The global vital signs monitoring market was valued at almost $4 billion in 2015 and is expected to surpass $5 billion by 2020, says Technavio.
Technavio’s patient monitoring devices portfolio has announced its latest market research report on vital signs monitoring for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global vital signs monitoring market during the forecast period. Some of the top vendors listed in this industry analysis include Medtronic, Philips Healthcare, Smiths Medical, and Welch Allyn.
In terms of geographical analysis, the Americas will continue its domination over global market, and is expected to surpass revenues of $4 billion by 2020. The US is likely to emerge as the key revenue-generators.
“Vendors in the global vital signs monitoring market are increasingly adopting product bundling as a strategy to gain market shares. They are offering accessories for patients to monitor their blood pressure levels along with vital signs monitors. Such bundled products are better received by the consumers as they are relatively more cost-effective. Some other accessories offered by vendors of vital signs monitors include blood pressure monitors, thermometers, blood glucose monitors, and pulse oximeters,” says Barath Palada, a lead analyst at Technavio for patient monitoring devices.
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Paradigm shift toward minimally and non-invasive hemodynamic monitoring
Clinicians across the globe are transitioning towards minimally invasive technologies such as pulse counters that monitor the hemodynamic condition by analyzing the arterial pressure waveform. This waveform involves the stroke volume of the left ventricle of the heart and physical characteristics of the vascular system during each heartbeat. The use of non-invasive hemodynamic devices such as Nihon Kohden‘s esCCO monitor and Edwards Lifesciences‘ ClearSight system that do not require any additional sensor or training is also gaining traction in the global vital signs monitoring market.
Increase in demand for home care monitoring equipment
The demand for home care monitoring equipment in the global market is on an upsurge currently. A majority of the demand is accounted for by the geriatric and critically ill patient pool for whom regular visits to hospitals and clinics aren’t feasible. The rising demand for continuous monitoring of vitals for individuals with chronic disorders such as hypertension is also a critical driver for the adoption of home care monitoring equipment. The global market is expected to witness a rise in the preference for digital, portable, and user-friendly multiparameter patient monitors that can be used at home during the forecast period.
Evolution of remote patient monitoring equipment
Advances in wireless communication technology and wearable devices for medical telemetry have created opportunities for the development of remote monitoring solutions. Such technological advances allow to record and transmit digitized vital signs in the form of signals from an individual device to the computer or hand-held personal digital assistant (PDA) of healthcare professionals instantly. This can effectively reduce the time taken for evaluation and treatment of the patient. For instance, Motiva offers disease management and increased quality of life to the individuals through a secure, personalized healthcare communication platform that connects individuals with chronic disorders at home to their healthcare providers through their TV sets and cable systems for IP access.
Some of the other prominent vendors identified in this report are Briggs Healthcare, Drägerwerk, Edan Instruments, ERKA, Masimo, Microlife, Mindray Medical, Nihon Kohden, Nonin Medical, Omron Healthcare, Spacelabs Healthcare, and Withings.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Vital Signs Monitoring Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Heart Rate Monitoring Devices Market 2016-2020
- Global Intracranial Pressure Monitoring Market 2016-2020
- Neurodiagnostic and Monitoring Devices Market in the US 2016-2020
- Global Blood Pressure Monitoring Testing Market 2016-2020
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