Vital Signs Monitoring Market Quadruples by 2027 at Striking CAGR and Future Outlook
Prevalence of Chronic Disease to Push the Global Vital Signs Monitoring Market
Vital signs monitoring is a measuring or monitoring device that is used to attain essential information concerning the health of an individual. Some of the vital signs monitored through these devices are heart rate, blood pressure, body heat or temperature, and respiration rate of a person. It is extremely important that the signs maintain a normal range so as to ensure that the individual leads a healthy life. As per the recently undertaken study of the global Vital Signs Monitoring market by the team of Market Research Future (MRFR), it is expected that the Vital Signs Monitoring Market will grow at a significant CAGR of 7.5% over the review period between 2022 and 2027.
The study also dives-in to reveal some of the other key information concerning the market, including the factors that are driving the market growth of vital signs monitoring. The factors identified as the market drivers are changing consumer lifestyle, increasing geriatric population, and the wide-spread prevalence of chronic diseases. However, the expensive nature of the devices coupled with strict government regulations can go on to be a major hiccup for the market growth of vital signs monitoring devices during the forthcoming years.
Prominent market players of the global Vital Signs Monitoring market are GENERAL ELECTRIC COMPANY, Natus Medical Incorporated, Omron Healthcare, Inc., Masimo, Mindray DS USA, Inc., Boston Scientific Corporation, Koninklijke Philips N.V., Medtronic, CASMED, Welch Allyn, SunTech Medical, Inc., Spacelabs Healthcare, Smiths Medical, Hicks Thermometers India Limited, Siemens Healthcare Private Limited, and others.
On Feb 2019, one of the leading organizations in the global lighting sector, Osram Opto Semiconductors announced the development of a highly innovative, never-seen-before product. With the market for monitoring vital signs increasing, the company is coming up with a technology that monitors and analyzes the ingredients in your food.
On December 2018, The Astroskin technology developed by Quebec’s Carré Technologies, aka Hexoskin, is a smart shirt that helps monitor the vital signs of astronauts in space! The shirt made its way to space in December last year when it was worn by a Canadian astronaut.
The Vital Signs Monitoring Industry is segmented on the following basis: type, product, end-user, portability, and distribution channel.
By type, the market includes non-integrated systems, integrated systems, and others.
By product, the market comprises respiratory rate monitors, blood pressure monitoring devices, temperature monitoring devices, pulse oximeter, and others.
By portability, the market divides into portable and standalone. Here, the standalone devices are the ones that are expected to be the major market player during the forecast period. This is because of the high usage of these form of devices in ambulatory centers, hospitals, and medical clinics. On the other hand, portable devices are expected to grow at a rapid pace due to the booming preference of these devices in home healthcare settings owing to the convenience it offers.
By end-user, the market includes ambulatory centers, hospitals & clinics, home healthcare, and others.
By distribution channel, the market segments into retail pharmacies, hospital pharmacy, online websites, and others.
The geographical segmentation of the global vital signs monitoring devices includes key regions like the Americas, Asia-Pacific, Europe, and the Middle East & Africa.
Both Americas and Europe stand neck-to-neck in terms of the global market share. However, the Americas is anticipated to edge past the latter and dominate the global market over the forecast period. The increasing expenditure associated with healthcare and the rising geriatric population are two of the major factors driving the growth of the market.
Europe is projected to stand at second-place in terms of market share. This projected growth can be attributed to the surging demand for home health patient monitoring devices and the shifting lifestyle & demographics of individuals.
Asia-Pacific is the third-largest holder of the global Vital Signs Monitoring market share. Anticipated to be the fastest-growing market, the region is driven by increasing geriatric population, wide-spread prevalence of chronic diseases, and booming demand for vital signs monitoring devices.
The Middle East & Africa region is projected to hold the least market share. However, the slow growth of the market can be attributed to the developing healthcare infrastructure and prevalence of chronic diseases.
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