New York, June 27, 2022 (GLOBE NEWSWIRE) — Digital wearable health devices (WHD), whose use grew significantly from about 35% in the year 2019 to close to 48% in the year 2020, was introduced into the medical world to aid people to make their life easier. Further, with the growing awareness to monitor the health amongst the individuals, the demand for WHDs grew massively over the years. About 85% of the women worldwide preferred to use these digital machines to track their fertility, while near to 70% of women used these devices to track their menstrual cycle. Moreover, the majority of people who monitored their health digitally were under 55 years old and had severe conditions.
Kenneth Research has recently released a report named “Global Vital Signs Monitoring Equipment Market”, which gives a quick rundown of market aspects such as growth drivers, restraint factors, recent market trends, and future growth potential. The market research report which covers the forecast period, i.e., 2022 – 2030, includes a comprehensive analysis of the impact of COVID-19 and its impact on end-users as well. Aside from that, the research study looks at the product portfolios and market growth strategies of the major market rivals.
According to the statistics by the World Health Organization (WHO), 41 million people globally died each year due to noncommunicable diseases (NCDs) which was equivalent to 71% of all deaths. Further, the statistics also stated that cardiovascular diseases accounted for 17.9 million deaths among people annually, registering to be the major cause of NCD deaths. It was followed by cancer with 9.3 million, respiratory diseases with 4.1 million, and diabetes with 1.5 million deaths. The surge in concern for the rising number of deaths caused due to NCDs, is raising the need amongst individuals to monitor their health for the early diagnosis of the diseases. By the use of vital signs monitoring devices, any individual can observe their health and also share the data with their healthcare providers, which is one of the major factors anticipated to create numerous opportunities for the growth of the global vital signs monitoring equipment market. Besides this, the surge in the number of surgical procedures in hospitals or ambulatory surgical centers is also projected to drive the growth of the market during the forecast period. According to the statistics by Eurostat, in the year 2018, about 1.16 million cesarean sections were performed in the 27 nations of the European Union.
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The global vital signs monitoring equipment market garnered USD 8 billion in 2021 and is further estimated to grow with a CAGR of ~9% over the forecast period. Major factors attributing to the growth of the market are rising awareness of the need of tracking vital signs at home over the surge in prevalence of chronic and infectious diseases. Market growth can be further elevated by the growing demand for personalized health care, the rising geriatric population, and the rising number of healthcare facilities. According to the statistical report titled “World Population Ageing 2019”, published by the Department of Economic and Social Affairs of the United Nations, the number of persons aged 65 and above registered in the year 2019 worldwide was 702.9 million. This is further expected to touch 1548.9 million by the end of 2050. On the other hand, the urge for vital signs monitoring equipment such as blood pressure monitors, pulse oximeters, and temperature monitoring devices boosted owing to the covid-19 pandemic is also poised to be a major contributor to the demand for vital signs monitoring devices in the coming years. COVID patients widely use these devices to check the symptoms of the virus that has affected their bodies.
The growth of the global vital signs monitoring equipment market can also be attributed to the rising prevalence of hypertension amongst individuals around the globe. In the other statistics by the WHO, around 1.28 billion adults aged from 30-79 years around the world suffer from hypertension also, around 46% of the suffering adults are unaware that they have the condition which is a major reason for premature death around the world. On the other hand, the surge in initiatives of the government to promote research and development in the field of developing advanced vital signs monitoring devices is also expected to drive market growth. For instance, the National Academy of Medicine (NAM), is working with a network of organizations to build field leadership and partnership in order to execute the core metrics framework by sharing the knowledge from the Vital Signs consensus study for better care and healthier people at a lower cost. On the other hand, over the past few years, business organizations had been working on adopting initiatives aimed at lowering chronic diseases globally, which is also expected to drive market growth in the coming years. For instance, in the year 2015, OMRON Corporation, a vital signs monitoring equipment manufacturer, introduced a cardiovascular business vision, a new challenge to attain Zero Events by “Reducing the event of cerebrovascular and cardiovascular diseases caused by high blood pressure to Zero”.
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The global vital signs monitoring equipment market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Owing to the well-established healthcare infrastructure, rising frequency of lifestyle-related disorders, and the presence of key manufacturers, North America is expected to generate the largest revenue with a significant CAGR over the forecast period. According to the Centers for Medicare & Medicaid Services (CMS) of the United States government, the National Health Expenditure (NHE) in the United States increased by 9.7% to USD 4.1 trillion in 2020, equating to USD 12,530 per person. Also, health care spending by the federal government in the U.S. increased significantly by 36.0 percent in 2020, compared to 5.9% in 2019 on account of the COVID -19 pandemic.
On the other hand, the market in the Asia Pacific region is also estimated to witness noteworthy growth during the forecast period and also to provide massive business opportunities on account of the high population base, and rising knowledge of the benefits of such equipment among the individuals. According to the World Bank statistics, the current health care expenditure per capita in the East Asia Pacific region grew from USD 664.47 in 2017 to USD 719.48 in 2018 and USD 750.69 in 2019. Among the East Asia Pacific, Australia had the highest per capita expenditure on health with USD 5427.46 in 2019.
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The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America(U.S., Canada), Europe(U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC[Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America(Brazil, Mexico, Argentina, Rest of Latin America), Asia- Pacific(China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa(Israel, GCC[Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa.)
The global vital signs monitoring equipment market is segmented by product into pulse oximeters, blood pressure monitoring devices, and temperature monitoring devices. On the back of the rising prevalence of cardiovascular diseases and fluctuating blood pressure among the geriatric population and people with lifestyle-related diseases, such as obesity and diabetes, the blood pressure monitoring devices segment is expected to hold the largest share of the market. According to the Centers for Disease Control and Prevention (CDC), high blood pressure often known as hypertension accounts for about 500,000 deaths in the United States each year. Nearly 1 in every 2 persons (approximately 108 million) has high blood pressure, and just 1 in every 4 has it under control. Fortunately, hypertension is curable if treated properly and monitored frequently. As a result, the demand for blood pressure monitoring equipment devices is estimated to grow significantly.
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The pulse oximeter segment, on the other hand, is predicted to expand the most during the forecast period. Owing to the growing product approval on account of rising demand for the product over the spread of COVID-19 disease in which SpO2 (oxygen saturation) reading is a vital sign, is one of the major factors anticipated to contribute to the growth of the segment. The pulse oximeter is widely used in critical care such as emergency rooms or hospitals, and in-office setup for pulmonologist doctors. Apart from the hospital-grade pulse oximeters, the demand for the smaller latest version of consumer-grade models for use in sports, such as trekking and other recreational activities is also increasing. As the consumer-grade models are economical, more patients preferably the geriatric population, prefer to use these devices to monitor their vitals at home. According to the statistics from World Integrated Trade Solutions (WITS) in 2019, major exporters of pulse oximeter monitoring devices are the United States with USD 3,361,848.85K, the European Union with USD 2,268,015.55K, Japan with USD 1,647,696.32K, Germany with USD 1,374,874.94K, followed by China with an export value of USD 614,738.57K and an export volume of 82,916,900 items.
The global vital signs equipment market is further segmented by end-users into hospitals, ambulatory surgical centers, clinics, home care, and others. Amongst these segments, the hospitals segment is projected to grow with a modest CAGR during the forecast period. The growth of the segment can be attributed to the increasing number of patients visiting hospitals to treat different types of diseases, followed by the increase in hospital expenditure to adopt advanced monitoring devices. According to the statistics from CDC, 33.6 million people visited hospitals with essential hypertension as the primary diagnosis. Whereas, based on the statistics by the CMS, the hospital expenditure increased 6.4% to USD 1,270.1 billion in 2020 from 6.3% growth in 2019. Furthermore, the clinics segment is also expected to exhibit significant growth during the forecast period, backed by the increasing availability of doctors who provide personalized healthcare services as well as the rising clinical services expenditure witnessed globally. For instance, in the other statistics by the CMS, physicians and clinical services expenditure increased 5.4% to USD 809.5 billion in 2020 from 4.2% growth in 2019.
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Some of the major players in the global vital signs monitoring equipment market are Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, Masimo, OMRON Healthcare, Inc., and Contec (Focus Technology Co. Ltd.), A&D Company Ltd., Nonin, and others.
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