Vital Signs Monitoring Systems - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Vital Signs Monitoring Systems Market is accounted for $7.95 billion in 2019 and is expected to reach $14.07 billion by 2027 growing at a CAGR of 7.4% during the forecast period. The rise in prevalence of chronic diseases and the adoption of technologically advanced products are the major factors propelling market growth. However, product recall and high cost of vital signs monitor are hampering the market growth.
Vital signs monitoring systems have become an integral part of the modern-day healthcare sector. Due to significant advancements in technology, vital signs monitoring systems are increasingly being used across hospitals, ambulatory surgical centers, clinics, and home care settings. Conventional technologies, which include adhesive and mechanical sensors for vital signs monitoring are gradually being replaced by cutting-edge connected devices, owing to improved patient safety and accuracy provided by the latter. Traditionally, in a majority of hospitals worldwide, nurses are taking charge of monitoring vital signs and documenting the results. Owing to the shortcomings of conventional vital signs monitoring techniques, an array of vital signs monitoring devices which includes an electronic thermometer and pulse oximeter, among others, have been launched in the vital signs monitoring systems market. The wearable health devices have gradually made their way into the global healthcare landscape and are increasingly being used for vital signs monitoring in the past few years, Vital signs monitoring systems are being used in several applications, including diagnosis support, anomaly detection, and prevention of chronic health problems at present.
Based on the end-user, the hospitals segment is going to have a lucrative growth during the forecast period owing to the increase in the rate of hospitalization for chronic diseases. Other key growth factors include increasing demand for personalized healthcare, a growing number of geriatric patients, rising penetration of medical insurance and booming medical tourism in developing countries.
By geography, North America is going to have a lucrative growth during the forecast period due to the rapid advancements in technology, robust healthcare systems, favourable reimbursement policies, and a high concentration of key stakeholders. While advancements in technology will remain critical for market growth, socioeconomic factors, particularly in the U.S. and other developed countries, are expected to have a strong influence on the market. The region is anticipated to be ahead in terms of adoption of new technologies and play an imperative role in the growth of the vital signs monitoring systems market during the assessment period.
Some of the key players profiled in the Vital Signs Monitoring Systems Market include A&D Company Ltd, BioBeat, Contec Medical Systems Co. Ltd, GE Healthcare, Infinium Medical, Koninklijke Philips N.V., Masimo, Medtronic, Nihon Kohden Corporation, Nonin Medical Inc., Omron Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, SunTech Medical, Inc., VitalConnect, Welch Allyn, Anthena GTX, and ZOLL Medical Corporation.
• Connected Devices
• Respiratory Rate
• Pulse Oximetry
• Blood Pressure Monitoring
• Body Temperature
• Low-acuity Monitors
• High-acuity Monitors
• Mid-acuity Monitors
• Accessories & Consumables
End Users Covered:
• Home Care
• Ambulatory Surgical Centers
• Emergency Care Centers
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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