Pune, Aug. 03, 2020 (GLOBE NEWSWIRE) -- The global Vital Signs Monitoring Devices market is expected to gain momentum from their increasing demand from several healthcare institutions to control the spread of the coronavirus infection. The U.S. Food and Drug Administration (FDA), for instance, put forward a new guideline in March 2020 that enables the manufacturers of specific FDA-cleared sign monitoring devices to broaden their utilization. It would aid the healthcare providers in remotely monitoring patients. This information is given by Fortune Business Insights™ in a new report, titled, “Vital Signs Monitoring Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Pulse-oximeters, Temperature Monitors, & Blood Pressure Monitors), By End User (Hospitals and Ambulatory Surgical Centers, Clinics, Home Care Settings and Others), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 4.63 billion in 2019 and is projected to reach USD 11.55 billion by 2027, exhibiting a CAGR of 11.0% during the forecast period.
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This Report Answers the Following Questions:
- Which is the dominant region in the market?
- What are the challenges and opportunities in the market?
- How will the market be affected by COVID-19?
- Which segment is set to lead the market in the near future?
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Drivers & Restraints-
Increasing Prevalence of NCD to Spur Demand for Vital Signs Monitoring Devices
The rising adoption of sedentary lifestyle amongst the masses is giving rise to a lack of physical activities, as well as binge eating. Such practices are further resulting in the rising incidence of obesity, dyslipidemia, diabetes, hypertension, and other similar chronic disorders. Apart from that, the higher cases of non-communicable diseases (NCD) is also set to contribute to the Vital Signs Monitoring Devices market growth in the near future. The Global Health Observatory data mentions that approximately 70.0% of the deaths in 2015 occurred because of NCD. However, these devices are expensive in nature. This factor may hamper the market growth.
The outbreak of the COVID-19 pandemic has brought down the global economy. Several industries, including aviation & travel are facing huge losses owing to the complete halt of transportation across several regions. Unless and until a vaccine is discovered, nobody knows when this phase would end. Our reports would provide in-depth information about the current scenario of every market and the strategies that you can adopt to gain success.
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Segment-
Pulse-oximeters Segment to Lead Owing to High Demand amidst COVID-19 Pandemic
Based on type, the market is fragmented into blood pressure monitors, temperature monitors, and pulse-oximeters. Out of these, the blood pressure monitors segment held 27.9% in terms of Vital Signs Monitoring Devices market share in 2019. The pulse-oximeters segment remained in the leading position in 2019 and is set to retain its position in the coming years backed by the increasing demand for these devices because of the COVID-19 pandemic. Hence, several companies are developing new Devices to gain fast track approvals.
Regional Analysis-
Rising Entry of Numerous Manufacturers to Augment Growth in Asia Pacific
Geographically, North America generated revenue of USD 2.77 billion in 2019 and is anticipated to dominate the market throughout the forthcoming years. This growth is attributable to the higher incidence of chronic disorders associated with sedentary lifestyle in this region. As per a study by the International Diabetes Federation, in the U.S., around 48 million people were suffering from diabetes in 2019. This factor would also propel the market growth in this region.
Asia Pacific, on the other hand, is likely to exhibit a considerable CAGR owing to the entry of a large number of manufacturers in the region. Apart from that, the increasing awareness programs regarding multiple benefits of Vital Signs Monitoring Devices would accelerate growth in this region.
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Competitive Landscape-
Key Players Focus on Launching Advanced Vital Signs Monitoring Devices
The companies present in the market are persistently investing hefty amounts of money in research and development activities to create technologically advanced products. Below is one of the latest industry developments:
- June 2020: Hillrom unveiled its new connected remote vital signs monitoring device named Hillrom™ Extended Care Solution. It would provide clinicians access to crucial data for accurately looking into the patients’ health status from the institution or clinic. The patient however will remain at home.
Fortune Business Insights™ lists out the names of all the Vital Signs Monitoring Devices manufacturers operating in the global market. They are as follows:
- Koninklijke Philips N.V.
- Medtronic
- Nihon Kohden Corporation
- GE Healthcare
- Masimo
- Omron Healthcare
- Contec Medical Systems Co. Ltd
- A&D Company Ltd.
- Nonin Medical Inc.
- SunTech Medical, Inc.
- Other Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such as Mergers & Acquisitions
- Reimbursement and Legal Aspect Overview
- New Product Launch
- Technological Advancements in Vital Sign Monitoring Devices
- Statistics on Prevalence of Lifestyle Related Diseases for Key Countries
- Global Vital Signs Monitoring Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Pulse-oximeters
- Fingertip Pulse Oximeters
- Hand-held Pulse Oximeters
- Table-top Oximeters
- Others
- Temperature Monitors
- Analog Temperature Monitoring Devices
- Digital Temperature Monitoring Devices
- Blood Pressure Monitors
- Manual BP Monitors
- Digital BP Monitors
- Pulse-oximeters
- Market Analysis, Insights and Forecast – By End User
- Hospitals and Ambulatory Surgical Centers
- Clinics
- Home Care Settings
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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