Pulse oximeters are widely vital signs monitoring devices and are available in table-top/ bedside, fingertip, hand-held, wrist-worn, and pediatric types. The demand for fingertip pulse oximeters is high as these devices are portable and offer more patient compliance.
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 launch of advanced, integrated, and wearable vital signs monitoring solutions is expected to propel growth of the global vital signs monitoring devices market over the forecast period. For instance, in January 2020, Withings launched ScanWatch, which has a built-in ECG and a SpO2 sensor to measure oxygen saturation levels.
Global Vital Signs Monitoring Devices Market: Opportunities
Key players in the market can focus on developing products for unobtrusive monitoring of drivers’ physiological parameters, owing to increasing focus on preventing road accidents. Major techniques that can be employed in this regard are capacitively coupled sensing of the electrocardiogram and respiration and radar-based sensing of heartbeat and respiration.
Global Vital Signs Monitoring Devices Market: Restraints
Adoption of manual pulse measurement and low doctor-to-patient ratio in emerging economies is expected to hinder growth of the global vital signs monitoring devices market. For instance, according to Competition Commission of South Africa’s preliminary health market inquiry findings released in July 2018, the estimated yearly average of doctors per 1,000 patients was 1.75 in the private sector between 2010 and 2014.
The 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.The growth of the segment is attributed to increasing healthcare infrastructure in developing economies during the forecasted period.
The Digital thermometers segment held dominant position in the global vital signs monitoring devices market in 2019, accounting for 17.2% share in terms of value, followed by liquid filled thermometers and mid acuity monitors, respectively. Increasing product launches and increasing incidence and prevalence of chronic and acute diseases is expected to drive the growth of the market during the forecasted period.
The market is witnessing increasing adoption of video-based vital signs monitoring applications. For instance, in January 2020, Binah.ai, a provider of AI-based general health and wellness monitoring tools, launched its contactless, video-based vital signs monitoring application.
Key players in the market are focused on raising funds to enhance their market share. For instance, in July 2018, Current Health, a developer of AI-powered wearable monitoring devices, raised US$ 8 million in seed funding.
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
Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.