The global vital signs monitoring devices market is expected to reach $5,491 million by 2022 from $3,694 million in 2015, growing at a CAGR of 5.8% during the study period. This market is expected to witness significant growth during the forecast period due to increase in importance of vital signs monitoring devices in home care settings and improved reimbursement scenario for pulse oximeters in developed countries.
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Vital signs monitoring devices market are used for the measurement of vital parameters, including blood pressure, heart rate, respiratory rate, and body temperature, to monitor physical functioning of the body. They offer clinically relevant information regarding the health status of the patients.
This information plays a vital role in identifying the presence of any acute medical problem or chronic disease state. Vital signs of a patient are recorded at the emergency department, pre- and post-surgery, and during treatment at hospitals.
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In addition, upsurge in geriatric population and rise in incidence rate of cardiovascular disorders such as hypertension and other preexisting health conditions including COPD, sleep apnea, and infectious diseases have fueled the demand for vital signs monitoring devices. Moreover, increase in use of vital signs monitoring devices for fitness monitoring and rise in ambulatory surgery centers that use vital signs monitoring devices routinely have fueled the market growth.
However, lack of awareness about these devices in the low- and middle-income countries hamper the market growth.
The vital signs monitoring devices market is segmented on the basis of product type, end user, and geography. Based on product type, the market is segmented into blood pressure monitoring devices, pulse oximeters, and temperature monitoring.
On the basis of end user, the market is classified into hospitals & clinics, ambulatory surgery centers, and home care settings. The market is analyzed on the basis of four geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA.
Prominent players have adopted product development including product launches, approvals, and clinical trials as their key developmental strategy to expand their product portfolio. For instance, in July 2016, SunTech (now Halma plc) received FDA clearance for its next generation spot-check vital signs device, SunTech C40.
The device helps in the accurate measurement of blood pressure plus other vital signs including temperature and pulse oximetry using advanced features and digital connectivity. Moreover, reimbursement policies for pulse oximeters have fueled the demand for vital signs monitoring products.
For instance, Medicare offers reimbursement for pulse oximeters used for a pulmonary disease(s) in case of using diagnosis code ICD-9-CM, which describes a patient’s condition and the motive of using the service or procedure. The present procedural technology identifies three codes for oximetry-94760, 94761, and 94762.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global vital signs monitoring devices market.
- Comprehensive analysis of all geographic regions is provided to determine the prevailing opportunities across the geographies.
- This study evaluates the competitive landscape of the market to predict the competitive environment across geographies.
- This report entails the detailed quantitative analysis of the current market and estimations from 2014 to 2022 to identify the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the market growth is provided in the report.
- Region- and country-wise vital signs monitoring devices market conditions are comprehensively analyzed in the report.
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