Vital Signs Monitoring Devices Market to Register a CAGR of 8.5%, with the Expanding Geriatric Population and Rising Prevalence of Cardiovascular Diseases Driving Growth

Wed, 22 April 2020 11:13

Market Outlook

The vital signs monitoring devices market was valued at USD 5,156.5 million in 2019 and is expected to grow at a CAGR of 8.5% during the forecast period, 2020-2029.

Vital signs monitoring devices are used to monitor biophysical parameters such as heart rate, blood pressure, respiratory rate, and temperature. Blood pressure monitoring devices, pulse-oximeters, and temperature monitoring devices are a few examples of these devices. They are compact and inexpensive compared to other devices in the patient monitoring devices market. These features, coupled with their cost-effectiveness, garner significant demand from a vast customer base of hospitals, physicians' clinics, remote monitoring, and home healthcare. Vital signs provide a quantification of the physiological parameters that are useful in monitoring chronic and acute disease conditions, and their monitoring acts as a communication medium about patients' health status.

Expanding Geriatric Population & Rising Prevalence of Cardiovascular Diseases

There is a greater propensity of decreased homeostasis among the aging population, which makes it difficult for the body to perform optimal physiological functions. The expanding geriatric population is linked to the prevalence of cardiovascular diseases, such as hypertension and arterial rigidity. In such cases, the monitoring of vital cardiovascular signs becomes an extremely useful tool in managing diseases. As the geriatric population across regions rises, there is a growing demand for vital sign monitoring devices. Furthermore, increasing urbanization rate and lifestyle changes due to rising personal disposable incomes, rising standards of living coupled with adoption of healthier lifestyle increases the demand for home-based monitoring devices, which is likely to impact positively on the growth of the vital sign monitoring devices market in the years to come.

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Latest Trends in the Vital Sign Monitoring Systems Market

Some of the latest trends in the vital sign monitoring systems market include the application of cloud-based systems and integration of microfluidics, biosensors, Internet-of-Things (IoT) in smartphones and wearable devices, which brings point-of-care testing to the patient. The shortage of medical staff in various healthcare systems drives innovation in the vital sign monitoring devices market. Newly innovated products, such as the digital thermometer or wireless monitoring devices, have increased the demand for use in home settings, which has also increased the sales volume of these devices. The sensor and microelectronic technology field have vibrant innovation ecosystems working toward improving accuracy, sensitivity, multi-parametric sensing, and wireless monitoring.

Extensive Use of Vital Signs Monitoring Devices to Curb Patient-to-Patient and Patient-to-Healthcare Worker Transmission of COVID-19

Shanghai Public Health Center is using VivaLNK's continuous temperature monitoring sensor to combat the spread of the novel coronavirus in China. A key challenge in combating the contagious COVID-19 is limiting the spread of the virus within hospitals. Patient-to-patient and patient-to-healthcare worker cross-infection can be a serious problem. Hence, the U.S. FDA has permitted the expanded use of vital sign monitoring devices to monitor patients' physiological parameters remotely.

Key Takeaways

  • The global vital sign monitoring devices market is expected to grow at a CAGR of around 8.5%, strongly supported by demand from geriatric patients and the increasing urban health-conscious population.
  • By product type, the blood pressure monitoring segment dominates the market in terms of share, owing to the sizable patient pool of those suffering from hypertension and cardiovascular disorders and increasing demand for digital blood pressure monitors.
  • North America is estimated to hold a substantial value share in the global vital sign monitoring devices market, supported by a high adoption rate and supportive reimbursement policies.
  • Some of the key players profiled in the global vital sign monitoring market are Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, GE Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., and SunTech Medical, Inc.

Vital Signs Monitoring Devices Market Segmentation

By Product Type

  • Blood pressure monitors
    • Mercury blood pressure monitors
    • Aneroid blood pressure monitors
    • Digital blood pressure monitors
    • Blood pressure instrument accessories
  • Pulse oximeters
    • Table-top/bedside pulse oximeters
    • Fingertip pulse oximeters
    • Hand-held pulse oximeters
    • Wrist-worn pulse oximeters
    • Pediatric pulse oximeters
    • Pulse oximeter accessories
  • Temperature monitoring devices
    • Mercury filled thermometers
    • Digital thermometers
    • Infrared thermometers
    • Liquid crystal thermometer
    • Temperature monitoring device accessories
  • Other vital sign monitors

By End-User

  • Hospitals
  • Clinics
  • Home healthcare
  • Ambulatory centers
  • Diagnostic centers
  • Other healthcare settings

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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