Vital Signs Monitoring Market

Market Overview

The Global Vital Signs Monitoring Market was valued at USD 5123 million in 2019 and is expected to grow at a 9% CAGR during the forecast period.

Vital signs monitoring devices are used to measure and monitor basic functions in the human body such as body temperature, pulse rate, respiration rate, and blood pressure.

Based on these vital signs, the medical personnel can predict, diagnose, and monitoring medical problems and diseases in a medical setting, at home, or at the site of a medical emergency. These vital signs find huge application in monitoring treatment progression and early diagnosis of various medical conditions among patients.

Market Dynamics

Increasing Usage of Vital Signs Monitoring Devices in Home Care Settings Significantly Boosting the Market

The Vital signs monitoring market encompasses products and services that help in monitoring general body functioning through continuous measurement of various parameters. These devices are powered by modern technologies that make these devices compact, portable, and a point of care. Increased availability of these products in the market has been raising awareness regarding the convenience and cost-effectiveness offered. This has positively influenced the market growth and is expected to drive the market.

Furthermore, there has been a recent trend in shifting preferences among patients who are increasingly opting for treatment at home instead of prolonged hospital stays. This is owing to significant cost advantage and reduced hospital expenditure that makes treatment more affordable. This shift has opened new opportunities for home monitoring devices that facilitate proactive monitoring of patients.

Rapidly Growing Geriatric Population Proliferating the Market

The geriatric population proportion across the globe has been rising at an exponential rate. World Health Organization also stated to expect a projected rise is estimated in the population within the geriatric age bracket.

As per the data published by the CIA World Factbook, approximately around 40.96% of the German population is traced within the age group of 25 to 54 years, and 14.23% of the population was in the 55 to 65 years age bracket in 2016. Further, the rise in chronic lifestyle diseases such as hypertension, cardiovascular diseases, diabetes, and other preexisting health conditions including COPD, sleep apnea, and infectious diseases has also been associated to the aging population.

For instance, in cases of patients with hypertension, continuous blood pressure monitoring is mandatory, and further, benefits such as home-based care are highly appreciated. Thus, these factors fuel the demand for vital signs monitoring devices across the globe. Further advancements such as all-in-one devices measuring pressure (BP), pulse, and temperature combined are responsible for significantly boosting the market. Additionally, the availability of improved reimbursement scenario in developed countries also boosts the market product adoption among patients.

Regional Analysis

North America

American regional market was the highest revenue generating market in 2019. This market dominance can be attributed to increased lifestyle-related diseases such as diabetes or hypertension and infectious and respiratory diseases in the region. For instance, as reported by the Center for disease control and Prevention (CDC), 32.8 million Americans were diagnosed with clinical hypertension.

According to WHO, Cardiovascular diseases (CVDs) were estimated to be the most frequent cause of death globally estimated to 17.9 million deaths annually. Moreover, product launch and development of the players and favorable reimbursement policies boost the market growth. For instance, Medicare allows payment for oximetry when accompanied by an appropriate ICD-9-CM code for a pulmonary disease(s), which is associated with oxygen desaturation.

The Asia-Pacific

The Asia-Pacific market is expected to register a high CAGR during the forecast period. This can be attributed to the growing prevalence of chronic diseases such as CVDs, Hypertension, Diabetes, and others. Further, the growing geriatric population in the region also boost the market growth projectile as patients are more potential consumers of vital sign monitoring since they suffer from a number of chronic disorders.

Furthermore, the regional market offers lucrative opportunities for players operating in the vital signs monitoring devices market, owing to its high population and thus consumer base, growing disposable incomes, increase in patient awareness about advanced monitoring devices.

Segmental Analysis

By Product Type

Blood pressure monitoring devices dominate the global market in terms of revenue generation. This can be attributed to the large scale adoption of the products among end-users. Blood Pressure is an essential parameter in almost all treatment procedures which justifies its widespread utilization. Further, patients suffering from high/low blood pressure or severe conditions such as hypertension, require routine monitoring of blood pressure as frequently as twice/thrice a day.

For instance, the World Health Organization (WHO) reported, approximately 1.13 billion people globally were estimated to be suffering from hypertension in 2019, wherein most (two-thirds) patients are living in low- and middle-income countries. For these patients, the market products offer a cost-effective yet accurate medium of monitoring as conventional sphygmomanometers can only be operated by physicians and trained nurses. Thus, patients in need had to visit private clinics and incur additional costs to monitor their blood pressure. Thus, the market products are widely-accepted and hence the market share. Moreover, technological advancements in BP devices such as the advent of mobile-based BP monitoring devices and the prominence of home-use BP monitors fuel the market growth.

By End-User

The hospital segment dominates the global market in terms of revenue. This can be attributed to the integration of hospital authorities and extensive usage of these monitoring devices to keep track of patient’s health status. Additionally, these device enables round-the-clock monitoring of patients without intervention from medical personnel that promotes better healthcare services. Further, these devices have gained popularity in the hospital owing to their capabilities in enabling speedy intervention and diagnosis of the disease. Further, the accessories are easy to dispose of this, eliminating the need for sterilization and cleaning.

Recent Developments

In May 2019 Mindray and Masimo had entered into a strategic agreement that integrated Mindray monitoring devices with Masimo sensors. This agreement was aimed to expand the product market penetration in regions including countries of Europe, the Middle East, Russia, Asia Pacific, Australia, and India.