Stakeholders to Reallocate Resources to Portable Devices
At present, standalone vital signs monitoring devices capture a greater revenue share as compared to portable variants. By 2022, standalone devices worth over US$ 4 Bn would be utilized in healthcare settings. However, the trend is poised to reverse towards the end of the projection period. The coronavirus (COVID-19) pandemic has raised a critical challenge for the healthcare industry, as it continues to take a humanitarian toll. Countries, where the situation is dire, are providing outpatient care delivery, thus, accenting the need for portable vital signs monitoring devices.
Regional Outlook of Vital Signs Monitoring Devices Market
North America has been a test bed for tech-enabled advancements in the healthcare industry, including remote and wireless vital signs monitoring devices. The region is characterized by a well-established ecosystem of prominent vital signs monitoring devices market players.
Conducive regulatory environment and reimbursement policies are having a measurable influence on the regional market. As North America houses a notable share of geriatrics cohort, adoption of accurate highly effective vital signs monitoring devices is expected to speed up in the near term for treating interminable diseases such as diabetes.
Sports Industry to Offer Potential Growth Avenues
Vital signs monitoring devices find immense utilization in the sports industry, wherein, they help monitor vital signs, especially heart rate. Advances in wearable medical devices have spurred innovations in headsets, headbands, and sport shirts that measure the brainwaves and vital signs of the human body.
Case in point, Biodevices has developed a medically-certified vital sign monitoring device, Vital Jacket, which is an ambulatory ECG/Holter device that combines wearable devices with biomedical engineering solutions. Vital Jacket examines heart-related issues of wearers regularly to capture accurate interpretation of the health status. Results gathered are interpreted to monitor trends, and notify wearers if they require medical visits.
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How Growth will Unfold
Market players continue to view hospitals as immediate end users of vital signs monitoring devices, attributed to the expanding patient pool and greater financing capacity for these devices. Coupled with software solutions, vital signs monitoring devices are connected in comprehensive platforms where healthcare personnel easily examine the vital signs of patients in single dashboard.
Going ahead, vital signs monitoring devices will experiencing demand upheaval in home care settings, as more patients are opting for post-surgical recovery and prolonged care. In addition, patient centered medical home services are relatively cost-effective as compared to hospital stays.
- Base year considered - 2019
- Actual estimates/ Historical data - 2015 - 2019
- Forecast period - 2020 - 2030
- Forecast units - Value (USD) Mn
- Segments covered - Product, Mount Type, End User, and Region
- Regions covered - North America (US & Canada), Western Europe (UK, Germany, France, Spain, Italy, Russia, BENELUX and Rest of Europe), Latin America (Brazil, Mexico, and Rest of LA), Eastern Europe (Russia, Poland, and Rest of Eastern Europe) APEJ (China, India, Australia and New Zealand, ASEAN and Rest of APEJ), Japan and MEA (GCC, South Africa, and Rest of MEA)
- Key Players - Edwards Lifesciences Corporation 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.12 major players covered
- Report coverage - Revenue forecasts, company share, competitive landscape, growth factors, and trends
VITAL SIGNS MONITORING DEVICES MARKET - KEY RESEARCH FINDINGS
The global vital signs monitoring devices market was valued at US$ 5.2 Bn in 2019. The market is expected to expand at a CAGR of 8.5% during the forecast period of 2020-2030.
- Importance of vital signs monitoring devices for use in patient monitoring to help clinicians and continuous technological innovations are primary factors for the growth of market.
- Moreover, inclination towards the use of vital signs monitoring devices and growing demand for portable low-cost monitors are also factors expected for driving market growth.
- North America is expected to account for above 40% of the global vital signs monitoring devices market share by the end of 2030.
- North America will continue to be a prominent regional market for vital signs monitoring devices due to increasing awareness to maintain good health among individuals and increase in government funding towards building quality healthcare infrastructure.
- The monitors segment is expected to hold around 42% of revenue share in the vital signs monitoring devices market, owing to their importance and increasing use in healthcare centres by clinicians for patients monitoring.
- The standalone vital signs monitoring devices segment held a significant market value share, followed by the portable segment, in the vital signs monitoring devices market, and this trend is expected to continue during the forecast period, owing to their extensive use in hospitals for the monitoring of vital signs of patients.
- In terms of end user, the hospitals segment will continue to be a prominent end user for vital signs monitoring devices. This is attributed to the availability of vital signs monitoring devices and skilled personnel for better clinical diagnosis and management of various diseases in these settings.
KEY FACTORS SHAPING VITAL SIGNS MONITORING DEVICES MARKET
Importance of Vitals Sign Monitoring Tests in Home Care Settings
Vital signs monitoring equipment parameters include measuring blood pressure, temperature, heart rate, and respiratory rate. Vital sign monitors play a crucial role in detecting weakening vital signs such as abnormal breathing, undetectable pulse, and impaired blood flow to the heart, which serve to indicate the probability of cardiac arrest.
This enables the physician to decide whether the patient needs to be admitted in an intensive care unit (ICU) so that immediate and appropriate treatment can be administered. In such cases, vital sign monitoring devices such as sphygmomanometers, automated blood pressure monitors, and pulse oximeters play important roles in decision making. The use of vital sign monitoring devices is moderate by end users in home care settings, but adoption is projected to increase significantly in the near future.
Expanding Application in Sports Industry
Vital signs monitoring devices find extensive application in sports and fitness-related industries, and aid in monitoring vital signs, especially heart rate. Advancements in wearable health applications have led to innovations in headsets, headbands, and sport shirts, which measure brainwaves and vital signs of the human body.
For instance, Biodevices developed the first medically-certified vital sign monitoring device – Vital Jacket – which is an ambulatory ECG/Holter device that combines a wearable application with biomedical engineering solutions. Vital Jacket assesses heart-related problems of the wearer on a daily basis to enable an accurate interpretation of the health status. Results generated are processed to establish and track trends, allow maintenance of a result chart, and alert the wearer if a physician is needed to be consulted. All in all, this will see a growth in the demand for wearable vital signs monitoring devices over the coming years.
Increasing Market Consolidation Activities by Key Market Leaders
Companies in the global vital signs monitoring devices market are seeking to consolidate their position through acquiring small and medium manufactures in the landscape. Manufacturers are making strategies to expand their products portfolios in the vital signs monitoring devices market through mergers, acquisitions, and collaborations.
Bigger players are focusing on the acquisition of small and medium market players. This trend is being observed across North Americas and European countries. For example, in April 2019, Edward completed the acquisition of CAS Medical Systems, Inc., a medical technology company dedicated to noninvasive monitoring of tissue oxygenation in the brain.
Moving ahead, various players will be launching devices and solutions to treat patients having COVID-19 and other respiratory issues. The COVID-19 pandemic is overwhelming the healthcare industry, and, as such, market players must grab this opportunity to sustain their revenue pool.
For instance, Masimo Corporation announced a full market release of the masimo SafetyNet, a remote patient management solution designed to aid COVID-19 response efforts. Medtronic has launched two new solutions designed to monitor and triage support for patients showing COVID-19 symptoms.
VITAL SIGNS MONITORING DEVICES MARKET: STRUCTURE ANALYSIS
- Key players continue to increase their market share with the launch of new innovative products in the market.
- Major players focus on inorganic growth strategies to have a stronghold on targeted in-licensing and expanding their distribution channels, particularly in their specialist retail chains.
- The vital signs monitoring devices market is characterised as a consolidated market, and is likely to remain dynamic, growing at a steady pace throughout the forecast period. Approximately 60% - 65% share of the market is held by tier-1 players
VITAL SIGNS MONITORING DEVICES MARKET TAXONOMY
FMI’s study on the vital signs monitoring devices market offers information divided into four important segments - product, mount type, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
- Low Acuity Monitors
- Mid Acuity Monitors
- High Acuity Monitors
- Temperature Measurement Devices
- Liquid-filled Thermometers
- Digital Thermometers
- Infrared Thermometers
- Blood Pressure Measurement Devices
- Automated Blood Pressure Monitors
- Standalone Pulse Oximeters
- Ambulatory Surgical Centers
- Home Care Settings
- North America
- Latin America
- Western Europe
- Eastern Europe