PORTLAND, Oregon and PUNE, India, January 16, 2017 /PRNewswire/ -- A new report published by Allied Market Research, titled, "Vital Signs Monitoring Devices Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the global vital signs monitoring devices market size was worth $3,694 million in 2015 and is expected to reach $5,491 million by 2022, growing at a CAGR of 5.8% from 2016 to 2022. North America was the leading regional market in global vital signs monitoring devices industry. The blood pressure monitoring devices segment is expected to maintain its lead throughout the forecast period.
Factors such as increase in geriatric population, growth of inclination towards home monitoring, and rise in incidence rate of chronic diseases, such as cardiovascular disorders and obesity, are expected to drive the growth of the market. Moreover, introduction of innovative and technologically advanced digital blood pressure monitors and finger pulse oximeters is set to further drive the market growth. However, lack of awareness about these devices in low- and middle-income economies hampers the market growth.
According to Hemali Narkhede, Manager, Healthcare Research at Allied Market Research, "Increase in inclination toward home care monitoring is set to increase the demand for vital signs monitoring devices worldwide. With technological advancements (such as Bluetooth facility) the devices have become user-friendly, which has led to the increased use of these devices in the home-care settings."
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Among the vital signs monitoring devices, BP monitoring devices is anticipated to uphold the dominating position in the global market in the upcoming years, owing to increase in incidences of obesity, hypertension, diabetes, and other lifestyle disorders. Pulse oximetry devices are projected to be the fastest growing segment, with CAGR of 6.3%, due to increase in incidences of respiratory disorders (such as COPD) across the globe.
In the end-user segment, hospitals & clinics occupied the major share of the vital signs monitoring devices market, as these devices facilitate early detection of a patient's deteriorating health condition; thereby, enabling speedy intervention and diagnosis of the disease. Home environments was the other dominant end-user segment, expected to grow at a CAGR of 6.1%.
Key findings of the study:
Based on product type, BP monitoring devices segment accounted for more than half of the total market in 2015.
