Global Vital Signs Monitoring Market - Segmented by Type of Parameter, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The vital signs monitoring market is expected to witness a CAGR of 6.61% during the forecast period, 2018-2023. North America is dominating the market due to rising demand of monitoring devices, public awareness and favorable reimbursement scenario in the region.
Rising Geriatric Population
Globally, there is a significant increase in the geriatric population. The NIH-funded Census Bureau reported that 8.5 percent of people worldwide is aged 65 and above, and is projected to reach nearly up to 17 percent by 2050. American population that is 65 and above, is projected to nearly double over the next three decades, from 48 million to 88 million. CDC reports that, 70% of the US adults aged 65 years or more have high blood pressure and only about half of them have it under control. Increasing incidences of age-related ailments will lead to a rise in hospital and ambulatory admissions. Vital signs measurement is always the first step once a patient is admitted. Thus, increasing geriatric population is driving the growth of the global vital monitoring market.
Factors such as, increasing applications in emergency-medicine and ambulatory-care, high demand for advanced algorithm-based monitoring equipment, and increase in demand for home care monitoring equipment, are also fuelling the growth of the vital signs monitoring market.
User Readiness and Unresponsiveness of Some Monitoring Devices
The FDA's Manufacturer and User Facility Device Experience (MAUDE) database shows 566 alarm-related death reports from 2005 to 2008. Follow-up investigations often showed that users weren't familiar with the working of the monitoring equipment, and had not checked the monitor's alarm status. In such events, users fail to recognize or confirm the status of the alarms or dysrhythmia detection. Alarms can very easily be disabled or silenced, either temporarily or permanently. It is also very easy to overlook onscreen symbols that indicate that an important feature (such as dysrhythmia detection or alarm volume) is not engaged or available. This acts as a restraint for the global vital signs monitoring market.
Additionally, competitive pricing, presence of counterfeit products, and increasing threat from alternatives are hindering the growth of this market.
North America is dominating the market
The United States is the largest market for the vital signs monitoring devices in North America. It is also a major market for blood pressure monitors. The recent increase in the number of public awareness campaigns by the government and non-government organizations, for cardiovascular diseases has motivated a large section of the population to participate in regular tests and check-ups. The presence of a favorable reimbursement scenario in the United States has allowed vendors to offer various health monitoring equipment.
Major Players - A&D MEDICAL, CONTEC MEDICAL SYSTEMS, COVIDIEN PLC, GE HEALTHCARE, MASIMO CORPORATION, MINDRAY, NIHON KOHDEN, PHILIPS HEALTHCARE, SPACELABS HEALTHCARE, SUNTECH MEDICAL INC., and WELCH ALLYN INC. amongst others.
Key Developments in the Market
November 2017 - SunTech Medical introduced new CT50 vital signs monitor at MEDICA 2017.
Reasons to Purchase the Report
Current and future vital signs monitoring market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
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