The global vital signs monitoring devices market was valued at $4,655.9 million in 2018 and is projected to reach $7,813.5 million by 2026, registering a CAGR of 6.6% from 2019 to 2026.Vital signs are used to measure the basic functions in humans such as body temperature, pulse rate, respiration rate, and blood pressure. Detecting or monitoring medical problems with the help of vital signs monitoring devices in a medical setting, home, or at the site of medical emergency is helpful in early diagnosis of various medical conditions among patients. Vital signs provide critical information about a patient’s health to identify acute medical problems, indication of chronic disease state, and to understand how body copes with physiological stress.
The global vital signs monitoring devices market is expected to witness a significant growth during the forecast period, owing to increase in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries. In addition, surge in geriatric population and rise in incidence rate of cardiovascular disorders such as hypertension and other preexisting health conditions including COPD, sleep apnea, and infectious diseases fuel the demand for vital signs monitoring devices, globally. Moreover, increase in use of vital signs monitoring devices for fitness monitoring and rise in ambulatory surgery centers across various countries, which use vital signs monitoring devices routinely, foster the market growth. However, lack of awareness about these devices in low- and middle-income countries hamper the market growth.
On the other hand, COVID-19 pandemic has raised up a critical challenge for the entire healthcare industry, thereby impacting the growth of vital signs monitoring devices market as well. Vital signs monitoring devices are mainly used in recording various physiological functions such as body temperature and blood pressure in COVID-19 patients. Thus, this is likely to boost the adoption of vital signs monitoring devices among the population. Similarly, most of the people are opting for home-based precautionary measures with the help of temperature monitoring devices to assess their body temperature amid the pandemic. In addition to this, rising adoption of non-contact infrared thermometers across workplaces for rapid body temperature screening is likely to boost the demand for vital signs monitoring devices, on an account of the increasing number of COVID-19 patients worldwide. Moreover, clinical trials for including biosensors for inspecting COVID-19 patients isolated at home to support the healthcare providers with systematic real time information are ongoing. The research outcomes are projected to supplement the demand for vital signs monitoring devices further.
The vital signs monitoring devices market is segmented on the basis of product type, end user, and region. By product type, it is divided into blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Under the blood pressure monitoring devices, the market is further divided into aneroid BP Monitors, digital BP monitors, blood pressure instrument accessories and ambulatory BP monitors. Under the pulse oximeters segment, the market is further classified intotable-top/bedside pulse oximeters, fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters and pediatric pulse oximeters. Under the temperature monitoring devices segment, the market is further segmented into mercury-filled thermometers, digital thermometers, infrared thermometers and temperature strips. By end user, it is segregated into hospitals & clinics, ambulatory surgery centers, and home care settings. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Product Type Segment Review
By product type, the BP monitoring devices segment is anticipated to hold a dominating position in the global market in the coming years. The demand for BP monitoring devices has increased in recent years, owing to increase in incidences of cardiovascular diseases such as hypertension, lurking risk of high BP in geriatric population, and expanding base of lifestyle diseases including obesity and diabetes. Moreover, technological advancements in BP devices such as advent of mobile-based BP monitoring devices and prominence of home-use BP monitors fuel the market growth. Pulse oximetry devices are projected to be the fastest growing segment. Rise in incidences of trauma conditions and heart-related diseases and availability of cost-effective smart pulse oximeters are the key drivers for the global smart pulse oximeter market.
By Product
pulse oximtery devices is the fastest growing segment in the market
End User Segment Review
On the basis of end user, the hospitals & clinics segment occupied a major share of the vital signs monitoring devices market in 2018 and is expected to maintain this trend during the forecast period. Vital signs monitoring devices are used to examine several medical parameters including blood pressure, oxygenation level, and temperature to keep track of a patient’s health status. In hospitals & clinics, vital signs monitoring devices are used in treatment of communicable (malaria, pneumonia, and HIV/AIDS) and non-communicable diseases (hypertension). Vital signs monitoring devices are in high demand in hospitals & clinics as these devices facilitate early detection of a patient’s deteriorating health condition; thereby, enabling speedy intervention and diagnosis of the disease. Disposable wireless monitoring devices are widely used in hospitals,owingto ease-of-disposal, eliminating the need for cleaning and sterilization.
By End User
Hospital and clinics constitute for largest market share in the market
Region segment review
Region wise, North America was the highest revenue contributor in 2018, owing to increase in incidences of lifestyle diseases such as diabetes or hypertension and infectious and respiratory diseases. Moreover, product launch and product development by various players in the region and favorable reimbursement policies boost the market growth. Favorable reimbursement policies in the U.S. is a crucial factor stimulating growth of the pulse oximeters market. Medicare allows payment for oximetry when accompanied by an appropriate ICD-9-CM code for a pulmonary disease(s), which is associated with oxygen desaturation. The current procedural technology identifies use of three codes for oximetry, namely 94760, 94761, and 94762. On the other hand, Asia-Pacific offers lucrative opportunities for players operating in the vital signs monitoring devices market, owing to its high population base, high disposable incomes, improvement in patient awareness about advanced monitoring devices, and increase in incidences of infectious diseases such as malaria and typhoid. Moreover, rise in geriatric population and increase in demand for vital signs monitoring devices for home care settings have contributed to the vital signs monitoring devices market growth.
By Region
Asia-Pacific region would exhibit the highest CAGR of 8.1% during 2019-2026.
Key Benefits For Stakeholders
This report provides a detailed quantitative analysis of the current vital signs monitoring devicesmarkettrends and forecast estimations from 2019to 2026, which assists to identify the prevailing vital signs monitoring devices market opportunities.
An in-depth vital signs monitoring devices market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
Region-wise and country-wise vital signs monitoring devices market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from2019 to 2026, in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the vital signs monitoring devices market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of global vital signs monitoring devices market.
Vital Signs Monitoring Devices Market Report Highlights
Aspects | Details |
By Product Type |
|
By END USER |
|
By Region |
|
Key Market Players | KONINKLIJKE PHILIPS N.V., HILL-ROM HOLDINGS, INC., A&D COMPANY, LIMITED, NIHON KOHDEN CORPORATION, GENERAL ELECTRIC COMPANY, SMITHS GROUP PLC, CONTEC MEDICAL SYSTEM CO., LTD., NONIN MEDICAL, INC, OMRON CORPORATION, HALMA PLC, MEDTRONIC PLC, MASIMO CORPORATION |
Analyst Review
Utilization of vital signs monitoring devices is expected to increase, owing to rise in incidences of chronic diseases, such as hypertension, and increase in awareness about the development of vital signs monitoring devices for personal use. The vital signs monitoring devices market has piqued the interest of healthcare professionals, owing to increase in use of vital signs monitoring devices for measurement of physiological functions of patients.
Furthermore, growth in geriatric population and rise in prevalence of cardiovascular disorders and respiratory ailments, such as COPD and sleep apnea, are expected to drive the vital signs monitoring devices market. However, lack of awareness about these devices is expected to hamper the market growth. Moreover, adoption of pulse oximeters has increased in recent years, owing to various factors such as improved reimbursement scenario and high incidence of disorders that affect blood oxygen levels such as COPD, anemia, lung cancer, and pneumonia. Therefore, adoption of vital signs monitoring devices is expected to increase further in the future. The use of these devices is highest in North America, owing to high government expenditure on healthcare and supportive reimbursement policies, followed by Europe, owing to higher incidence rate of chronic respiratory impairments in the region.
The total market value of Vital Signs Monitoring Devices market is $7,814.0 million by 2026
The forecast period in the report is from 2019 to 2026
The market value of Vital Signs Monitoring Devices market in 2019 was $4991.20 million
The base year for the report is 2018
Yes, Vital Signs Monitoring Devices companies are profiled in the report
The top companies that hold the market share in Vital Signs Monitoring Devices market are General Electric Company, Koninklijke Philips N.V, Masimo Corporation, and Hill-Rom Holdings, Inc.
The top 5 emerging investments markets in the Vital Signs Monitoring Devices market are China, India, Russia, Turkey and Saudi Arabia
The key trends in the Vital Signs Monitoring Devices market are increase in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries
Loading Table Of Content...