United States Vital Signs Monitoring Devices Market Report 2023: Industry Outlook & Forecasts – An $11.21 Billion Market by 2028 from $7.21 Billion in 2022 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “U.S. Vital Signs Monitoring Devices Market – Industry Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The U.S. vital signs monitoring devices market is projected to be valued at $11.21 billion by 2028 from $7.21 billion in 2022, growing at a CAGR of 7.62% from 2022 to 2028.
COVID-19 pandemic has brought significant challenges to the entire healthcare industry and impacted the growth of the U.S. vital signs monitoring devices market. This has accelerated the adoption of vital signs monitoring devices in the patient population and end-user.
Similarly, most people are opting for home precautions with the help of temperature monitoring devices to measure their body temperature amid the pandemic. Also, amid COVID-19, vital signs monitoring devices, such as standalone or wearable devices, have gained significant traction in clinical trial studies over patients and support providers with systematic, real-time information.
Vital signs patient monitors are used to monitor patients’ vital signs in emergency care settings and for continuous management of chronic diseases. There is rising demand for various vital signs monitoring devices to treat this increasing patient population.
As the demand for these devices has increased, vendors are constantly focusing on increasing their production capacity to meet the increasing demand and provide quality care to patients in the U.S. vital signs monitoring devices market. Further, patients’ vital signs monitors are the most required products, along with portable ventilators and medical consumables for non-invasive and invasive ventilation to treat a broad range of respiratory conditions.
Also, the increased awareness of telemedicine is anticipated to drive the U.S. vital signs monitoring devices market during the forecast period. Further, the increase in demand for technologically advanced products due to benefits over traditional ones is anticipated to fuel the growth of the US vital signs monitoring devices market. Companies are investing in the development of advanced products to improve treatment.
MARKET TRENDS & DRIVERS
Increasing Need for wireless Patient Monitoring at Home
The trend toward using a wireless patient monitoring system to monitor vital signs continues to grow. Among the many benefits being brought to the healthcare service by wireless patient monitoring is the facility to escalate home care for both chronic and acute conditions. Various pandemic-related factors have created an opportunity to integrate care at home. The emergence of new technologies and capabilities makes taking care of one at home possible.
Advances in Remote Patient Monitoring (RPM)
IoT-enabled monitoring devices have added even more functionality to RPM. Physicians using IoT-enabled RPM systems benefit more from their patients. By combining AI with the Internet of Things (IoT) and RPM, healthcare organizations and practitioners can better serve their patients and provide opportunities for improved healthcare outcomes.
Upcoming Technologies in Vital Sign Monitoring
IoT technologies have penetrated several healthcare fields, from follow-up to rehabilitation therapies, personal monitoring of daily activities, reminders of medical appointments and medication intakes, and remote monitoring of patient’s vital signs. Recently, advances in sensors and mobile devices have led to the development of wearable vital signs monitoring devices that connect with smartphones.
Rise of Virtual Clinical Trials
In remote and decentralized trials, collecting this data directly from patients at home is critical. As known during the pandemic, the monitoring activity at clinical sites has been strongly impacted and revolutionized. Virtual clinical trials (VCT) rely on technologies such as apps, web-based platforms, wearable devices, and remote monitoring. Decentralized clinical trials (DCTs) are being increasingly implemented and have gained more attention due to the COVID-19 pandemic.
Rising Prevalence of Chronic Disorders Augmenting the Need for Continuous Monitoring
Chronic diseases have significant health and economic costs in the U.S. Around 90% of the nation’s USD 4.1 trillion annual healthcare expenditures are for people with chronic and mental health conditions. Seventy-one percent of U.S. healthcare spending goes to treating people with multiple chronic conditions. As the American workforce grows and ages, so do its health needs. Addressing employee health is no longer an option; it’s a priority.
Growing Preference for Integrated Vital Signs Monitors
In recent years, it has become much more common to find continuous, low-acuity monitoring at the bedside to proactively manage patients at risk of adverse events in which spot-checks may miss important markers. It is observed that there is a high requirement for integrated vital signs monitors outside hospitals.
For instance, in the ambulance, the multi-parameter monitors need to continuously monitor the vital sign of the patient during emergency transport. The increased demand for integrated vital signs monitors with remote monitoring platforms encourages vendors to develop and commercialize such devices catering to end-user requirements.
Manufacturers’ Increasing Focus on Developing Software & Apps for Vital Signs Monitoring
Manufacturers are focusing on developing software solutions as there is an increasing focus on automated documentation – that is, the electronic transfer of data from the vital signs monitor to the hospital’s electronic medical record (EMR) system. This can reduce some of the potential for errors resulting from manual documentation of patient data.
Some vital signs monitor vendors to provide specialized connectivity solutions/software that accomplish this. At the same time, some of these solutions are specific to the vendor’s vital signs monitors and may be compatible with vital signs monitors from multiple vendors.
The U.S. vital signs monitoring devices market is highly competitive and consists of several major players. The industry is fragmented, with various global, local, and regional manufacturers. Owing to continuous technological advancements and product innovations, mid-sized and emerging vendors are increasing their market presence by introducing new products at competitive prices.
Also, the market potential drives several players to expand their share through acquisitions. Many U.S. vital signs monitoring devices market vendors are adopting various strategies to increase their presence in many major markets.
A&D Company, Baxter, CONTEC MEDICAL SYSTEMS, GE Healthcare, ICU Medical, Koninklijke Philips, Masimo, Medtronic, NIHON KOHDEN, Nonin, OMRON, and OSI Systems are some of the major vendors offering a wide range of both standalone and integrated vital signs monitors in the U.S. vital signs monitoring devices market.
However, many local vendors are providing products with similar specifications at lower prices, which has resulted in a price war among vendors. Major vendors continuously compete for the leading position in the market, with occasional competition from other local vendors.
Market Opportunities & Trends
- Increasing Demand for Wireless Patient Monitoring at Home
- Rise of Virtual Clinical Trials
- Advances in Remote Patient Monitoring Technology
- Upcoming Technologies in Vital Signs Monitoring
Market Growth Enablers
- Increasing Prevalence of Chronic Disorders Augmenting Continuous Monitoring Demand
- Enchancements in Vital Signs Monitors
- Increased Preference for Integrated Vital Signs Monitors
- Increasing Focus on Developing Software & Apps for Vital Signs Monitoring by Manufacturers
- Cybersecurity & Related Limitations With Vital Signs Monitors
- False Alarms & Alarm Fatigue Associated With Vital Signs Monitors
- Intense Competition Coupled With Pricing Pressures
- Covid-19 Impact
- Reimbursement Scenario for Vital Signs Monitors
- Wearable Technology in Vital Signs Monitoring Devices
Key Company Profiles
- A&D Company
- CONTEC MEDICAL SYSTEMS
- GE Healthcare
- ICU Medical
- Koninklijke Philips
- NIHON KOHDEN
- OSI Systems
Other Prominent Vendors
- Advanced Instrumentations
- American Diagnostic
- Cardinal Health
- Compass Health Brands
- Dragerwerk AG & Co.
- EDAN Instruments
- FUKUDA DENSHI
- Infinium Medical
- Mennen Medical
- Rossmax International
- Solaris Medical Technology
- Sunset Healthcare Solutions
- Viatom Technology
- VYAIRE MEDICAL
For more information about this report visit https://www.researchandmarkets.com/r/nb37fo
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