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Vital Signs Monitoring Market Highlights
Global vital signs monitoring market 2020 stands a good chance by substantially hitting at a CAGR of 7.5% during the growth period of 2018–2023. Market Research Future’s experts also find a new revelation that the market will boost a higher valuation from USD 4.4 billion, which was recorded in 2017.
Market’s Top Drivers & Challenges
Vital signs monitoring is in high demand on account of numerous functionalities it offers, such as measuring or monitoring the vital signs that are blood pressure, temperature, heart rate, and respiration rate of a person. Along with these capabilities, the ability of these signs to be in the normal range for a human being to lead a healthy life, thus boosts the adoption of vital signs across the world. All these factors have been influential to the growth of the global vital signs monitoring market. At the same time, the vital signs monitoring market can note tremendous growth due to factors such as the growing geriatric population, mounting prevalence of chronic diseases, and changing lifestyle. These factors are spelling success to market in the present time and now expected to continue with such success during the review period.
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Hospitals stand out to be key end-user for the vital signs monitoring devices as the inception of hospitals has been a big hit in the increasing demand for these devices. The majority of hospitals are medium-sized and ambulatory care units. Other key growth factors in the market expansion include rising demand for personalized healthcare, increasing penetration of medical insurance, and blooming medical tourism. Mainly in developing countries worldwide. At present, medical tourism is on steep growth phase in the developing countries such as Singapore, Canada, Costa Rica, Taiwan, Ecuador, India, Israel, Jordan, Malaysia, Mexico, South Korea, Singapore, Thailand, and Turkey. Thus, the study mentions that these countries are the key regional market for vital sign monitors and influenced the market to grow substantially at a global level.
Furthermore, the occurrence of chronic diseases from changing lifestyles globally has also been expected to impact the global vital signs monitoring market positively. With rising awareness, the demand for personalized vital sign monitoring devices is likewise probably to inflate lucratively in the foreseeable years. On the contrary, the factors of the high cost of devices and strict government regulations are hampering the market growth, which is expected in the forecast period.
Vital Signs Monitoring Market Segmentation
The global vital signs monitoring market has been dissected among the elements of the product, type, portability, end-user, and distribution channel.
The market, by the segmentation of products, includes blood pressure monitoring devices, pulse oximeter, temperature monitoring devices, respiratory rate monitors, and more. Among these segments, blood pressure monitors recorded to have recorded a lucrative market share of more than 41.1% that was in 2018. Now, as per MRFR’s study, it is probable to expand at a healthy CAGR of 8.9% during the forecast period. Such tremendous growth has been attributed to the factors of rising BP monitoring owing to the rapidly increasing incidence of hypertension. With this, as the awareness of it, patients today are keeping a focus on blood pressure as a precautionary or preventive measure. Resulting, this has further led to a rise in demand for self-operational digital blood pressure monitors.
Next is the pulse oximeters segment that occupied more than 35.0% share back in 2016, which also includes sub-segments such as table-top or bedside, fingertip, wrist-worn, hand-held, and pediatric pulse oximeters. Of which, fingertip pulse oximeters are likely to observe lucrative growth, as these devices are convenient and wireless device that offers more patient compliance.
In the last, the temperature monitoring devices segment is also further categorized into mercury-filled thermometers, digital thermometers, liquid crystal thermometer, infrared thermometers, and temperature monitoring device accessories. Mercury is considered hazardous to the environment as well as to patients in case of accidental breakage in the body cavity. Due to this, there has been innovation in the product segment, which has now become capable of reducing the risk of mercury, giving rise to digital thermometers. The new digital thermometers can now measure the temperature of the patient precisely and safely with the absence of mercury.
The market, by the segmentation of type, includes integrated systems, non-integrated systems, and others. Back in 2018, non- integrated system segment led the global vital signs monitoring the market and now is projected to become the highest market share in the forecast period 2018 to 2025.
The market, by the segmentation of end-user, includes hospitals & clinics, ambulatory centers, home healthcare, and more. Among these, the hospitals segment forms the largest end-user that had a market share of around 35.9% back in 2018. This achievement can be attributed to the large patient pool coupled with greater financing capability for using these devices. At present. These devices can now be connected in an inclusive platform through software where any hospital staff can easily monitor vital signs of a patient at multiple platforms such as operation theater, nurse station, outpatient clinics, emergency room, and in the hospital’s ambulatory services.
The market, by the segmentation of the distribution channel, includes retail pharmacies, hospital pharmacy, and online websites.
Vital Signs Monitoring Market Regional Framework
The market for vital signs monitoring has further been studied among the critical regions of the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
North America and Europe are the ruling regions for the market in support of rapid advancements in technology, favorable reimbursement policies, robust healthcare systems, and a high contribution of critical stakeholders in the vital signs monitoring systems market. These are some of the eminent factors that have made North America and Europe some important regions for investments and growth. These regions are also further probable to go ahead in terms of adopting new technologies and become an indispensable part of the growth of the vital signs monitoring systems market during the forecast period. Particularly the U.S and other developed countries in North America are enhanced with advanced technology in the healthcare sector, so becoming a strong influencer to the market’s growth.
The Asia Pacific is also setting itself as a robust regional market as it is prospective to develop at the fastest rate over the forecasted growth period. Such development of the market is attributed to the factor of extensive unmet needs, especially in primary healthcare. These developments can be observed in developing markets such as India and China. With this, rising medical tourism and improving healthcare sectors have a lot to offer for the market players over the forecast period.
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Vital Signs Monitoring Market Key Players
GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., Medtronic, Natus Medical Incorporated, Boston Scientific Corporation, Siemens Healthcare Private Limited, Masimo, Mindray DS USA, Inc., Spacelabs Healthcare, Welch Allyn, Omron Healthcare, Inc., Smiths Medical, SunTech Medical, Inc., CASMED and Hicks Thermometers India Limited are top listed vital players contributing in the global vital signs monitoring market.