by Conventional Monitoring Technologies Pave Way for Connected Devices
Vital signs monitoring systems have gradually become an integral part of the modern-day healthcare landscape. Due to significant advancements in technology, vital signs monitoring systems are increasingly being used across hospitals, ambulatory surgical centers, clinics, and homecare 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. However, due to the redundancy and time restraints of this process, the demand for vital signs monitoring systems is witnessing considerable growth.
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Due to the shortcomings of conventional vital signs monitoring techniques, an array of vital signs monitoring devices, including electronic thermometer and pulse oximeter, among others, have been launched in the vital signs monitoring systems market. In the past few years, wearable health devices have gradually made their way into the global healthcare landscape and are increasingly being used for vital signs monitoring. At present, vital signs monitoring systems are being used in several applications, including diagnosis support, anomaly detection, and prevention of chronic health problems.
The growing prevalence of chronic diseases worldwide, surge in the geriatric population, and favorable reimbursement policies are some of the leading factors that are expected to boost the growth of the vital signs monitoring systems market during the forecast period. Thus, the global vital signs monitoring systems market is expected to reach a value of ~US$ 11.8 Bn by the end of 2027.
North America and Europe Witness Rapid Adoption of Vital Signs Monitoring Systems
Rapid advancements in technology, robust healthcare systems, favorable reimbursement policies, and a high concentration of key stakeholders in the vital signs monitoring systems market are some of the factors that have made North America and Europe key regions for investments and growth. These two regions are expected 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.
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. While a significant share of the population in these regions is estimated to be above the age of 65 over the next few decades, the demand for highly efficient and accurate vital signs monitoring systems has accelerated at a noteworthy pace. Lifestyle changes in the past couple of decades in these regions is another factor that has increased the prevalence of a range of chronic medical issues, including cardiovascular diseases and diabetes.
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At present, the U.S. is on the brink of facing a severe nurse shortage. According to the Bureau of Labor Statistics, the U.S. will face a shortage of nearly 1 million nurses by 2024. The dearth of nurses coupled with the rising demand for effective monitoring systems is the primary factor that are expected to boost the prospects of the vital signs monitoring systems market during the forecast period. Accounting for ~37% of the vital signs monitoring systems market in 2020, North America is expected to retain its lead during the forecast period.
Stakeholders Launch New Products to Gain Market Share
Stakeholders operating in the current vital signs monitoring systems market landscape are investing a significant amount of resources to develop new products. Moreover, several companies are focusing on launching new products to gain a competitive edge in the current market landscape. While pricing strategies will remain among key differentiators, stakeholders are focusing on product innovations and expanding their product portfolio.
For instance, in December 2019, Nihon Kohden, a U.S.-based company announced the launch of a portable vital signs monitoring device, which is specifically designed for usage in outpatient facilities. The newly developed device integrates different parameters, including observational and vital signs data, which assists physicians in gathering the required insights efficiently.
Analysts’ Viewpoint
The vital signs monitoring systems market is expected to grow at a CAGR of ~5% during the forecast period. Significant progress in technology, growing demand for efficient ECG monitoring, declining number of nurses, and growing prevalence of chronic medical conditions across the world are some of the leading factors that are expected to accelerate market growth during the forecast period. Rising demand for wearable medical technology and tremendous development of healthcare IoT are expected to be instrumental in launching innovative vital signs monitoring systems in the near future. North America and Europe will remain prominent regions in terms of development of new technologies, product innovation, and adoption of advanced monitoring devices.
Vital Signs Monitoring Systems Market: Overview
According to Transparency Market Research’s latest market report on the vital signs monitoring systems market for the historical period (2017–2018) and forecast period (2019–2027), increase in geriatric population and rise in prevalence of chronic diseases are projected to boost the growth of the global market.
According to the report, the global vital signs monitoring systems market was valued at ~US$ 7.4 Bn in 2018 and is anticipated to expand at a CAGR of ~5% from 2019 to 2027
Rise in Prevalence of Cardiovascular & Respiratory Diseases and Favorable Reimbursement: Key Drivers
The number of people with chronic diseases is increasing across the globe due to changes in lifestyle, dietary habits, and physical inactivity. Hence, rise in prevalence of chronic diseases such as cardiovascular and respiratory diseases is anticipated to fuel the growth of the global vital signs monitoring systems market.
According to the Centers for Disease Control and Prevention, nearly 610,000 deaths occur due to CVD in the U.S. each year and 735,000 people suffer heart attack. According to the World Health Organization data, globally, heart attacks and strokes account for 17.9 million deaths every year.
Chronic respiratory diseases such asthma and chronic obstructive pulmonary diseases are the leading causes of death across the globe. According to the Global Burden of Disease Study, 251 million COPD cases were reported in 2016 and the disease accounted for 3.17 million deaths in 2015.
Moreover, increase in geriatric population is likely to accelerate the growth of the global vital signs monitoring systems market during the forecast period. According to the U.S. Department of Health & Human Product estimates, the U.S. will have about 72.1 million elderly people by 2030, which is more than twice the number in 2000.
An article published in the Journal of Cardiovascular Development & Disease indicated that incidence of cardiovascular diseases is higher in the U.S. in people aged above 80 at ~86% compared to ~40% in people aged between 40 and 59
Furthermore, reimbursement support for vital signs monitors is likely to propel the global vital signs monitoring systems market. In 2018, the Centers for Medicare & Medicaid Services (CMS) stated that the cost associated with remote patient monitoring would be reimbursed for home health agencies.
Adoption of Technologically Advanced Products
Rise in awareness about telemedicine is anticipated to drive the global vital signs monitoring systems market during the forecast period. Moreover, increase in demand for technologically advanced products due to benefits over traditional ones is expected to fuel the growth of the global vital signs monitoring systems market. Companies are investing in the development of advanced products in order to improve treatment. VitalConnect offers the VitalPatch health monitoring device. In December 2017, VitalConnect secured the U.S. Food and Drug Administration clearance for the patient monitoring device. This clearance extended the wear duration for VitalPatch.
Rise in prevalence of chronic diseases among geriatric population is likely to propel the growth of the global vital signs monitoring systems market
High Cost of Vital Signs Monitors and Product Recall Hamper Vital Signs Monitoring Systems Market
Cost of treatment is a major factor influencing the selection of treatment. The cost of vital signs monitor offered by Welch Allyn ranges from less than US$ 700 to US$ 2,100 for the Connex ProBP 3400 Digital Blood Pressure Device. Hence, high cost of products is projected to hamper the growth of the global vital signs monitoring systems market.
Product recalls affect the market share and brand of companies manufacturing vital signs monitors. This in turn restrains the global vital signs monitoring systems market. For instance, in October 2019, the FDA recalled Mindray’s Rosie4 Vital Signs Monitor due to NIBP hose blockage identification function.
Vital Signs Monitoring Systems Market: Competitive Landscape
This report profiles major players in the global vital signs monitoring systems market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global vital signs monitoring systems market is moderately fragmented, with presence of a few large players in international markets and several small players in regional markets. Top 4 to 5 players hold majority share of the global vital signs monitoring systems market. Prominent players operating in the global vital signs monitoring systems market include
- Medtronic
- Welch Allyn (Hill-Rom Services Inc.)
- GE Healthcare (General Electric Company)
- Koninklijke Philips N.V.
- OMRON Corporation
- VitalConnect
- Infinium Medical
- Masimo
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd
- BioBeat.
Key Questions Answered in Vital signs monitoring systems market Report
- What is the scope of growth of product companies in the global vital signs monitoring system market?
- What will be the Y-o-Y growth of the global vital signs monitoring systems market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global vital signs monitoring system market?
- Will North America continue to be the most profitable regional market for vital signs monitoring system providers?
- Which factors will impede the growth of the global vital signs monitoring systems market during the forecast period?
- Which are the leading companies in the global vital signs monitoring system market?
Vital signs monitoring systems market – Segmentation
Modality
- Bench-top
- Handheld
- Wearable
Technology
- Connected Devices
- Conventional
Component
- Consoles
- Accessories & Consumables
- Apps/Software
Product
- Cardiovascular
- ECG
- Heart Rate
- Blood Pressure Monitoring
- Body Temperature
- Pulse Oximetry
- Capnography
- Respiratory Rate
End User
- Hospitals
- Home Care
- Ambulatory Surgical Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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