Vital Signs Monitoring Market Scenario:
Vital Signs Monitoring Market is projected to reach USD 7.30 Billion and registering a CAGR of 8.4% from 2020 to 2027.Vital signs monitoring devices are used for measuring or monitoring the vital signs i.e. blood pressure, temperature, heart rate and respiration rate of a person. These signs are required to be in normal range for a human being to lead a healthy life.
The large geriatric population offers a great opportunity for the global vital signs monitoring market to expand. The growing patient inflow, high hospital expenses, and need to curb healthcare costs can culminate in the populace procuring wearable devices for home use. The rise in mortality rates due to a delay in diagnosis can act as a catalyst for demand for these devices.
But strict regulations regarding approval and high costs of these devices can hamper market growth.
Vital Signs Monitoring Market Competition Outlook
GENERAL ELECTRIC COMPANY, Hicks Thermometers India Limited, Masimo, Spacelabs Healthcare, Natus Medical Incorporated, Smiths Medical, CASMED, Siemens Healthcare Private Limited, Omron Healthcare, Inc., Welch Allyn, SunTech Medical, Inc., Koninklijke Philips N.V., Mindray DS USA, Inc., Boston Scientific Corporation, and Medtronic are key players of the global vital signs monitoring market.
Vital Signs Monitoring Market Segmentation
The global vital signs monitoring market has been segmented into product, type, portability, end user and distribution channel.
Products comprise respiratory rate monitors, blood pressure monitoring devices, temperature monitoring devices, pulse oximeter, and others.
The market, by type, has been segmented into integrated systems, non-integrated systems, and others.
The market, by portability, has been segmented into standalone and portable. Standalone devices are expected to dominate the global vital signs monitoring market owing to high usage of such devices in hospitals, clinics, and other healthcare facilities. On the other hand, portable devices are anticipated to be the fastest growing segment owing to rising preference of such devices in home healthcare settings. Emergence of wearables and their ability to alert healthcare services in case of emergencies can drive the segment growth throughout the forecast period.
The market, by end user, has been segmented into home healthcare, hospitals & clinics, ambulatory centers, and others.
The market, by distribution channel, has been segmented into online websites, hospital pharmacy, retail pharmacies, and others.
Vital Signs Monitoring Market Regional Analysis
The Vital Signs Monitoring Market has been segmented, by region, into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are expected to lead the global vital signs monitoring market owing to a large geriatric populace and a large healthcare expenditure. According to a report by Population Reference Bureau, the geriatric population in the Americas can reach 98 million by 2060. North America has been making strides by conducting clinical trials of vital signs monitoring devices as well as successful adoption of wearables in the U.S. Efforts in controlling the COVID-19 virus has culminated in the U.S. FDA approving the use of non-invasive vital sign monitoring equipment.
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