Rise in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries drive growth
PUNE, MAHARASHTRA, INDIA, October 21, 2020 /EINPresswire.com/ — Rise in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries drive growth of the global vital signs monitoring devices market. However, lack of awareness about these devices in low- and middle-income countries hamper the market growth.
According to a new report published by Allied Market Research, titled, “Vital signs monitoring devices market by product type and end user: Opportunity Analysis and Industry Forecast, 2019–2026,”the global vital signs monitoring devices market was valued at $4.65 billion in 2018, and is projected to reach $7.80 billion by 2026, registering a CAGR of 6.6% from 2019 to 2026. Vital signs devices monitoring deals with measurement of vital parameters, such as respiratory rate, blood pressure, temperature, and pulse to assess health conditions of a patient. These devices are used to monitor patient’s status prior to or during patient care. Vital signs can be measured in a medical setting, at home, or at the site of medical emergency.
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The key players profiled in this report include 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, and Smiths Group plc.
Factors such as increase in geriatric population, rise in inclination toward home monitoring, and surge in incidence rate of chronic diseases, such as cardiovascular disorders and obesity, are expected to drive growth of the market. Moreover, innovations in vital signs monitoring devices, such as introduction of digital blood pressure monitors and finger pulse oximeters, and rise in awareness among patients regarding advanced vital signs monitoring devices are expected to fuel the market growth. However, lack of awareness about these devices in low-and middle-income economies hampers the market growth.
Furthermore, owing to COVID-19 outbreak, the trade & transport restrictions, quarantine measures, cross-border movement controls and disruptions have negatively impacted the global supply chain of vital signs monitoring devices. On the contrary, the demand for these devices is likely to boost amid the pandemic, due to their increasing usage in recording and analyzing the physiological functions such as body temperature and blood pressure in COVID-19 patients. Moreover, rising demand of temperature monitoring devices such as non-contact infrared thermometers across several workplaces is projected to further fuel the market growth.
Among the vital signs monitoring devices, the BP monitoring devices segment is anticipated to hold a dominating position in the global vital signs monitoring devices market in the coming years. The demand for BP monitoring devices has increased in recent years, owing to increase in incidences of cardiovascular diseases such as hypertension, lurking risk of high BP in geriatric population, and expanding base of lifestyle diseases including obesity and diabetes. Moreover, technological advancements in BP devices, such as advent of mobile-based BP monitoring devices and prominence of home-use BP monitors fuel the market growth. In addition, pulse oximetry devices is projected to be the fastest growing segment. Rise incidence of trauma conditions and heart-related diseases and availability of cost-effective smart pulse oximeters are the key drivers of the global smart pulse oximeter market.
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North America was the highest revenue contributor to the global vital signs monitoring devices market in 2018, accounting for about two-fifths share, and is expected to maintain this trend throughout the forecast period. This is attributed to increase in prevalence of respiratory disorders, growth in awareness among patients regarding cost-effective vital signs monitoring devices, and availability of advanced healthcare facilities in North American countries
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Source: EIN Presswire