Vital Signs Monitoring Devices Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product Type (Blood Pressure Monitoring Devices, Pulse Oximeters, and Temperature Monitoring Devices); End-User (Hospitals & Clinics, Ambulatory Surgery Centers, Home Care Settings, Others); and Region/Country
The global vital signs monitoring devices market is expected to register a CAGR of around ~8% over the period of 2021-2027. This is mainly due to the increasing prevalence of chronic diseases, rising awareness regarding portable and smart vital sign monitoring devices, and personalized and accurate cardiac oxygen saturation monitoring technology. In addition, vital signs monitoring devices involve the measurement of heart rate, respiratory rate, temperature, and blood pressure in order to assess the physical functioning of the body. Also, the device captures medical data from a patient and transmits it to the hospital’s medical records, thereby enhancing patient treatment and reducing errors. For instance, in March 2022, the Food and Drug Administration granted 510(k) clearance to Biobeat’s wearable remote patient monitoring device to monitor respiratory rate and body temperature in addition to cuffless blood pressure, blood oxygen saturation, and pulse rate. The growing rate of chronic disorders such as respiratory conditions, hypertension, and others contributes to market growth. Furthermore, various factors such as growing research and development activities are also expected to drive the demand for vital signs monitoring devices over the forecast period.
Contec Medical Systems Co., Ltd, GE Healthcare, Halma plc, Masimo Corporation, Medtronic plc, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden Corporation, A&D Company, Limited, Omron Healthcare, Inc., Koninklijke Philips N.V. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product type, blood pressure monitoring devices category accounted for the significant share in the market in 2020”
Based on product type, the market is classified into blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Among these, the blood pressure monitoring devices category accounted for a significant share of the market. The growth of this segment is attributable to the surge in the number of people having cardiovascular disorders as they need regular monitoring of their heart rate. For instance, according to the centers for disease control and prevention, 1 out of 4 deaths in the United States is because of cardiovascular disease. In addition to this, the American Heart Association has predicted that more than 130 million U.S. adults will have some type of heart disease by 2035. This further expected an increase in demand for self-operational digital blood pressure monitors.
“Amongst end-user, hospitals & clinics are expected to witness significant CAGR during the forecast period”
Based on end-user, the market is categorized into hospitals & clinics, ambulatory surgery centers, home care settings, and others. Among these, hospitals & clinics are expected to witness a significant CAGR during the forecast period. In hospitals, nursing assistants or technicians are responsible for collecting patients’ vital signs and monitoring blood pressure, pulse rate, and respiration rate at periodic intervals of time. For instance, in 2019, according to the NCBI, about 5.7 million patients are admitted to ICU every year in the U.S., which requires the continuous monitoring of various vital body parameters. The vital sign monitors, thus minimize the chances of errors, which results in safer patient care.
“North America to witness significant growth during the forecast period”
North America is expected to witness a significant CAGR during the forecast period due to the higher adoption of digital healthcare in the country and rising investments by companies, and the rise in the prevalence of cardiovascular diseases, among others. For instance, according to the Center for Disease Control and Prevention Statistics updated in February 2022, in the United States, heart disease is the top cause of mortality for men, women, and people of most racial and ethnic groups. Moreover, the increasing adoption of modern technology and improved healthcare infrastructure, strong purchasing power, and a fair reimbursement framework are some of the key attributable factors to the growth of the market. Furthermore, many healthcare and vital signs monitoring device companies are headquartered in the region, which is focusing on novel vital signs monitoring devices for the treatment of diseases.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Vital Signs Monitoring Devices Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global vital signs monitoring devices market was the three major steps undertaken to create and analyze the adoption of vital signs monitoring devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global vital signs monitoring devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the vital signs monitoring devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the vital signs monitoring devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, end user, and region. Further country-level analyses were conducted to evaluate the overall adoption in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the vital signs monitoring devices market. Further, we conducted factor analysis using dependent and independent variables such as the rising number of home care monitoring along with the increasing incidence rate of chronic diseases. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the vital signs monitoring devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global vital signs monitoring devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the vital signs monitoring devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global vital signs monitoring devices market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global vital signs monitoring devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, end user, and region in the global vital signs monitoring devices market.
The main objective of the global vital signs monitoring devices Market Study
The current & future market trends of the global vital signs monitoring devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the vital signs monitoring devices market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, end user, and region.
- Define and analysis of the regulatory framework for the vital signs monitoring devices market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the vital signs monitoring devices market for the major region.
- Major countries of regions studied in the report include North America, Europe, Asia Pacific, and the Rest of the world.
- Company profiles of the vital signs monitoring devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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