Medical devices benefit patients greatly by assisting health care providers to diagnose and cure patients

 

A medical device is any technological device designed to be utilized for the care of health conditions. It can vary from medicine, surgical, devices used to protect the patient from infections to non-surgical devices used to enhance the patient's lifestyle. Medical devices help patients by enabling health care professionals to detect and cure diseases and helping them overcome illness or injury, thereby enhancing their quality of life. Medical devices benefit patients greatly by assisting health care providers to diagnose and cure patients and also helping ill patients overcoming disease or illness, enhancing their quality of life drastically. Blood pressure monitors, cardiac monitors, insulin pumps, and electrocardiograms.

The expansion of the healthcare industry around the globe is a prime factor driving the market growth of the medical device. Increasing healthcare spending coupled with technological advancement is another major factor propelling the market growth of the medical device. According to the World Health Organization, global spending was US$ 7.8 trillion in 2017 or about 10% of GDP and $1,080 per capita – up from US$ 7.6 trillion in 2016.

The growing geriatric population is increasing the prevalence of geriatric population is driving the market growth of the medical device. Rapid growth in the surgical procedure and complex surgeries is further projected to foster the market growth of the medical device. Moreover, the growing focus of manufacturers on research and development activities for developing an advanced medical device is further projected to foster market growth.

North America is expected to gain significant growth over the forecast period and this is attributed to the strong presence medical device industry in the region. According to the International Trade Administration, the United States remains the largest medical device market in the world: $156 billion (40 percent of the global medical device market in 2017). By 2023, it is expected to grow to $208 billion. U.S. exports of medical devices in key product categories identified by the Department of Commerce exceeded $43 billion in 2018.

Key Developments:

1. In January 2019, Omron Healthcare announced the launch of First Wearable Blood Pressure Monitor, Previews Breakthrough Monitor with EKG, and New Digital Health Services

2. In February 2019, The Integrated Health Model Initiative (IHMI), an effort funded by the American Medical Association (AMA), has launched a new data management model that will be able to produce an uninterrupted stream of data from remote blood pressure monitoring devices.

3. In October 2020, Abbott announced the launch of its new implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices for abnormal heart rhythms and heart failure.

Emergence of Covid-19 to Offer Lucrative Growth Opportunities for Players in Vital Sign Monitoring Devices Market

 

The use of vital sign monitoring devices in hospitals allows doctors to look for signs of potential life-threatening complications before the patient reaches the critical stages. Patients can often be monitored throughout the night with a pulse oximeter, ECG, blood pressure and oxygen saturation monitoring devices. These devices are also useful for monitoring the effect of medication and other treatments on the body. Patients can also be monitored at home using vital sign monitoring devices. There are many different types of monitors available, including wireless medical monitors that are worn on the wrist of the hand, and other medical-grade medical monitors that are worn on the abdomen, chest and neck.

Market Dynamics

High prevalence of chronic diseases is expected to propel growth of the global vital signs monitoring devices market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the global vital signs monitoring devices market. For instance, globally, as of 5:34pm CET, 18 November 2020, there have been 55,326,907 confirmed cases of COVID-19, including 1,333,742 deaths, reported to the World Health Organization. Moreover, the Covid-19 pandemic has prompted several regulatory changes regarding use of devices. For instance, in March 2020, the U.S. Food and Drug Administration allowed expanded use of non-invasive remote patient monitoring devices to slow the spread of COVID-19. Some of the non-invasive remote-monitoring devices covered by the new guidance are electronic stethoscopes, non-invasive blood pressure devices, and respiratory rate/breathing frequency measurement devices.

Asia Pacific is expected to witness significant growth in the vital signs monitoring devices market, owing to increasing number of emergency surgeries. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.

Competitive Analysis

Major players operating in the global vital signs monitoring devices market include, CAS Medical Systems, Inc., Koninklijke Philips N.V., General Electric Co. (GE), Masimo Corporation, Mindray Medical International Limited, Medtronic, AliveCor, Inc., Nihon Kohden Corporation, Smiths Group plc., Dragerwerk AG & Co. KGaA, SunTech Medical, Inc., Welch Allyn, Inc., Spacelabs Healthcare, Inc., OMRON Healthcare, Co., Ltd., Contec Medical Systems Co., Ltd., Iradimed Corporation, and Xenoma.

April 2020: OMRON Healthcare, Co., Ltd. partnered with AliveCor, Inc. to integrate AliveCor’s ECG technology with blood pressure devices from OMRON for non-invasive remote monitoring devices.

In-depth report on Vital Sign Monitoring Devices Market by Coherent Market Insights:

https://www.coherentmarketinsights.com/market-insight/vital-sign-monitoring-devices-market-2703