Vital signs monitoring device market size was estimated at USD _43.7 million in 2020 and is forecast to reach USD _87.9 million by 2027, growing at a CAGR of _9.6%.
A vital signs monitoring device is a medical device that tracks up to 6 aspects that determine if a patients body is still sustaining life. It is also used to help diagnose a patient and shows the overall health of that patient as well as if the patient is getting better or worse. This device is mainly used in hospitals as well as medical transportation such as ambulances.
Recently there has been an increase in these devices due to the increase in patients that the hospitals are taking in. This is because of the increase in coronavirus patients and the need for them to be constantly monitored considering the virus affects the respiratory system. Also, the fact that there is an increase in the popularity of healthcare being administered at home requiring many elderly or chronically ill patients to need these machines.
The problem with this increase in demand is that suppliers are struggling to meet the dramatic increase and is causing a huge shortage in hospitals. This is a problem as without this device doctors are unable to track patients vitals and have no idea if a patient is in respiratory distress without it.
Vital Signs Monitoring Devices Market Growth and Trends
Vital signs are normal body temperature, heart rate and blood pressure and the vital signs monitoring provide accurate and reliable information about the patient’s health. The current global pandemic has necessitated the increase in the vital signs monitoring devices contributing to its increasing market growth. Moreover, the devices are compact and easy to use and extremely convenient and dependable to obtain the information of the vital signs of the patient without the help of doctors. The global market of the vital signs monitoring devices is anticipates to witness an enormous growth over the coming due to the above-mentioned features.
The devices also encompass of the emergency assistance services and are also highly cost-efficient contributing to its increasing market demand. Rising aging population and increase in the sick patients has significantly contributed to the increase in the market growth of the vital monitoring devices as the old population cannot visit the clinic often and the VMS devices can be used at home easily which makes it very accessible and effective increasing its market demand. Rise in the number of hospital admissions and increase in the demand for portable monitoring devices has increased the market trend for vital signs monitoring devices. A surge in the geriatric population and increase in the rise of cardiovascular diseases and infectious diseases has resulted in the increase in the market revenue of the vital signs monitoring devices. Also, the increase in no-contact thermometers for body screening across the globe has accelerated the increase in the market growth of vital signs monitoring devices market.
The unresponsiveness of the devices and the lack of awareness in some developing and underdeveloped countries are a couple of factors hindering the market growth of the vital signs monitoring devices.
Segmentation Analysis
Vital Signs Monitoring Devices Market Competition
Key companies operating in this industry are Philips, General Electric, Hill-Rom, Spacelabs Healthcare, Nihon Kohden Corporation, CAS Medical Systems, Smiths Group plc, Infinium Medical, Mindray Medical International Limited, Biolight, Creative Medical and ContecMedical Systems.
Coverage Highlights
• Vital Signs Monitoring Devices Market Revenue Estimation and Forecast (2020 – 2027)
• Production Estimation and Forecast (2020 – 2027)
• Sales/Consumption Volume Estimation and Forecast (2020 – 2027)
• Breakdown of Revenue by Segments (2020 – 2027)
• Breakdown of Production by Segments (2020 – 2027)
• Breakdown of Sales Volume by Segments (2020 – 2027)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Vital Signs Monitoring Devices Market Segmentation
Product Outlook (Revenue, USD Million, 2020 - 2027)
• Traditional Monitoring Devices
• Microwave Monitoring Devices
Application Outlook (Revenue, USD Million, 2020 - 2027)
• Hospital Application
• Household Application
Country (Revenue, USD Million, 2020 - 2027)
North America
• United States
• Canada
• Mexico
Asia-Pacific
• China
• Japan
• South Korea
• India
• Philippines
• Malaysia
• Australia
• Rest of Asia Pacific
Europe
• Italy
• Spain
• France
• UK
• Germany
• Belgium
• Netherlands
• Switzerland
• Russia
• Rest of Europe
South America
• Brazil
• Peru
• Chile
• Rest of South America
The Middle East and Africa
• Iran
• Israel
• Saudi Arabia
• Turkey
• Africa
Vital Signs Monitoring Devices Market Companies
• Philips
• General Electric
• Hill-Rom
• Spacelabs Healthcare
• Nihon Kohden Corporation
• CAS Medical Systems
• Smiths Group plc
• Infinium Medical
• Mindray Medical International Limited
• Biolight
• Creative Medical
• ContecMedical Systems
