The global Vital Signs Monitoring Devices market is expected to gain momentum from their increasing demand from several healthcare institutions to control the spread of the corona virus infection. The U.S. Food and Drug Administration (FDA), for instance, put forward a new guideline in March 2020 that enables the manufacturers of specific FDA-clearedsign monitoring devices to broaden their utilization.
It would aid the healthcare providers in remotely monitoring patients. This information is given by Fortune Business Insights™ in a new report, titled, “Vital Signs Monitoring Devices Market Size, Share &COVID-19 Impact Analysis, By Type (Pulse-oximeters, Temperature Monitors, &Blood Pressure Monitors), By End User (Hospitals and Ambulatory Surgical Centers, Clinics, Home Care Settings and Others), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 4.63 billion in 2019 and is projected to reach USD 11.55 billion by 2027, exhibiting a CAGR of 11.0% during the forecast period.
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Rising Entry of Numerous Manufacturers to Augment Growth in Asia Pacific
Geographically, North Americagenerated revenue of USD 2.77 billion in 2019 and is anticipated to dominate the market throughout the forthcoming years. This growth is attributable to the higher incidence of chronic disorders associated with sedentary lifestyle in this region. As per a study by the International Diabetes Federation, in the U.S., around 48 million people were suffering from diabetes in 2019. This factor would also propel the market growth in this region.
Asia Pacific, on the other hand, is likely to exhibit a considerable CAGR owing to the entry of a large number of manufacturers in the region. Apart from that, the increasing awareness programs regarding multiple benefits of Vital Signs Monitoring Deviceswould accelerate growth in this region.
This Report Answers the Following Questions:
- Which is the dominant region in the market?
- What are the challenges and opportunities in the market?
- How will the market be affected by COVID-19?
- Which segment is set to lead the market in the near future?
Drivers & Restraints-
Increasing Prevalence of NCD to Spur Demand for Vital Signs Monitoring Devices
The rising adoption of sedentary lifestyle amongst the masses is giving rise to a lack of physical activities, as well as binge eating. Such practices are further resulting in the rising incidence of obesity, dyslipidemia, diabetes, hypertension, and other similar chronic disorders. Apart from that, the higher cases of non-communicable diseases (NCD)is also set to contribute to the Vital Signs Monitoring Devicesmarket growth in the near future. The Global Health Observatory data mentions that approximately 70.0% of the deaths in 2015 occurred because of NCD. However, these devices are expensive in nature. This factor may hamper the market growth.
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Key Players Focus on Launching Advanced Vital Signs Monitoring Devices
The companies present in the market are persistently investing hefty amounts of money in research and development activities to create technologically advanced products. Below is one of the latest industry developments:
- June 2020: Hillrom unveiled its new connected remote vital signs monitoring device named Hillrom™ Extended Care Solution. It would provide clinicians access to crucial data for accurately looking into the patients’ health status from the institution or clinic. The patient however will remain at home.
Fortune Business Insights™ lists out the names of all the Vital Signs Monitoring Devices manufacturers operating in the global market. They are as follows:
- Koninklijke Philips N.V.
- Nihon Kohden Corporation
- GE Healthcare
- Omron Healthcare
- Contec Medical Systems Co. Ltd
- A&D Company Ltd.
- Nonin Medical Inc.
- SunTech Medical, Inc.
- Other Players
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- Analog Temperature Monitoring Devices
- Digital Temperature Monitoring Devices
Blood Pressure Monitors
- Manual BP Monitors
- Digital BP Monitors
- Fingertip Pulse Oximeters
- Hand-held Pulse Oximeters
- Table-topPulse Oximeters
By End User
- Hospitals and Ambulatory Surgical Centers
- Home Care Settings
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- The Middle East& Africa (South Africa, GCC and Rest of Middle East & Africa)