The latest market report published by Credence Research, Inc. “Vital Signs Monitoring Devices Market:Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the Vital signs monitoring devices market was valued at USD 3,884.4 Mn in 2016, and is expected to reach USD 7,316.4 Mn by 2025, expanding at a CAGR of 7.2% from 2017 to 2025.
The vital signs monitoring devices market has evolved and promises a lucrative growth in the forecast period 2017-2025. Vital signs monitoring devices are used for monitoring several vital signs such as body temperature, pulse rate, respiratory rate, and blood pressure. Of these vital signs Blood pressure is checked in the maximum owing to increase in hypertension, cardiovascular disease and obesity conditions globally. As per World Health Organization (WHO), hypertension is prevalent in almost 40% of the population globally. Cardiovascular diseases account for 31% of all deaths globally, of these deaths 75% occurs in low-income countries. 35% of the population are suffering from obesity globally. As this trend seems to increase, there rises a greater growth potential for the blood pressure monitoring and pulse rate devices market by 2025.
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Another condition namely chronic obstructive pulmonary disorder (COPD) is also on a rise. As per WHO, 7.5%- 10% are prevalent with COPD globally. According to WHO COPD could be 3rd leading cause of death by 2030. This could account for the increase in growth for the respiratory rate monitoring devices market by 2025.The temperature monitoring devices and respiratory rate monitoring devices predominate the market in terms of volume as it is widely used in homecare settings.
North America remains the dominates the global vital signs monitoring devices market owing to rise in geriatric population, increased prevalence of disorders such as hypertension, obesity, COPD and other non-communicable diseases and use of latest smart technologies for vital signs monitoring. Europe holds second position in global vital signs monitoring devices market due to key driving factors such as increase in death rates due non-communicable diseases, rise in demand for home patient monitoring and increase in product development. Asia Pacific regions is expected to boost in demand for such devices as there is an increasing accessibility to modern technologies. Increasing prevalence of various disorders in developing nations such as Brazil, Mexico and Middle Eastern regions and better understanding related to the several applications of smarter and newer technologies is the major driving force that could drive the revenue of the key vital signs monitoring devices players.
Market Competition Assessment:
The vital signs monitoring devices market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Welch Allyn, Omron Healthcare, Generation Guard, Vive, Ozeri, Panasonic, Santamedical, Medtronic, A&D Medica Inc., Contec Medical System Co. Ltd., Medtronic plc, GE Healthcare, Philips Healthcare, SunTech Medical Inc., Rossmax International Ltd. & others.
Key Market Movements:
- Rising prevalence of various non-communicable conditions like hypertension, obesity or COPD has increased the demand for such devices
- Increase development and availability of vital signs monitoring devices in low income countries has increased a demand for the same in those regions.
- New developments such as digital thermometer or wireless monitoring devices has increased the demand for use in home settings thus increase in sales volume.