Market Research Report
Vital Sign Monitoring Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390817|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Vital Sign Monitoring Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 114 Pages||
The global vital sign monitoring market was valued at USD 4,413.53 million in 2018, and is estimated to be valued at USD 6,385.73 million in 2024, witnessing a CAGR of 6.35%. The growth of geriatric population and the rising prevalence and incidence of chronic diseases have resulted in an increase in the applications of devices monitoring vital signs in emergency medicine and ambulatory care. This has led to an increasing demand for advanced algorithm-based and home care monitoring equipment.
According to the United Nations, the world's population is aging; every country in the world is witnessing a rise in the number and proportion of older people in their population. According to data from World Population Prospects: The 2017 Revision, the population of people aged 60 years and above was estimated to be 962 million (13% of the total global population), globally. The global geriatric population is expected to reach 2.1 billion by 2050. Globally, the population aged 60 years and above is growing faster than any other age group. According to the United Nations, currently, Europe has the highest percentage of population aged 60 years or over (25% of the total European population). Vital signs provide a quantification of physiological functions that are used for the monitoring of acute and chronic diseases. Vital sign monitoring essentially serves as a communication tool about patient status. Among old people, there is a greater tendency of reduced homeostasis, which makes it difficult for the body to carry out optimal physiological functions. Increasing age is associated with cardiovascular diseases, like hypertension and stiffening of arteries. In such instances, cardiovascular vital sign monitoring becomes an indispensable tool for disease management. As aging populations across various regions of the world is increasing, there is an increasing demand for vital sign monitoring devices, which is fueling the market for these devices.
The global vital sign monitoring market comprises all devices and monitoring services used in hospitals, clinics, ambulatory surgical centers, and home care settings for measuring the four vital signs of the human body, i.e., body temperature, heart rate or pulse rate, respiratory rate, and blood pressure.
Under the end user segmentation of the market, hospitals and clinics are believed to have the largest market size and are expected to witness a CAGR of 6.68% during the forecast period.
Vital sign monitors have been common in hospitals and clinics for more than 40 years. These play an important role in indicating a patient's clinical conditions. Monitoring blood pressure, pulse rate, and respiration rate is a crucial aspect of patient care in hospitals. Earlier, in hospitals, nursing assistants or technicians were responsible for collecting patients' vital signs on a scheduled basis at a periodic interval of time, which used to have errors.
According to a research conducted by the medical device manufacturer, Welch Allyn, around 10,000 transcription errors occur every year when information is miscopied or entered in the wrong chart, at a typical 200-bed hospital. The vital sign monitors minimize the chances of errors, which results in safer patient care. As patients, as well as providers, are able to adopt vital sign monitors for the ease of monitoring, hospitals are generating more demand for the same. This is resulting in a higher share of hospitals in the end user segment.
North America currently dominates the market for vital sign monitoring, and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare industry and better reimbursement facilities in the region. The United States holds majority of the market in the North American region, due to the higher adoption of digital healthcare in the country and rising investments done by companies in the region.
The vital sign monitoring market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, owing to technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new ingredients with less prices. Companies, like A&D Medical, Hill-Rom holdings Inc., Nihon Kohden Corporation, Koninklijke Philips NV, and Medtronic PLC, hold a substantial market share in the market.