Global Vital Signs Monitoring Devices Market : Increasing Usage in Home Care Settings and Sports Industry Fuelling Demand
Based on product type, the market has been segmented into four segments in this report, namely 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 38.0% share of the global vital signs monitoring devices market in 2014. The monitors segment is expected to expand at a significant CAGR, more than the CAGR projected for the global vital signs monitoring devices market over the forecast period. Furthermore, 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 26,813,778 units in the global vital signs monitoring devices market by the end of 2014. Meanwhile, 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 penetration into home care settings.
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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 large number of low quality products, which could hamper growth of the market. Also, the high end, advanced vital signs monitoring devices are being adopted at a lower rate into the market, especially in the developing regions, which again is acting as a restraint for the market.
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 35% share of the overall market by the end of 2015, and is anticipated to remain dominant till the end of 2025. North America and Western Europe collectively account for over 50% share of the total vital signs monitoring devices market, currently, in 2015. Among all the regions, Asia Pacific Excluding Japan, the Middle East & Africa and Latin America are anticipated to expand at the highest CAGR during the forecast period from 2015 to 2025.
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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, Covidien Public Limited, Nihon Kohden Corporation, Smiths Group plc, Dragerwerk AG & Co. KGaA, SunTech Medical, Inc., Welch Allyn, Inc., Spacelabs Healthcare, Inc. and ContecMedical Systems Co., Ltd. Major participants in the market are focused on new product development and approvals while expanding into emerging markets.
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