Increase in inclination toward home care monitoring is set to increase the demand for vital signs monitoring devices worldwide. With technological advancements (such as Bluetooth facility) the devices have become user-friendly, which has led to the increased use of these devices in the home-care settings.
Vital signs monitoring market size was worth $3,694 million in 2015 and is expected to reach $5,491 million by 2022, growing at a CAGR of 5.8% from 2016 to 2022. North America was the leading regional market in global vital signs monitoring devices industry. The blood pressure monitoring devices segment is expected to maintain its lead throughout the forecast period.
Factors such as increase in geriatric population, growth of inclination towards home monitoring, and rise in incidence rate of chronic diseases, such as cardiovascular disorders and obesity, are expected to drive the growth of the market. Moreover, introduction of innovative and technologically advanced digital blood pressure monitors and finger pulse oximeters is set to further drive the market growth. However, lack of awareness about these devices in low- and middle-income economies hampers the market growth.
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Hypertension, a serious chronic disease, is one of the leading causes of death. As per the Centers for Disease Control and Prevention, about 70 million American adults suffer from high blood pressure, of which the conditions of only 52% of the people with high blood pressure are under control. Thus, continuous monitoring and recording of blood pressure is crucial for curtailing the chances of cardiovascular diseases and risk factors.
In the end-user segment, hospitals & clinics occupied the major share of the vital signs monitoring devices market, as these devices facilitate early detection of a patients deteriorating health condition; thereby, enabling speedy intervention and diagnosis of the disease. Home environments was the other dominant end-user segment, expected to grow at a CAGR of 6.1%.
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Asia-Pacific possesses high market potential for blood pressure monitoring devices, owing to the rise in incidence of hypertension, increase in healthcare expenditure, and better focus on the development of cost-effective blood pressure monitoring devices. As per “Australian heart disease statistics 2014,” one in five Australians have high blood pressure, and the prevalence rate being higher in men than women. Moreover, as projected by the Australian Bureau of Statistics, the geriatric population will increase three-folds from 2.8 million in 2007 to 7.5 million by 2050, thereby increasing the risk of aged people to develop cardiovascular disorder.
The key companies operating in the vital signs monitoring devices market are Welch Allyn (a subsidiary of Hill-Rom Holdings, Inc.), SunTech Medical, Inc. (a subsidiary of Halma plc), Nonin Medical Inc., Omron Corporation, Masimo Corporation, General Electric Company, Medtronic plc, Nihon Kohden Corporation, Koninklijke Philips N.V., A&D Company, Limited, Contec Medical Systems Co., Ltd. and Smiths Group plc.