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.
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.
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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.
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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.
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.
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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.
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