Vital Signs Monitoring Devices Market Size to Reach Revenues of over USD 15 Billion by 2025 – AriztonIn-depth analysis and data-driven insights on the impact of COVID-19 included in this global vital signs monitoring devices market report.
The global vital signs monitoring devices market is expected to grow at a CAGR of over 8% during the period 2019−2025.
Key Highlights Offered in the Report:
1. The global vital signs monitoring devices market is growing at a significant rate and is expected to witness an absolute growth of around 60% during the forecast.
2. There is an upward trend in the use of pulse oximeters, patient temperature monitors, and other standalone vital signs monitoring devices among general public due to growing inclination towards self-monitoring and rise in demand for home healthcare platforms.
3. The market is experiencing a sudden surge in demand for standalone vital signs monitoring devices during the COVID-19 pandemic, as these devices are easy to use, compact, and convenient enough to get reliable data on vital signs of the user without the need to directly consult physicians. The segment is likely to witness an incremental growth of around $3.5 billion during the forecast period.
4. North America is dominating the global market, APAC is likely to witness significant growth during the forecast period. The surge in demand for vital signs monitors especially from China, India, and other COVID-19 affected countries is likely to fuel the growth of the market in the region. As a result, APAC will witness an absolute growth of around 70% during the forecast period.
5. The market is experiencing sudden surge in demand for standalone vital signs monitoring devices during the COVID-19 pandemic as these devices are easy to use, compact, and convenient enough to get reliable data on vital signs of the user without the need to directly consult physicians.
6. As the demand for various vital signs monitors is increasing, vendors are constantly focusing on increasing their production capabilities to meet the increasing demand and provide quality care to patients amidst this pandemic situation. Manufacturing capacity of the most essential products including vital signs monitors are being increased by more than 100% in many of the company’s manufacturing units.
• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, patient group, end-user, and geography
• Competitive Landscape – 12 key vendors and 37 other vendors
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Vital Signs Monitoring Devices Market – Segmentation
• Standalone vital signs monitoring devices have evolved over a short duration from individual devices measuring blood pressure (BP), pulse, and temperature to a combined all-in-one device. There has been an increasing number of innovations in the product category, which is fueling the growth.
• The geriatric patient population is growing at a faster growth rate as these patients require the continuous assessment of their vital signs, which is driving the market on a large scale. Hence, the increasing chronic disease prevalence in the elderly population influences the demand for vital sign monitoring devices.
• Vital signs monitoring devices are in high demand in hospitals and ACSs. These devices facilitate early detection of the patient’s deteriorating health condition, thereby enabling speedy intervention from medical experts. Hospitals constituted the largest end-user in 2019.
Vital Signs Monitoring Devices Market by Product Type
Vital Signs Monitoring Devices Market by Patient Group
Vital Signs Monitoring Devices Market by End-user
• Ambulatory Care Settings
• Home Care Settings Aftermarket
Vital Signs Monitoring Devices Market – Dynamics
Vendors are focusing on leveraging innovative technological platforms for the development of vital signs monitoring devices with advanced features. Vendors are strategically focusing on the development and commercial launches of their standalone or integrated vital signs monitors for monitoring vital parameters of patients. New product approvals/launches coupled with R&D activities, assist the vendors in expanding their presence, enhancing market growth, and sustaining their position in the vital signs monitoring devices market. Vendors are actively involved in launching innovative devices to penetrate and tap the huge growth potential prevailing in the market.
Key Drivers and Trends fueling Market Growth:
• Favorable Patient Demographics
• Technological Advancements in Vital Signs Monitors
• Manufacturers’ Increasing Focus on Developing Software & Apps for Vital Signs Monitoring
• Expanding Production Capabilities of Critical Care Products
Vital Signs Monitoring Devices Market – Geography
The region is currently dominating the global market and is likely to continue its stronghold for a few more years. North America is expected to increase its market share in the future, owing to the well-established healthcare industry and better reimbursement facilities in the region. The US accounts for the majority of the market share in North America, due to the higher adoption of digital healthcare in the country and rising investments done by companies in the region. Moreover, the increasing elderly population, moderate increase in the ICU admission, and availability of advanced technology such as remote patient monitoring and advanced home care technology are other factors contributing to the market growth in this region. The care providers use advanced technologies to monitor vital signs in patients and deliver them quality care on time.
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Vital Signs Monitoring Devices Market by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
• A&D Company
• Contec Medical Systems
• GE Healthcare
• Koninklijke Philips
• NIHON KOHDEN
• Nonin Medical
• OMRON HEALTHCARE
• OSI Systems
• Smiths Medical
Other Prominent Vendors
• Acare Technology
• American Diagnostic Corporation
• AVI Healthcare
• aXcent Medical
• Beijing Choice Electronic Technology
• Better Life Medical Technology
• Cardinal Health
• Clarity Medical
• EDAN Instruments
• General Meditech
• GETEMED Medical and Information Technology
• Hicks Thermometers India
• Infinium Medical
• medical Econet
• Mennen Medical Group
• Opto Circuits
• Recorders & Medicare Systems (RMS)
• Remote Diagnostic Technologies (RDT)
• Rossmax International
• Shenzhen Creative Industry
• Shenzhen Mindray Bio-Medical Electronics
• Shenzhen Unicare Electronic
• Sino-Hero (Shenzhen) Bio-Medical Electronics
• Solaris Medical Technology
• SunTech Medical
• Viatom Technology
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About Arizton Advisory & Intelligence
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize fool proof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging
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