PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1122982
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1122982
The global vital signs monitoring devices market is expected to register a CAGR of around ~8% over the period of 2021-2027. This is mainly due to the increasing prevalence of chronic diseases, rising awareness regarding portable and smart vital sign monitoring devices, and personalized and accurate cardiac oxygen saturation monitoring technology. In addition, vital signs monitoring devices involve the measurement of heart rate, respiratory rate, temperature, and blood pressure in order to assess the physical functioning of the body. Also, the device captures medical data from a patient and transmits it to the hospital's medical records, thereby enhancing patient treatment and reducing errors. For instance, in March 2022, the Food and Drug Administration granted 510(k) clearance to Biobeat's wearable remote patient monitoring device to monitor respiratory rate and body temperature in addition to cuffless blood pressure, blood oxygen saturation, and pulse rate. The growing rate of chronic disorders such as respiratory conditions, hypertension, and others contributes to market growth. Furthermore, various factors such as growing research and development activities are also expected to drive the demand for vital signs monitoring devices over the forecast period.
Contec Medical Systems Co., Ltd, GE Healthcare, Halma plc, Masimo Corporation, Medtronic plc, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden Corporation, A&D Company, Limited, Omron Healthcare, Inc., Koninklijke Philips N.V. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Based on product type, the market is classified into blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Among these, the blood pressure monitoring devices category accounted for a significant share of the market. The growth of this segment is attributable to the surge in the number of people having cardiovascular disorders as they need regular monitoring of their heart rate. For instance, according to the centers for disease control and prevention, 1 out of 4 deaths in the United States is because of cardiovascular disease. In addition to this, the American Heart Association has predicted that more than 130 million U.S. adults will have some type of heart disease by 2035. This further expected an increase in demand for self-operational digital blood pressure monitors.
Based on end-user, the market is categorized into hospitals & clinics, ambulatory surgery centers, home care settings, and others. Among these, hospitals & clinics are expected to witness a significant CAGR during the forecast period. In hospitals, nursing assistants or technicians are responsible for collecting patients' vital signs and monitoring blood pressure, pulse rate, and respiration rate at periodic intervals of time. For instance, in 2019, according to the NCBI, about 5.7 million patients are admitted to ICU every year in the U.S., which requires the continuous monitoring of various vital body parameters. The vital sign monitors, thus minimize the chances of errors, which results in safer patient care.
North America is expected to witness a significant CAGR during the forecast period due to the higher adoption of digital healthcare in the country and rising investments by companies, and the rise in the prevalence of cardiovascular diseases, among others. For instance, according to the Center for Disease Control and Prevention Statistics updated in February 2022, in the United States, heart disease is the top cause of mortality for men, women, and people of most racial and ethnic groups. Moreover, the increasing adoption of modern technology and improved healthcare infrastructure, strong purchasing power, and a fair reimbursement framework are some of the key attributable factors to the growth of the market. Furthermore, many healthcare and vital signs monitoring device companies are headquartered in the region, which is focusing on novel vital signs monitoring devices for the treatment of diseases.
The global vital signs monitoring devices market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.