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, and Medtronic plc.
The global vital parameter monitoring devices and equipment market is expected to decline from $7.37 billion in 2020 to $7.32 billion in 2021 at a compound annual growth rate (CAGR) of -0.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $9.51 billion in 2025 at a CAGR of 6.8%.
The vital parameter monitoring devices and equipment market consists 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.
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 an FDA approval for an artificial intelligence-powered wearable device that monitors patient vital signs at the hospital and at 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 the medical devices having a moderate risk.
Increase in 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, 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 in 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 a survey by Trend Micro, in 2017, there are more than 36,000 healthcare-related devices in the USA which are easily discoverable on Shodan, a search engine for connected devices.
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