Rise in ambulatory surgery centers in various countries, growing need for portable monitoring devices and cost-effective processes, and increase in the frequency of hospital admissions are the major factors influencing the market growth, according to the findings of a business intelligence study from IndustryARC. The report evaluates that the global vital signs monitoring market size valuation touched $4,426.28 million in 2018, and the demand will grow at a compound annual growth rate (CAGR) of 6.28% during the forecast period of 2019 to 2025.
The IndustryARC’s latest business intelligence report, titled “Vital Signs Monitoring Market: By Product Type (Blood Pressure Monitoring Device, Pulse-Oximeters Devices, Temperature Monitoring Device) & By region – Forecast (2019 – 2025),” incorporates that characteristics such as rise in inclination towards home monitoring, increase in geriatric population, and spur in the chronic disease incidence rates such as pre-existing health conditions COPD are the key driving growth factors for the vital signs monitoring market. Additionally, examining the health parameters simultaneously helps in diminishing the risks the patient is subjected to during and after the medical treatment process.This report covers Vital Signs Monitoring Market Size by Product and applications, Vital Signs Monitoring Market share by top 5 companies and also the market share by start-ups during the forecast period
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Vital Signs Monitoring Market: Leading Segments
Regionally, North America dominates the global vital signs monitoring market with the largest share of 37.00% in 2018, due to superior healthcare infrastructure facilities, presence of the key industry players, awareness among citizens, and higher spending. According to the Centers for Disease Control and Prevention, every 1 in 3 that is about 75 million American adults currently has high blood pressure and prehypertension. Thus, in North America, recording of blood pressure and continuous monitoring is crucial for curtailing the chance of any risk or disease. Furthermore, owing to altering lifestyle and demographics, growing need for home health patient monitoring devices are increasing respectively.
On the contrary, the key application segments cited by the IndustryARC’s analyst are hospitals and clinics- end-user as it holds maximum growth opportunities for the vital signs monitoring market. These play an important role in detecting the patients’ clinical condition and monitoring blood pressure, respiration rate, and pulse rate. However, the anticipated opportunities for growth in this application is estimated to grow at a (CAGR) of 7.33% during the aforementioned forecast period.
Vital Signs Monitoring Market: Market Trends and Growth Drivers
1) Medical tourism, growing geriatric population and rapid change in the lifestyle of the people is fueling up the vital signs monitoring market immensely. Such examination provides the most relevant data about the patients’ health status.
2) A sensor-laden Wireless Vital Signs Monitor (WVSM) tracks health information such as blood pressure, pulse rate, and heart rate. It is a high-tech, portable health monitor that was used to treat only the warfighter but nowadays, used for treating the civilians.
3) In 2017, Imperial College Healthcare NHS Trust had introduced vital sign monitoring devices that, however, saved 5,800 hours of nursing time. Due to this, the staffs are able to save more time and are now alerted more quickly to the patients that require immediate attention.
4) Multi-parameter monitoring devices are now in trend in the medical devices and healthcare sector. They are used in hospital neonatal, alternate care facilities, and pediatric unit to respond efficiently, quickly, and accurately to understand the patients’ vital signs to prevent future complications.
Vital Signs Monitoring Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global vital signs monitoring market are Medtronic plc, Contec Medical Systems, Covidien, Nihon Kohden Corporation and Boston Scientific Corporation GE Healthcare, Masimo, Mindray Medical International Limited, A&D Medical, and DescriptionKoninklijke Philips N.V.
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