The vital signs monitoring market is expected to grow at a CAGR of over 9% in the coming eight years. Vital signs include the most basic functions of the human body such as breathing rate, heartbeat, blood pressure and temperature. Patient monitoring devices, the parent market for vital signs monitoring devices, comprises devices that are used for hemodynamic, neurologic and brain functions. To check the level of physical performance, these vital signs are watched, measured and monitored.
The application of vital sign monitoring devices is expanding in the sports industry as well. Hands free human-computer interaction makes it a choice for many, making things easier to handle and obtaining streamlined diagnosis. Open communication channel with the doctors make these devices reliable for people to adopt indicating the positive future growth in the segment.
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The vital sign monitoring devices can be segmented on the basis of product, end use and mount type. The product can be segregated into temperature measurement devices, standalone pulse oximeters, mid acuity monitors, liquid filled thermometers. infrared thermometers, high acuity monitors, digital thermometers, blood pressure measurement devices, AND automated blood pressure thermometers.
Vital signs monitoring devices are used in hospitals, ambulatory, clinics, surgical centers and home care settings. Vital signs device can be standalone and portable. The market is comprised of emergency support, care services and devices. The recent trend of being treated at home in order to minimize the hospital expenditure and gain a cost advantage is expected to help the industry soar new heights. The convenience of being treated at home in the known environment is the most preferred choice of the patients which shows the industryis expected to be progressing with changing trends.
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The health policies that enable a person to avail the services at a certain rate is also contributing to the growth percent of these monitoring devices. The demand for these devices such as blood pressure measurement devices, liquid filled thermometers and pulse oximeters is increasing in number which represents the signs of growth in the industry. The technology is specially designed for ill and aged population for whom the home healthcare is important.
Increase in Gross Domestic Product per capita leads to increasing health care expenditure which drives the industry growth rate. Investments have been increasing on healthcare by corporate groups that provides significant growth rate for the monitoring devices. Some of the benefits of the monitoring devices are reduction in hospitalization rates, office follow ups. Shortage of the healthcare professionals is also one of the major drivers in the U.S.
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