Vital Signs Monitoring Devices Market to US$ 10,323.1 Mn by 2027
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Market Segmentation and Forecast
Based on product type, the market has been segmented into monitors, temperature measurement devices, blood pressure measurement devices and standalone pulse oximeters. The monitors segment is further classified into three sub-segments namely low acuity monitors, mid acuity monitors and high acuity monitors. Monitors segment is a high value and low volume segment, which held 41.2% share of the global vital signs monitoring devices market in 2016. The monitors segment is expected to expand at a significant CAGR over the forecast period. The temperature measurement devices segment is sub-segmented into liquid-filled thermometers, digital thermometers and infrared thermometers. Temperature measurement devices was the most dominant segment among all other sub-segments in terms of volume, which stood at 31,465 units in the global vital signs monitoring devices market in 2016. The blood pressure measurement devices segment has been sub-segmented into sphygmomanometers and automated blood pressure monitors. The standalone pulse oximeters segment is projected to be the fastest growing segment in the market owing to its growing adoption in home care settings.
Growth of the global vital signs monitoring devices market is mainly driven by the increasing importance of vital signs monitoring devices in home care settings, the expanding application of vital signs monitoring devices in the sports industry and the surge in ambulatory surgical centres across various countries, which actively employ vital signs monitoring devices routinely. The global vital signs monitoring devices market is fairly fragmented and is prone to the usage of a large number of low quality products, which could hamper growth of the market. Also, high end, advanced vital signs monitoring devices are being adopted at a lower rate in the market, especially in the developing regions, which again is acting as a restraint for the global market growth.
The global vital signs monitoring devices market is fragmented with a few major players and several small players. This trend is expected to continue over the forecast period as well. This is attributed to the low production cost of products such as thermometers. The vital signs monitoring devices companies are engaged in increasing awareness about their products through various marketing activities that are carried out in end use segments such as hospitals, clinics, ambulatory surgical centres and home care settings. Innovation and technological advancements, with regard to software, are opening up a plethora of opportunities for the vital signs monitoring devices market players currently.
This report covers trends driving growth of each segment and respective sub-segments and offers analysis and insights on the potential of the vital signs monitoring devices market in specific regions. North America is expected to dominate the vital signs monitoring devices market, accounting for around 39.5% share of the overall market by the end of 2017, and is anticipated to remain dominant till the end of 2027. North America and Western Europe collectively accounted for over 54.1% share of the global vital signs monitoring devices market in 2016.
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Key players in the global vital signs monitoring devices market include CAS Medical Systems, Inc., Koninklijke Philips N.V., General Electric Co., Masimo Corporation, Mindray Medical International Limited, Medtronic, Inc., Nihon Kohden Corporation, Smiths Group plc, Dragerwerk AG & Co. KGaA, SunTech Medical, Inc., Spacelabs Healthcare, Inc. and ContecMedical Systems Co., Ltd. Market participants are focussed on new product development and approvals while expanding into emerging markets.
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