail-biting competitive landscape, with new competitors entering the market with ease and older players investing heavily in this area. The big names from this market are:
- Medtronic,
- Koninklijke Philips N.V.
- GENERAL ELECTRIC COMPANY
- Boston Scientific Corporation
- Natus Medical Incorporated
- Siemens Healthcare Private Limited
- Spacelabs Healthcare
- Masimo
- Mindray DS USA, Inc.
- SunTech Medical, Inc.
- Welch Allyn
- Omron Healthcare, Inc.
- Smiths Medical
- Hicks Thermometers India Limited
- CASMED
Market Dynamics:
Market Drivers:
In recent years, the global market for vital signs monitoring has experienced a meteoric rise. The rise of the market is primarily attributable to the world's aging population. In addition, the altering lifestyle and expanding prevalence of chronic diseases are projected to improve market performance in the coming years. Constant product innovation, a growing demand for home healthcare services, a rise in the number of healthcare settings, especially hospitals, and an increase in the prevalence of chronic diseases are the key growth drivers for this industry. In a short period of time, distinct devices measuring Blood Pressure (BP), pulse, and temperature have evolved into a single device measuring all three parameters. In addition, the number of innovations in this product category has increased, which is driving market growth.
Market Limitations:
On the other hand, it is anticipated that rigorous government regulations and the high cost of equipment will hinder the growth of the market for vital signs monitoring during the assessment period. However, in low- and middle-income nations, a lack of awareness of these devices hinders market expansion.
Vital Signs Monitoring Market COVID-19 Analysis:
Due to the commencement of the COVID-19 pandemic in 2020, the demand for vital sign monitoring devices such as blood pressure monitors, pulse oximeters, and temperature monitoring devices skyrocketed, as these were the most important criteria for diagnosing the presence of the virus. Unsurprisingly, the COVID-19 pandemic has increased the need for vital signs monitoring equipment, as constant monitoring of vital signs such as temperature, respiration rate, pulse rate, etc. can serve as an effective infection-detection technique for those afflicted with the virus.
Considering the importance of patient-provider safety, the demand for wearable monitoring devices and the use of home monitoring devices for vital signs have increased. Wearable device users could be warned when changes in their metrics match those connected with COVID-19 if the devices are utilized in conjunction with predictive platforms.
In addition, the FDA facilitated an increase in the availability and capability of patient monitoring devices as a result of the pandemic and stated that modified use of such devices may increase access to important patient physiological data without the need for in-clinic visits and facilitate patient management by health care providers while decreasing the need for in-office or in-hospital services during the COVID-19 public health emergency.
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Vital Signs Monitoring Market Segmentation:
By Product
The blood pressure monitors have a market share and are projected to increase at a strong CAGR over the review period. This can be ascribed to the rising prevalence of hypertension, which has led to an increase in blood pressure monitoring. In addition, patients today are monitoring their blood pressure as a precaution or preventative step due to their increased health awareness.
By type
The integrated system segment is expected to record substantial growth over the review period.
By Portability
The portable segment is expected to drive the market over the review period.
By End-use
The hospitals end-use segment dominated the market the worldwide revenue. This expansion might be attributed to the company's vast patient pool and improved financing capabilities for these gadgets. In hospitals and clinics, vital signs monitoring systems are in high demand because they permit early detection of a patient's worsening health, allowing for prompt intervention and disease diagnosis. Hospitals make extensive use of disposable wireless monitoring devices due to their disposability, which eliminates the need for cleaning and sterilizing.
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Vital Signs Monitoring Market Regional Analysis:
Geographically, it is projected that the Americas would dominate the worldwide vital signs monitoring market due to the increasing senior population and rising healthcare expenditure. The important drivers that will drive the regional market are the expanding elderly population, the escalating prevalence of incurable diseases, the growing need for remote and wireless devices, and the streamlining of coverage policies. Additionally, the region has high levels of awareness and access to healthcare services, as well as robust reimbursement coverage for key medical equipment, which contributes to the high product demand.
Europe is anticipated to be the second largest market for vital signs monitoring worldwide. This region's market expansion is attributable to the increasing demand for home health patient monitoring devices as well as lifestyle and demographic shifts.
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The market for vital signs monitoring in the Asia-Pacific area includes China, Japan, the Republic of Korea, India, Australia, and the rest of Asia-Pacific. As a result of the increased frequency of chronic diseases, the increasing senior population, and the growing need for vital signs monitoring devices, Asia-Pacific is anticipated to be the fastest-growing region.
The Middle East and Africa are anticipated to hold the smallest market share. This region's market expansion is anticipated to be driven by a burgeoning healthcare infrastructure and an increasing prevalence of chronic diseases.
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