Vital Signs Monitoring Devices Market Analysis, Size, Share, Growth, Trends and Outlook Forecast by 2025
The Global Vital Signs Monitoring Devices Market size was valued at USD 4.1 billion in 2016 and is expected to reach USD 7.1 billion by 2025, with a CAGR of 6.5%. Vital signs include the most basic functions of the human body such as breathing rate, heartbeat, blood pressure and temperature. Patient monitoring devices, the parent market for vital signs monitoring devices, comprises devices that are used for hemodynamic, neurologic and brain functions. To check the level of physical performance, these vital signs are watched, measured and monitored. The application of vital sign monitoring devices is expanding in the sports industry as well. Hands free human-computer interaction makes it a choice for many, making things easier to handle and obtaining streamlined diagnosis.
The open communication channel with the doctors make these devices reliable for people to adopt indicating the positive future growth in the segment. The vital sign monitoring devices can be segmented on the basis of product, end use and mount type. The product can be segregated into monitors, mid acuity monitors, high acuity monitors, temperature measurement devices, digital thermometers, infrared thermometers, blood pressure measurement devices, automated blood pressure thermometers, standalone pulse oximeters and liquid filled thermometers. Vital signs monitoring devices are used in hospitals, ambulatory, clinics, surgical centers and home care settings. Vital signs device can be standalone and portable.
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The market is comprised of emergency support, care services and devices. The recent trend of being treated at home in order to minimize the hospital expenditure and gain a cost advantage is expected to help the industry soar new heights. The convenience of being treated at home in the known environment is the most preferred choice of the patients which shows the industry is expected to be progressing with changing trends. The health policies that enable a person to avail the services at a certain rate is also contributing to the growth percent of these monitoring devices. The demand for these devices such as blood pressure measurement devices, liquid filled thermometers and pulse oximeters is increasing in number which represents the signs of growth in the industry.
The technology is specially designed for ill and aged population for whom the home healthcare is important. Increase in Gross Domestic Product per capita leads to increasing health care expenditure which drives the industry growth rate. Investments have been increasing on healthcare by corporate groups that provides significant growth rate for the monitoring devices. Some of the benefits of the monitoring devices are reduction in hospitalization rates, office follow ups. Shortage of the healthcare professionals is also one of the major drivers in the U.S. With increase in the levels of population, the chronic diseases such as asthma, COPD and hypertension are outgrowing in number.
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Obesity is one of the major concern that people share due to unhealthy lifestyle, this results in hypertension. All these factors are expected to increase the market for monitoring devices in the coming seven years. Certain wearable medical devices have also been introduced that act as biosensors and monitor and capture psychological data. They also provide feedback, local processing and reports. They offer solutions to both health care providers and physicians. The large number of ongoing innovations and projects, ease of use of medical devices, and growing capabilities & accuracy of such devices is expected to favorably impact market growth. Certain drawbacks in this market are issues in reimbursement, lack of awareness in the developing countries such as India, Brazil, Mexico, and high cost associated with these devices.
The U.S due to its pre-existing high penetration and limited scope for the addition of hospitals is expected to drive the future growth of this market. Americans suffer from hypertension and obesity which shall play a key role in the development of the market. Increasing population of diabetic patients in Asia Pacific serves as an indicator that this region is expected to hold the maximum number of consumers for such devices, thereby exhibiting positive growth prospects. North America is the major region that holds the largest market share with maximum number of consumers followed by Europe. Certain new developing markets such as India, China and Japan are also expected to possess high revenue in the coming seven years due to increased health awareness among people and change in their lifestyle.
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Key industry participants include Welch Allyn, Inc., SunTech Medical, Inc., Spacelabs Healthcare, Inc., Smiths Group plc, Nihon Kohden Corporation, Mindray Medical International Limited, Masimo Corporation, Koninklijke Philips N.V., General Electric Co., Dragerwerk AG & Co. KGaA, Covidien Public Limited, ContecMedical Systems Co., Ltd, CAS Medical Systems, Inc. The major competitors are focusing on increasing their market share in emerging countries and new product development.