The vital signs monitoring market is estimated to acquire a size of over USD 7.30 Billion and flourish at a healthy CAGR of approximately 8.4% during the assessment era from 2020 to 2027
Vital Signs Monitoring Market Overview
As per the MRFR reports, the global vital signs monitoring market is estimated to acquire a size of over USD 7.30 Billion by the end of 2027. The report further predicts that the market will flourish at a healthy CAGR of approximately 8.4% during the assessment era. The practice of measuring vital signs such as blood pressure, pulse rate, body temperature, respiration rate, and oxygen saturation levels is known as vital signs monitoring. For a human to have a healthy life, vital indicators must be within a certain range. Hospitals, clinics, nursing homes, and other healthcare facilities frequently utilize this practice. The global market of vital signs monitoring includes emergency assistance and care services as well as gadgets that may be utilized at a patient's home or in clinics.
The most major recent healthcare trend is the transition of treatment from hospitals to homes to save money and cut hospital expenses. The shift from treatment to proactive monitoring is creating new opportunities for home monitoring devices, which is driving the vital signs monitoring industry forward. The expanding elderly population around the world is also contributing to market growth. Moreover, changing lifestyles and increased frequency of chronic diseases are expected to drive market performance over time
The vital signs monitoring market has been segmented into product, type, portability, end user and distribution channel. The market, on the basis of product, has been segmented into blood pressure monitoring devices, pulse oximeter, temperature monitoring devices, respiratory rate monitors and others.
The market, by type, has been segmented into integrated systems, non-integrated systems and others.
The market, by portability, has been segmented into standalone and portable. Standalone devices are expected to dominate the global vital signs monitoring market owing to high usage of such devices in hospitals, clinics and ambulatory centers. Portable devices are anticipated to be the fastest growing segment owing to rising preference of such devices in home healthcare settings and convenience of these devices.
The market, by end user, has been segmented into hospitals & clinics, ambulatory centers, home healthcare and others.
The market, by distribution channel, has been segmented into hospital pharmacy, retail pharmacies, online websites and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The vital signs monitoring market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European vital signs monitoring market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The vital signs monitoring market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The vital signs monitoring market in the Middle East & Africa has been segmented into the Middle East and Africa.
Medtronic, Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Boston Scientific Corporation, Natus Medical Incorporated, Siemens Healthcare Private Limited, Spacelabs Healthcare, Masimo, Mindray DS USA, Inc., SunTech Medical, Inc., Welch Allyn, Omron Healthcare, Inc., Smiths Medical, Hicks Thermometers India Limited, CASMED and others are some of the key players in the global vital signs monitoring market.
Regional Market Summary Vital Signs Monitoring Global Market Share (%), by Region, 2017
Source: Centers for Disease Control and Prevention (CDC), Eurostat, White Papers, Company Presentations, Annual Reports
Geographically, the Americas is anticipated to dominate the global vital signs monitoring market owing to a rising geriatric population and increasing healthcare expenditure. According to a report published by the Population Reference Bureau in January 2016, population in America aged 65 years and more is estimated to become 98 million by 2060 from 46 million currently.
Europe is expected to hold the second largest position in the vital signs monitoring global market. The market growth in this region is attributed to the rising demand for home health patient monitoring devices and changing lifestyle & demographics.
The vital signs monitoring market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region owing to the rising prevalence of chronic diseases, increasing geriatric population and growing demand for vital signs monitoring devices. According to a report published by the National Center for Biotechnology Information in June 2018, China’s elderly population is anticipated to grow to 255 by 2030.
The Middle East & Africa are expected to hold the least share of the market. The market growth in this region is expected to be driven by a developing healthcare infrastructure and rising prevalence of chronic diseases.Recent Development
Tempus has partnered with the Department of Veterans Affairs (VA), the US's largest healthcare system, to provide cancer patients with cutting-edge genetic testing to help them get better treatment. The VA's National Precision Oncology Program will have access to Tempus' portfolio of next-generation sequencing offerings as part of a multiyear deal to help clinicians implement individualized treatment methods for their cancer patients. In order to improve patient outcomes with precision medicine, the VA's precision oncology program is utilizing Tempus' broad spectrum of comprehensive molecular profiling capabilities.
BioIntelliSense has formed collaborations with UC Davis Health and Houston Methodist for wearable health monitoring. BioIntelliSense has signed agreements with two major hospitals to deploy its sticky wearable devices to track vital signs and health concerns. According to the institutions, using the company's remote care solutions will assist overcome manpower shortages and provide a more equitable, accessible, and affordable patient care experience.
Global Vital Signs Monitoring Market, by Product
Global Vital Signs Monitoring Market, by Portability
Global Vital Signs Monitoring Market, by End User
Global Vital Signs Monitoring Market, by Distribution Channel
Global Vital Signs Monitoring Market, by Region
Global Vital Signs Monitoring Market, by Key Players
|Market Size||USD 7.30 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Type, Portability, End User, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Medtronic, Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Boston Scientific Corporation, Natus Medical Incorporated, Siemens Healthcare Private Limited, Spacelabs Healthcare, Masimo, Mindray DS USA, Inc., SunTech Medical, Inc., Welch Allyn, Omron Healthcare, Inc., Smiths Medical, Hicks Thermometers India Limited, CASMED|
|Key Market Opportunities||Home health patient monitoring devices and changing lifestyle & demographics|
|Key Market Drivers||
Vital signs monitoring devices are uses for measuring or monitoring the vital signs i.e. blood pressure, temperature, heart rate and respiration rate of a person.
Vital Signs Monitoring Market is projected to reach USD 7.30 Billion and registering a CAGR of 8.4% from 2020 to 2027