LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global vital signs monitoring devices market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Srinivas Shashidhar, a lead analyst from Technavio, specializing in research on patient monitoring devices sector, says, “Respiratory and cardiac disorders are the major conditions for increasing expenditure on healthcare. This is leading to an increased demand for vital signs monitoring devices.”
The global vital signs monitoring devices market is expected to witness significant growth during the forecast period. Growing geriatric population and the rise in number of people with CVDs and obesity has elevated the risks associated with hypertension. Other risks include genetic predisposition and pre-existing health conditions like thyroid problems, diabetes, sleep apnea, tumors, and medications and supplements. In addition, an increase in diagnostic and treatment procedures of CVDs such as coronary artery disease, peripheral vascular disease, and heart failure results in demand for ambulatory blood pressure monitors.
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The top four emerging trends driving the global vital signs monitoring devices market according to Technavio healthcare and life sciences research analysts are:
- Growing adoption of product bundling strategy by vendors
- Remote hemodynamic monitoring
- Growing use of multiparameter vital sign devices
- Advances in technology
Growing adoption of product bundling strategy by vendors
Vendors are bundling two or more products or services to achieve product differentiation and provide better products. For example, along with vital signs monitors, vendors are offering accessories for patients to monitor their blood pressure levels. Patients consider using such packaged offerings to individual products as they prove to be cost-effective. In addition, vendors have started offering personal testing kits that include blood pressure monitors, thermometers, blood glucose monitors, and pulse oximeters. There is a significant gain in popularity worldwide. This marketing strategy has helped various vendors to take competitive advantage. This trend is expected to show a strong impact on the market growth during the forecast period.
Remote hemodynamic monitoring
The incidence of cardiac disorders such as CVDs and heart stroke is on the rise. Furthermore, people aged 60 and above are susceptible to these disorders compared with other age groups. With aging, a person’s immune system deteriorates, and blood vessels weaken, making them susceptible to physiological changes and different comorbidities. An increase in the older population will further increase the incidence of cardiac disorders.
Diabetes is among the top three major causes of deaths in people with cardiac disorders. Individuals with diabetes, particularly type 2 diabetes, are at a high risk of developing cardiac disorders. In 2011, the American Heart Association estimated that about 68% of diabetic population aged 65 and above died from heart disease and 16% died from stroke.
Growing use of multiparameter vital sign devices
“Technological advances have led vendors to focus on developing multiparameter ambulatory blood pressure monitoring systems. These devices help monitor biological parameters such as heart rate, temperature, respiration rate, and blood oxygenation levels,” asserts Srinivas.
Vendors are designing and developing multiparameter-configured devices that contain a core monitor box with provision for slots. Each slot has individual units or modules for incorporating different technologies to measure different parameters. These devices have allowed medical facilities and people to cut down their healthcare expenditure on different monitoring devices for measuring various parameters.
Advances in technology
Vendors are focusing on leveraging technology for the development of blood pressure monitoring devices with advanced features. The introduction of mobile arm cuff, which plugs directly into a smartphone with a downloadable application enables measuring blood pressure and recording the results in the smartphone. Also, technological innovations in blood pressure monitors have led to the development of lightweight, voice control blood pressure monitors. The availability of smart blood pressure monitoring systems with wireless technology has led to the development of blood pressure monitors that do not affect the daily activities of users.
The top vendors are:
- Medtronic
- Philips Healthcare
- Smiths Medical
- Welch Allyn
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