Emergence of Covid-19 to Offer Lucrative Growth Opportunities for Players in Vital Signs Monitoring Devices Market

 

The use of vital sign monitoring devices in hospitals allows doctors to look for signs of potential life-threatening complications before the patient reaches the critical stages. Patients can often be monitored throughout the night with a pulse oximeter, ECG, blood pressure and oxygen saturation monitoring devices. These devices are also useful for monitoring the effect of medication and other treatments on the body. Patients can also be monitored at home using vital sign monitoring devices. There are many different types of monitors available, including wireless medical monitors that are worn on the wrist of the hand, and other medical-grade medical monitors that are worn on the abdomen, chest and neck.

Market Dynamics

High prevalence of chronic diseases is expected to propel growth of the global vital signs monitoring devices market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the global vital signs monitoring devices market. For instance, globally, as of 5:34pm CET, 18 November 2020, there have been 55,326,907 confirmed cases of COVID-19, including 1,333,742 deaths, reported to the World Health Organization. Moreover, the Covid-19 pandemic has prompted several regulatory changes regarding use of devices. For instance, in March 2020, the U.S. Food and Drug Administration allowed expanded use of non-invasive remote patient monitoring devices to slow the spread of COVID-19. Some of the non-invasive remote-monitoring devices covered by the new guidance are electronic stethoscopes, non-invasive blood pressure devices, and respiratory rate/breathing frequency measurement devices.

Asia Pacific is expected to witness significant growth in the vital signs monitoring devices market, owing to increasing number of emergency surgeries. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.

Competitive Analysis

Major players operating in the global vital signs monitoring devices market include, CAS Medical Systems, Inc., Koninklijke Philips N.V., General Electric Co. (GE), Masimo Corporation, Mindray Medical International Limited, Medtronic, AliveCor, Inc., Nihon Kohden Corporation, Smiths Group plc., Dragerwerk AG & Co. KGaA, SunTech Medical, Inc., Welch Allyn, Inc., Spacelabs Healthcare, Inc., OMRON Healthcare, Co., Ltd., Contec Medical Systems Co., Ltd., Iradimed Corporation, and Xenoma.

April 2020: OMRON Healthcare, Co., Ltd. partnered with AliveCor, Inc. to integrate AliveCor’s ECG technology with blood pressure devices from OMRON for non-invasive remote monitoring devices.