Keeping a close track of vital signs like blood pressure, pulse rate, respiration and body temperature are some of the inseparable drills of nursing care. These functions of vital signs monitoring care make it a crucial segment as far as the medical and healthcare industries are concerned. Different devices are used for assessing, analyzing and maintaining information about these signs, creating a wave of business opportunities in terms of their production and supply. Since these devices are used in nursing homes, hospitals and households, the global vital signs monitoring device market has a wide scope for growth in the years to come.
Segmentation and Geographical Demand
The basic segmentation in the global market for vital signs monitoring is based on the types of products used for different types of signs and physical functions. Based on the products, the industry is divided into three basic segments, namely, blood pressure monitoring devices, temperature monitoring devices and pulse oximeters. These three types are further classified into several sub-segments. Following are the details of all these segments and sub-segments in the global market.
- Temperature monitoring devices
- Mercury-filled thermometers
- Digital thermometers
- Infrared thermometers
- Temperature strips
- BP monitoring devices
- Aneroid BP monitors
- Automated BP monitors
- Tabletop/bedside pulse-oximeters
- Wrist worn
- Pediatric pulse-oximeters
Apart from the aforementioned sections, the global industry for vital signs monitoring instruments is further segmented according to geographical regions. For effectiveness of conclusion for the market research report, the global market is divided into four basic geographical regions, namely, Asia, North America, Europe and Rest of the World. These four segments are further classified based on respective countries in the region. Detailed analysis of all these segments is crucial in terms of signifying market trends and global demand.
Current Market Trends and Forecasting from 2012 to 2018
According to the researchers, studying the current market trends, vital signs monitoring devices market is poised to make steady growth. This growth is in relevance to the compound annual growth rate and expansion of business in different geographical regions. According to these reports, the industry is estimated to grow at a CAGR of 6.61% from 2013 to 2018. In 2012, the market was worth $3,148 million, which is anticipated to reach past $4,375 million by the end of 2018. Researchers claim that rising population of elderly in developed and developing countries, rising awareness towards convenience and cost effectiveness of these devices and technological advancements in vital signs monitoring technology are some of the major drivers for the industry. According to them, Asia Pacific is the most developing segments in the market, while America is expected to make steady growth.