Vital Signs Monitoring Systems Market: Introduction
Transparency Market Research has published a new report titled, “Global Vital Signs Monitoring Systems Market”. According to the report, the global vital signs monitoring systems market was valued at ~US$ 7.4 Bn in 2018 and is projected to expand at a CAGR of ~5% from 2019 to 2027.
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Vital signs are indicators of the body’s ability to maintain homeostasis. Temperature, pulse, blood pressure, and respiration are considered to be vital signs because these are used to measure some of the body’s vital functions and provide information about a patient’s physical well-being. These also help in monitoring or detecting medical problems. Vital signs can be measured in medical emergency, home care settings, and medical settings. Vital signs monitors help to continuously measure multiple vital signs including temperature, ECG, non-invasive blood pressure, and SpO2. Wearable patch and watch are the recent innovations in vital signs monitoring system. Introduction of new products by key players is anticipated to drive the global vital signs monitoring systems market. For instance, in January 2017, Masimo launched the Rad-97 Pulse-CO Oximeter in India. Furthermore, growth of the global vital signs monitoring systems market can be attributed due to increase in number of patients with chronic cardiovascular and respiratory diseases. For instance, prevalence of COPD is increasing in countries such as India and others in Asia Pacific. An article published by Elsevier Ltd. stated that chronic respiratory diseases, COPD and asthma accounted for 10.9%, 8.7%, and 7.9% deaths, respectively, in India in 2016.
North America dominated the global vital signs monitoring systems market in 2018 and the trend is anticipated to continue during the forecast period. Early adoption of technologically advanced products is likely to fuel the growth of the market in the region. The market in Asia Pacific is projected to expand at a strong CAGR from 2019 to 2027 owing to rise in prevalence chronic diseases due to changes in lifestyle and unhealthy diet. An article published in the International Journal of Chronic Obstructive Pulmonary Diseases stated that prevalence of COPD is higher in men than women in China and the estimated diagnosed rate of COPD varies from 23.61% to 30%.
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Easy Availability of Bench-top Products
In terms of modality, the global vital signs monitoring systems market has been divided into bench-top, handheld, and wearable. The bench-top segment accounted for major share of the global vital signs monitoring systems market in 2018, owing to easy availability of products. The wearable segment accounted for significant share of the market in 2018. It is anticipated to grow at a rapid pace during the forecast period. Innovation in wearable medical technology is expected to drive the segment.
High Demand for Connected Devices-based Vital Signs Monitoring Systems
Based on technology, the global vital signs monitoring systems market has been bifurcated into connected devices and conventional. The connected devices segment dominated the global vital signs monitoring systems market in 2018. In November 2016, Hill-Rom Services, Inc. announced that its subsidiary, Welch Allyn, entered into the connected home monitoring market along with Home Hypertension Program. The conventional segment accounted for significant share of the global vital signs monitoring systems market in 2018. Growth of the segment can be attributed to emergence of telemedicine.
Consoles to Account for Major Share of Global Market
In terms of component, the global vital signs monitoring systems market has been segmented into consoles, accessories & consumables, and apps/software. The consoles segment dominated the global vital signs monitoring systems market in 2018. The apps/software segment is likely to grow at a rapid pace during the forecast period owing to rise in use of Internet of Things in healthcare applications.
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Rise in Prevalence of Cardiovascular Diseases to Fuel Market Growth
Based on product, the global vital signs monitoring systems market has been divided into cardiovascular, blood pressure monitoring, body temperature, pulse oximetry, capnography, and respiratory rate. The cardiovascular segment has been bifurcated into ECG and heart rate. The cardiovascular segment dominated the global vital signs monitoring systems market in 2018. Rise in prevalence of cardiovascular diseases and reimbursement support for vital signs monitors are the factors projected to drive the segment. The ECG sub-segment accounted for major share of the cardiovascular segment in 2018. The sub-segment is anticipated to grow at a rapid pace during the forecast period. The pulse oximetry segment held significant share of the global vital signs monitoring systems market in 2018. The segment is expected to expand at a moderate CAGR from 2019 to 2027. The FDA approval for pulse oximeters offered by key players is likely to fuel the growth of the segment. In January 2019, Masimo received the FDA clearance for Rad-97 Pulse CO-Oximeter.
Hospitals to be Major End User
In terms of end user, the global vital signs monitoring systems market has been segmented into hospitals, home care, ambulatory surgical centers, and others. The hospitals segment dominated the global vital signs monitoring systems market in 2018 and the trend is projected to continue during the forecast period. Rise in rate of hospitalization for chronic diseases is anticipated to drive the segment.
Vital Signs Monitoring Systems Market: Prominent Regions
North America accounted for major share of the global vital signs monitoring systems market in 2018. Product launch & approvals and presence of key players are expected to boost the growth of the vital signs monitoring systems market in the region during the forecast period. In January 2018, Koninklijke Philips N.V. launched IntelliVue X3, next generation patient monitoring solution, in the U.S. IntelliVue X3 is a dual purpose monitor and highly portable with intuitive smartphone-style operation. Moreover, rise in prevalence of cardiovascular diseases is anticipated to fuel the growth of the vital signs monitoring systems market in North America. According to Canada Statistics, estimated incidence of high blood pressure is 90%, and hypertension affects almost 1 in 4 adults in Canada. In 2018, an estimated 5,360,000 people had high blood pressure in Canada.
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Europe held the second largest share of the global vital signs monitoring systems market in 2018. Growth of the market in the region is attributed to adoption of integrated technology and rise in prevalence of chronic diseases. In March 2017, Masimo announced the CE Mark for Rad-97 Pulse CO-Oximeter for non-invasive blood pressure measurement. According to the British Lung Foundation, an estimated 8,028,741 people were living with asthma in the U.K. in 2013.
Asia Pacific held significant share of the global vital signs monitoring systems market in 2018. The market in the region is expected to grow at a rapid pace during the forecast period. Growth of the market in Asia Pacific is attributed to increase in the geriatric population. Moreover, surge in awareness about telemedicine is likely to accelerate the growth of the vital signs monitoring systems market in the region.
Competitive Landscape
Key players are expanding their footprint to strengthen their positions in the global vital signs monitoring systems market. For instance, in May 2017, Masimo announced partnership with Midmark Corporation to improve the efficiency and accuracy of vital signs monitors. This enabled the company to increase interaction of health care professionals and patients and enhance the outcomes at the point-of-care. Increase in focus of industry players on investment in developing regions to expand business is expected to augment the global vital signs monitoring systems market in the next few years.
Prominent players operating in the global vital signs monitoring systems market are Medtronic, Welch Allyn (Hill-Rom Services Inc.), GE Healthcare (General Electric Company), Koninklijke Philips N.V., OMRON Corporation, VitalConnect, Infinium Medical, Masimo, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and BioBeat.
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