(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 08:48 /Comserve / -- Vital Sign Monitoring Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The global vital sign monitoring market is witnessing a CAGR of 6.35%. The growth of the geriatric population and the rising prevalence and incidence of chronic diseases increased the applications of devices monitoring vital signs in emergency medicine and ambulatory care. This led to increasing demand for advanced algorithm-based and home care monitoring equipment.
- According to the United Nations, the world's population is aging; therefore, every country in the world is witnessing a rise in the number and proportion of older people in their population. According to data from World Population Prospects: The 2017 Revision, the population of people aged 60 years and above was estimated to be 962 million (13% of the total global population), globally. The global geriatric population is expected to reach 2.1 billion by 2050. Globally, the population aged 60 years and above is growing faster than any other age group.
- Therefore, vital signs provide a quantification of physiological functions that are used for the monitoring of acute and chronic diseases. Vital sign monitoring essentially serves as a communication tool about patient status. Among older adults, there is a greater tendency of reduced homeostasis, which makes it difficult for the body to carry out optimal physiological functions.
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Key Market Trends
Hospitals and Clinics are Expected to Drive the Market Growth
- Vital sign monitors have been conventional in hospitals and clinics, and they play an essential role in indicating a patient's clinical conditions. Monitoring blood pressure, pulse rate, and respiration rate is a crucial aspect of patient care in hospitals. Earlier, in hospitals, nursing assistants or technicians were responsible for collecting patients' vital signs on a scheduled basis at a periodic interval of time, which used to have errors.
- According to research conducted by the medical device manufacturer, Welch Allyn, around 10,000 transcription errors occur every year when information is miscopied or entered in the wrong chart, at a typical 200-bed hospital. The vital sign monitors, thus minimize the chances of errors, which results in safer patient care. Hence, as patients and providers can adopt vital sign monitors for the ease of monitoring, hospitals generate more demand for the same. Thus, it is resulting in a higher share of hospitals in the end-user segment.
- Moreover, with the rise in IoT enabled consumer health wearables, the market is likely to grow as the line between consumer health wearables, and medical devices begins to blur. It is now possible for a single wearable device to monitor a range of medical risk factors. These devices can give patients direct access to personal analytics that can contribute to their health, facilitate preventive care, and aid in managing an ongoing illness.
North America Dominates the Market
- North America currently dominates the market for vital sign monitoring, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare industry and better reimbursement facilities in the region.
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- Moreover, the expanding base of the geriatric populace, developing interest for remote and wireless devices combined with streamlined coverage policies, and rising occurrences of interminable disorders drive the market growth in the region.
- The United States holds the majority of the market in the North American region, due to the higher adoption of digital healthcare in the country and rising investments done by companies in the region. The Wearables market has been steadily increasing in the past years in the country.
The vital sign monitoring market is highly competitive and consists of several major players. However, owing to technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new ingredients with fewer prices. Some of the recent developments in the market are:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 The Ongoing Pandemic Coupled With Overall Increase In Chronic Disorders
4.2.2 Recent Technological Innovations (at the component level) and the Fast-Tracking of Regulatory Approvals in the Field of Wearables
4.2.3 Growth in Demand for Home Care Monitoring
4.3 Market Restraints
4.3.1 User Readiness and Unresponsiveness of Some Monitoring Devices
4.3.2 Competitive Pricing Pressure and Presence of Counterfeit Products
4.4 Market Challenges (Lack of Standardization in the Case of Wearables)
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products and Services
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Vital Sign Monitoring Market
5 TECHNOLOGY SNAPSHOT
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