Global Vital Parameter Monitoring Devices And Equipment Market Report 2022

Executive Summary

Major players in the vital parameter monitoring devices and equipment market are Welch Allyn (Hill-Rom Holdings), SunTech Medical (Halma plc), Masimo Corporation, General Electric Company, Medtronic plc, Nihon Kohden Corporation, Koninklijke Philips N.V, A&D Company, Contec Medical Systems Co, and Nonin Medical.

The global vital parameter monitoring devices and equipment market is expected to grow from $6 billion in 2021 to $6.64 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $9.43 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%.

The vital parameter monitoring devices and equipment market consist of sales of vital parameter monitoring devices and equipment and related services. Vital parameter monitoring devices are used to monitor critical parameters such as blood pressure, heart rate, and other physiological parameters.

The main product types of vital parameter monitoring devices and equipment are blood pressure monitoring devices, pulse oximeters, and temperature monitoring devices. Blood pressure monitoring devices are electronic devices that are used to monitor blood pressure. The blood pressure monitoring devices are aneroid BP monitors, digital BP monitors, ambulatory BP monitors, and blood pressure instrument accessories. The pulse oximeters are table-top/bedside pulse oximeters, fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. The temperature monitoring devices are digital thermometers, infrared thermometers, and temperature strips. The various end-users are hospitals, clinics, ambulatory surgery centers, and home care settings.

Asia Pacific was the largest region in the vital parameter monitoring devices and equipment market in 2021. North America was the second-largest region in the v tal parameter monitoring devices and equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

An increase in the geriatric population globally is driving the vital parameter monitoring devices and equipment market. Old people are more prone to medical conditions and diseases and require monitoring of vital health parameters. According to the United Nations World Population AgeingProspects, in 20197, the geriatric population was estimated to be around 702.9962 million and is expected to increase to 1.52.1 billion globally by 2050. The increasing number of old age patients seeking treatments and surgeries is contributing to market growth.

The security concerns related to wireless vital parameter monitoring devices are acting as a restraint on the vital parameter monitoring devices and equipment market. Medical devices with features like wireless connectivity, remote monitoring, and near-field communication allow health professionals to monitor vital parameters like electrocardiogram (ECG), blood pressure (BP), and temperature from anywhere with convenience. These devices are connected to a broad network via IoT, making them potential entry points to larger hospital networks. This connectivity could be used by hackers to mount a ransomware attack against a large hospital and can hold the vital systems of the hospital hostage, or breach sensitive medical records. The medical data obtained in these types of attacks can be used for malicious activities like tax fraud or identity theft, and can even be used to track active drug prescriptions. According to Linchpinseo data 2022, Nearly 4 million connected devices monitor every part of the human body.

Vital parameter monitoring devices and equipment companies are increasingly investing in the research and development of wearable health devices (WHDs). WHDs are smart electronic devices that can be worn by a consumer and are capable of tracking information related to health and fitness. These devices facilitate better monitoring of health and can help in early diagnosis and guidance from doctors. For instance, the ViSi Mobile developed by Sotera Wireless is a wearable device that can provide many vital parameters such as heart rate, respiration rate, oxygen saturation, pulse rate, etc. VitalTag is another wearable device developed as part of the Department of Homeland Security Science and Technology Directorate program to detect and monitor heart rate, blood oxygen levels, body temperature, and blood pressure. Current Health recently got FDA approval for an artificial intelligence-powered wearable device that monitors patient vital signs at the hospital and home.

Vital parameter monitoring devices and equipment manufacturers are governed by the various quality and safety regulations. For instance, in the USA, the Food and Drug Administration's 510 (k) regulation for safety and effectiveness of vital parameter monitoring devices and equipment states that the device should be tested non-clinically for electrical safety, electromagnetic compatibility. Vital parameter monitoring devices and equipment are classified as class II under title 21, parts 800 to 898 by FDA. Class II devices are medical devices having a moderate risk.

The countries covered in the vital parameter monitoring devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

Companies Mentioned

A selection of companies mentioned in this report includes:

• Welch Allyn (Hill-Rom Holdings)
• SunTech Medical (Halma plc.)
• Masimo Corporation
• General Electric Company
• Medtronic plc.
• Nihon Kohden Corporation
• Koninklijke Philips N.V.
• A&D Company
• Contec Medical Systems Co.
• Nonin Medical
• Omron Corporation
• Smiths Group plc.
• Spacelabs Healthcare
• CAS Medical Systems
• Dragerwerk AG & Co.
• Briggs Healthcare
• OSI Systems
• Mindray Medical International Limited
• Caretaker Medical llc.
• Shenzhen Mindray Bio-Medical Electronics Co.
• Boston Scientific Corporation
• HICKS
• COVIDIEN plc.
• MINDRAY

Methodology