Vital Signs Monitoring Devices Market – Insights
Vital signs monitoring involves measurement of heart rate, respiratory rate, temperature, and blood pressure in order to assess physical functioning of the body. Vital signs monitoring devices are an integral part of patient monitoring. These devices are used in emergency rooms, operating rooms, intensive care units, and critical care settings.
The global vital signs monitoring devices market is estimated to account for US$ 11,196.7 Mn in terms of value by the end of 2027.
Global Vital Signs Monitoring Devices Market: Drivers
Increasing incidence of lifestyle-associated chronic diseases is expected to propel growth of the global vital signs monitoring devices market over the forecast period. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease (CVD) or the after-effects of stroke.
Moreover, the availability of vital signs monitoring devices at competitive prices and increasing expenditure on healthcare is also expected to boost growth of the market over the forecast period. For instance, the average cost of ECG device is around US$ 1,800 or lower. Moreover, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027.
North America region held dominant position in the global vital signs monitoring devices market in 2019, accounting for 39.6% share in terms of value, followed by Europe.
Figure 1. Global Vital Signs Monitoring Devices Market Value (US$ Mn), by Region, 2019
Global Vital Signs Monitoring Devices Market: Restraints
Availability of low quality products, particularly in Asia Pacific, is expected to hinder growth of the market. The availability of substandard products at cheap cost acts as a hurdle for sales of low, mid, and high acuity monitors worldwide. Moreover, end users in Asia Pacific are price-sensitive and prefer affordable low-cost monitors over high-priced counterparts.
Moreover, lower adoption rate of advanced vital signs monitoring devices is also expected to hamper growth of the market. Adoption rate of mid acuity monitors, high acuity monitors, and pulse oximeters in tier 2 and tier 3 cities worldwide is low. Although products such as fingertip pulse oximeters are widely used in homecare settings in developed countries, end users in developing regions lack awareness regarding the use of these devices.
Global Vital Signs Monitoring Devices Market: Opportunities
In tier 2 and tier 3 cities of emerging economies, the adoption of advanced vital signs monitors is low. Key players in the market can focus on increasing awareness regarding the benefits of these products through innovative marketing activities and campaigns in hospitals, clinics, and ASCs.
Pulse oximeter sensors available in the market often fail to offer accurate results in situations of reduced periphery perfusion. Key players in the market can focus on developing tracheal photoplethysmography (PPG) sensor to overcome the limitations of current pulse oximeters.
Hospitals segment in the global vital signs monitoring devices market was valued at US$ 3,016.2 Mn in 2019 and is expected to reach US$ 6,442.3 Mn by 2027 at a CAGR of 9.7% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing development of next-generation smart apparel for monitoring vital signs of the human body. For instance, in December 2019, the Tokyo-based company Xenoma presented outdoor compatible ‘e-skin EMStyle’ whole-body Electrical Muscle Stimulation (EMS) suit at CES 2020.
Key players in the market are focused on launching portable vital signs monitoring devices to expand their product portfolio. For instance, in December 2019, Nihon Kohden Corporation launched of its Life Scope SVM-7200 Series vital signs monitor. It is a portable, easy-to-use monitor with customizable early warning scoring.
Global Vital Signs Monitoring Devices Market: Competitive Landscape
Major players operating in the global vital signs monitoring devices market include, CAS Medical Systems, Inc., Koninklijke Philips N.V., General Electric Co. (GE), Masimo Corporation, Mindray Medical International Limited, Medtronic, Nihon Kohden Corporation, Smiths Group plc., Dragerwerk AG & Co. KGaA, SunTech Medical, Inc., Welch Allyn, Inc., Spacelabs Healthcare, Inc., Contec Medical Systems Co., Ltd., Iradimed Corporation, and Xenoma.
Global Vital Signs Monitoring Devices Market: Key Developments
Key players in the market are focused on product approval and launch to expand their product portfolio. For instance, In December 2019, Iradimed Corporation announced completion of the CE Mark renewal process for its MRI compatible patient vital signs monitoring systems. The company resumed shipments of the systems into European Commission markets after the renewal.
Key players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in January 2020, Spirosure, Inc. signed a five-year agreement with Vyaire Medical, Inc. for distribution of Spirosure's Fenom Pro Asthma monitor in the U.S., Germany, the Netherlands, and the U.K.