Vital Sign Monitoring Devices Market Analysis
Vital Sign Monitoring Devices Market, by End User (Clinics, Home Care Settings, Hospitals, Ambulatory Surgical Centers), by Product Type (High Acuity Monitors, Mid Acuity Monitors, Low Acuity Monitors, Liquid Filled Thermometers, Infrared Thermometers, Digital Thermometers, Sphygmomanometers, Standalone Pulse Oximeters, Automated Blood Pressure Monitors), and by Region (Africa, Latin America, Asia Pacific, North America, Europe, and the Middle East)—Share, Outlook, Size, and Opportunity Analysis, 2019–2027
The assessment of the physical functioning of the body involves measuring the respiratory rate, heart rate, blood pressure, and temperature, which is commonly known as “vital signs monitoring.” Vital sign monitoring devices play a crucial role in patient monitoring and are utilized in various healthcare settings, including intensive care units, critical care units, emergency rooms, and operating rooms.
Global vital sign monitoring devices market is estimated to be valued at US$ 6,515.9 million in 2022, exhibiting a CAGR of 9.6 % during the forecast period (2023-2030).
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The global market for vital signs monitoring devices is anticipated to experience growth during the forecast period, driven by the rising prevalence of chronic diseases linked to lifestyle factors. An example of this is the statistics reported by the American Heart Association in 2018, which revealed that approximately 92.1 million adults in the United States are affected by cardiovascular disease (CVD) or are experiencing the consequences of stroke.
Furthermore, the market is anticipated to experience growth during the projected period due to the availability of cost-effective vital signs monitoring devices and the increased expenditure on healthcare. As an illustration, the average price for an ECG device is approximately US$ 1,800 or less. Additionally, according to the Centers for Medicare & Medicaid Services (CMS), health expenditure in the United States is estimated to rise by an average of 5.5 percent annually between 2018 and 2027, reaching nearly US$ 6.0 trillion by 2027.
In terms of value, the North American region occupied the leading position in the global market for vital signs monitoring devices in 2019, with a 39.6% share, followed by Europe.
Prominent players, including Spacelabs Healthcare, Inc., Mindray Medical International Limited, General Electric Co. (GE), Smiths Group plc., Masimo Corporation, SunTech Medical, Inc., Iradimed Corporation, CAS Medical Systems, Inc., Medtronic, Dragerwerk AG & Co. KGaA, Koninklijke Philips N.V., Xenoma, Contec Medical Systems Co., Ltd., Welch Allyn, Inc., and Nihon Kohden Corporation, are operating in the global vital signs monitoring devices market.
Major participants in the industry have prioritized obtaining product approval and launching new products to broaden their product offerings. As an illustration, in December 2019, Iradimed Corporation publicized that it had concluded the renewal process for the CE Mark certification of its patient vital signs monitoring systems compatible with MRI. Following the renewal, the company recommenced delivering the systems to markets within the European Commission.
Major stakeholders in the industry are prioritizing partnership tactics to improve their market presence. As an illustration, Spirosure, Inc. entered into a five-year contract with Vyaire Medical, Inc. in January 2020 to distribute Spirosure’s Fenom Pro Asthma Monitor in the United States, Germany, the Netherlands, and the United Kingdom.
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Vital Sign Monitoring Devices Market Report Coverage
|The market size value in 2023|
The market’s growth is anticipated to face obstacles due to the prevalence of low-quality products, especially in the Asia-Pacific region. The existence of low-grade products that are inexpensive poses a challenge to the sales of low, mid, and high-acuity monitors on a global scale. In addition, customers in the Asia Pacific region prioritize cost-effectiveness and favor affordable monitors instead of high-priced alternatives.
Additionally, the market’s growth is likely to be hindered by the limited usage of advanced vital signs monitoring devices. The adoption rate of mid- and high-acuity monitors, as well as pulse oximeters, remains low in tier 2 and tier 3 cities globally. While fingertip pulse oximeters are commonly used in homecare settings in developed countries, there is a lack of knowledge among end-users in developing regions about these devices.
The usage of sophisticated vital signs monitors is not prevalent in tier 2 and tier 3 cities of developing countries. To promote the adoption of such products, major market players may concentrate on enhancing awareness by employing innovative marketing strategies and conducting campaigns in hospitals, clinics, and ASCs.
The pulse oximeter sensors that are currently available on the market may not provide precise readings when there is a decrease in peripheral perfusion. To address this issue, major industry players can concentrate on creating tracheal photoplethysmography (PPG) sensors as an alternative to the existing pulse oximeters that have limitations.
During the projected timeframe, the hospital sector of the global market for vital signs monitoring devices is estimated to experience a CAGR of 9.7%, increasing from its valuation of US$ 3,016.2 million in 2019 to an anticipated value of US$ 6,442.3 million by 2027.
The emergence of next-generation smart clothing designed to monitor important bodily functions is currently being observed in the market. An example of this is Xenoma, a company located in Tokyo that unveiled their ‘e-skin EMStyle’ suit featuring whole-body Electrical Muscle Stimulation (EMS) technology at CES 2020, which is also suitable for outdoor use.
Market leaders are prioritizing the introduction of portable vital signs monitoring equipment as part of their strategy to broaden their product range. One example is the launch of the Life Scope SVM-7200 Series vital signs monitor by Nihon Kohden Corporation in December 2019. This monitor is lightweight, user-friendly, and features customizable early warning scoring.
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Vital Sign Monitoring Devices Market Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Vital Sign Monitoring Devices Market Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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