Report Ocean has recently published a new research study on the global vital signs monitoring devices market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Vital Signs Monitoring Devices Market Size study, by Product Type (Blood Pressure Monitoring Device, Pulse Oximeters and Temperature Monitoring Device), by End-User (Hospitals & Clinics, Ambulatory Surgery Centers (ASCs) and Home Care Settings) and Regional Forecasts 2020-2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
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According to the study, in 2019, the worldwide market for vital signs monitoring devices stood approximately at US$5.0 bn. The market is anticipated to rise at a CAGR of more than 6.60% over the period of 2020-2027. The constant rise in the geriatric population, increasing rate of hospital admission and longer stays, and heightened demand for portable monitoring devices are likely to support the growth of this market over the forthcoming years.
The geriatric population has surfaced as the most prominent application area for these devices. According to AgeingAsia.org, in 2019, the count of individuals aged 60 and above was 11,988,000 and it is projected to reach 29,841,000 by 2050. As per the United Nations, Department of Economic & Social Affairs, the number of individuals aged 65 and above was 703 million across the world in 2019 and it is projected to double to 1.5 billion by 2050. With the geriatric population increasing by this rate, the demand for vital signs monitoring devices is likely to rise substantially in the near future. However, the intrusive nature of advertisements and the dearth of awareness about these devices in developing economies may limit the growth of this market over the forthcoming years.
Impact of Covid 19 on Global Vital Signs Monitoring Devices Market
In the wake of Covid 19 outbreak, the demand for vital signs monitoring devices has reported a multi-fold rise. Covid symptoms include fever, respiratory disorder, and several other sign, which need to be constantly monitored. In severe cases, patients’ vitals, such as blood pressure, heart beat, and oxygen level, are also required to be monitored carefully, thereby, creating a demand for vital signs monitoring devices. The gain of this global market has been immense due to Coronavirus and the scenario is expected to remain so over the next few months.
Constant Uptake of New Technologies Boosts North America Market
The research report also offers a geographical assessment of the global market for vital signs monitoring devices. As per the study, the global market reports its presence across North America, Europe, Latin America, Asia Pacific, and the Rest of the World. The leading regional market for vital signs monitoring devices has been North America. The increased uptake of new technology, rise in the geriatric population, and the high demand for health monitoring devices in home care is aiding the growth of this market. The North America vital signs monitoring devices market is expected to retain the lead over the next few years. Asia Pacific is also projected to register a decent rise in its vital signs monitoring devices market in the years to come.
Key Findings:
- The geriatric population has surfaced as the most prominent application area for these devices.
- The leading regional market for vital signs monitoring devices has been North America.
The global vital signs monitoring devices market is segmented into:
By Product Type
- Blood Pressure Monitoring Device
- Pulse Oximeters
- Temperature Monitoring Device
By End User
- Hospitals & Clinics
- Ambulatory Surgery Centers (ASCs)
- Home Care Settings
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Hill-Rom Holdings Inc.
- Halma plc (SunTech Medical Inc.)
- Nonin Medical Inc.
- Omron Corporation
- Masimo Corporation
- General Electric Company
- Medtronic Plc
- Nihon Kohden Corporation
- Koninklijke Philips N.V.
- A&D Company, Limited Contec Medical System Co. Ltd.
- Smiths Group Plc
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