Global Vital Signs Monitoring Devices Market 2016-2020
About Vital Signs Monitoring Devices
Vital sign monitors are used to measure body temperature, heart rate, respiration rate, and blood pressure. Vital signs can be measured, monitored, and observed with the use of several diagnostic devices. These devices have applications in both fitness monitoring and medical diagnostics. It also provides information related to abnormalities of a patient to medical professionals, representing further medical attention for the treatment of vital signs.
Technavio’s analysts forecast the global vital signs monitoring market to grow at a CAGR of 6.81% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global vital signs monitoring market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of vital signs monitoring devices.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Vital Signs Monitoring Market 2016-2020
Technavio recognizes the following companies as the key players in the global vital signs monitoring market: Medtronic, Philips Healthcare, Smiths Medical, and Welch Allyn
Other Prominent Vendors in the market are: Briggs Healthcare, Drägerwerk, Edan Instruments, ERKA, Masimo, Microlife, Mindray Medical, Nihon Kohden, Nonin Medical, Omron Healthcare, Spacelabs Healthcare, and Withings.
Commenting on the report, an analyst from Technavio’s team said: “Vendors are bundling two or more products or services to achieve product differentiation and provide better products. For example, along with vital signs monitors, vendors are offering accessories for patients to monitor their blood pressure levels. Patients consider using such packaged offerings to individual products as they prove to be cost-effective. In addition, vendors have started offering personal testing kits that include blood pressure monitors, thermometers, blood glucose monitors, and pulse oximeters. There is a significant gain in popularity worldwide. This marketing strategy has helped various vendors to take competitive advantage. This trend is expected to show a strong impact on the market growth during the forecast period.”
According to the report, in ICUs, examination and maintenance of adequate organ perfusion in people is necessary. Physicians use pulmonary artery catheterization, an invasive procedure, for adequate organ perfusion. However, this invasive procedure can increase the risks of damage to heart valves and the pulmonary artery, resulting in a decline in its use. Clinicians are opting for 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. Physicians are also using non-invasive hemodynamic devices such as Nihon Kohden's esCCO monitor and Edwards Lifesciences' ClearSight system that do not require any additional sensor or special training. These devices use vital sign parameters such as data from electroencephalogram (EEG) and blood pressure rates to provide information about the cardiac output. These minimally invasive and non-invasive hemodynamic monitoring devices are fast replacing invasive devices in the market.
Further, the report states that the market is highly competitive with the presence of a few established vendors and many new and small companies. Both global and local vendors offer a wide range of ambulatory blood pressure monitors, most of which are similar in design and technology. Global companies invest significantly in marketing, promotion, and improvement of their brand quality to gain profit margins. However, the intense competition in the market leads to price wars. This causes global vendors to lower the average selling prices of their devices to compete for high volume and low-cost sales agreements. Vendors also offer discounts, which further contribute to market competition. As a result, vendors, particularly leading companies, are operating on low-profit margins.
Medtronic, Philips Healthcare, Smiths Medical, Welch Allyn, Briggs Healthcare, Drägerwerk, Edan Instruments, ERKA, Masimo, Microlife, Mindray Medical, Nihon Kohden, Nonin Medical, Omron Healthcare, Spacelabs Healthcare, Withings.
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