Global Vital Signs Monitoring Devices Market Outlook and Forecasts 2020-2025 Featuring Hillrom, Masimo, Koninklijke Philips, GE Healthcare, Contec Medical Systems, NIHON KOHDEN, and Smiths Medical
DUBLIN, Nov. 18, 2020 /PRNewswire/ -- The "Vital Signs Monitoring Devices Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Vital Signs Monitoring Market Report
The vital signs monitoring devices market by revenue is expected to grow at a CAGR of over 8% during the period 2019-2025.
The global vital signs monitoring devices market is expected to grow at an absolute growth of 58% during the forecast period. Advances in vital monitoring devices is a major factor influencing the market growth. The availability of several medical platforms, applications, telehealth solutions, and software to support care providers and assist in monitoring vital organs to assure quality care. These applications send vital signs data from the bedside directly to the electronic health record (EMR) so that care providers can access accurate patient data whenever required.
Similarly, vendors are coming with clinical surveillance systems on a single platform to aid care providers to increase efficiency, improve clinical decision-making, and enhance patient safety. These platforms and products work in compliance with medical guidelines offered by several major and other prominent vendors, thereby providing quality care and boosting the market growth. Hence, the growing demand for advanced vital sign monitoring devices to assist critical patients with accurate and necessary treatment options is expected to drive the growth of the market.
Global Vital Signs Monitoring Devices Market Segmentation
The global research report includes a detailed segmentation by Product, Patient Group, End-user, Geography. Standalone vital signs monitoring devices have evolved over a short duration from individual devices measuring blood pressure (BP), pulse, and the temperature to a combined all-in-one device. There has been an increasing number of innovations in the product category, which is fueling the growth. The COVID-19 pandemic has increased challenges for the entire healthcare industry, thereby affecting the growth of the integrated vital signs monitoring devices market. Standalone devices are mainly used in recording several physiological functions such as body temperature and blood pressure among COVID-19 patients.
The geriatric patient population is growing at a faster growth rate as these patients require the continuous assessment of their vital signs, which is driving the market on the large scale. Hence, the increasing chronic disease prevalence in the elderly population is influencing the demand for vital sign monitoring devices. Also, the COVID-19 infection has severely affected the geriatric population due to their low immunity. The global geriatric population is expected to reach 2.1 billion by 2050. The population aged 60 years and above is growing faster than any other age group. These factors are likely to increase the adoption of several vital sign monitoring devices.
Vital signs monitoring devices are in high demand in hospitals and ACSs as these devices facilitate early detection of the patient's deteriorating health condition, thereby, enabling speedy intervention from medical experts. Hospitals constitute the largest end-user in 2019. This dominion can be contributed to a large patient pool and high financing capability. These devices can be connected on a comprehensive platform through software wherein the hospital staff can easily monitor the patient's vital signs in the single dashboard. This has increased their usage, especially in developed economies.
Segmentation by Product Type
- Standalone
- Integrated
By Patient Group
- Geriatric
- Adult
- Pediatric
By End-user
- Hospitals
- Ambulatory Care Settings
- Home Care Settings Aftermarket
- Others
INSIGHTS BY GEOGRAPHY
North America currently dominates the market for vital sign monitoring, and it is expected to continue its stronghold for a few more years. The 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. Factors such as the increasing geriatric population, the rising occurrence of interminable disorders, developing interest for remote patient monitoring and wireless devices combined with streamlined coverage policies are the main considerations crediting to its major share in the industry. Moreover, new product launches and product improvement/enhancements to earlier version vital signs monitors and favorable reimbursement policies will boost the market.
INSIGHTS BY VENDORS
The global vital signs monitoring devices market is highly competitive. The market is fragmented with the presence of several global, local, and regional manufacturers. Owing to continuous technological advancements and product innovations, mid-sized and emerging vendors are increasing their market presence by introducing new products at competitive prices. The market potential is driving numerous players to expand their market share through acquisitions.
Hillrom, Masimo, Koninklijke Philips, GE Healthcare, Contec Medical Systems, NIHON KOHDEN, and Smiths Medical are some of the major vendors offering a wide range of both standalone and integrated vital signs monitors worldwide. All these companies have a significant presence in major geographical regions such as North America, APAC, and Europe.
The following factors are likely to contribute to the growth of the vital signs monitoring devices market during the forecast period:
- Increasing Focus of Manufacturers on Vital Sign Monitoring Software and Applications
- Expanding Production Capabilities of Critical Care Products
- Upsurge in COVID-19 Cases across the Globe
- Growing Demand for Wearable Vital Sign Monitors
Prominent Vendors
- A&D Company
- Contec Medical Systems
- GE Healthcare
- Hillrom
- Koninklijke Philips
- Masimo
- NIHON KOHDEN
- Nonin Medical
- OMRON HEALTHCARE
- OSI Systems
- Smiths Medical
Other Prominent Vendors
- Acare Technology
- American Diagnostic Corporation
- AVI Healthcare
- aXcent Medical
- Beijing Choice Electronic Technology
- Better Life Medical Technology
- Cardinal Health
- Charmcare
- Clarity Medical
- COMDEK
- Cosinuss
- Dragerwerk
- EDAN Instruments
- General Meditech
- GETEMED Medical and Information Technology
- Hicks Thermometers India
- Infinium Medical
- Maxtec
- Mediaid
- medical Econet
- Meditech
- Mennen Medical Group
- Microlife
- Nureca
- Opto Circuits
- Progetti
- Recorders & Medicare Systems (RMS)
- Remote Diagnostic Technologies (RDT)
- Rossmax International
- Samtronic
- Shenzhen Creative Industry
- Shenzhen Mindray Bio-Medical Electronics
- Shenzhen Unicare Electronic
- Sino-Hero (Shenzhen) Bio-Medical Electronics
- Solaris Medical Technology
- SunTech Medical
- TaiDoc
- Viatom Technology
For more information about this report visit https://www.researchandmarkets.com/r/lr6dj8
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article