Vital Signs Monitoring Devices Market
Use of Radar Technology in Healthcare Would Lead to Future Trends in Market
Radar technologies have been studied for decades for their applications in healthcare. The advantages of radar technologies have led to increased interest among researchers, and enabled the development of continuous contactless heart and respiration rate monitoring devices. Contactless monitoring would reduce the risk of cross-infection among patients and healthcare professionals, in addition to assisting doctors in accurate diagnoses. Compactness, discreetness, anonymity, robustness, and energy efficiency are the key advantages of radar technologies.
Government agencies and companies have been working on projects focused on using radar technologies in devices and enhance the quality of patients. In January 2017, the German Federal Ministry of Education and Research (BMBF) initiated the GUARDIAN research project (stands for GUarded by Advanced Radar technology-based DIagnostics applied in palliative and intensive care Nursing) to accelerate intensive and palliative care innovations. Out of the US$ 2.33 million (2.46 million euros) of investment raised for this project, the BMBF accounted for a 60% share. In November 2020, the project was successfully concluded, and in February 2021, BMBF shared details about the GUARDIAN research project. Under the project, an innovative, contactless radar sensor was developed to monitor vital signs. The sensor was developed in collaboration between the Friedrich–Alexander University Erlangen–Nürnberg, InnoSenT (a radar technology company), the University Hospital of Erlangen, Geratherm Respiratory GmbH, Wilhelm Löhe Hochschule – Wissenschaft (a university of applied sciences), Forschung WuF GmbH, and the Brandenburg University of Technology Cottbus-Senftenberg. These institutes and companies have significantly researched and analyzed the integration of radar technology into the patient monitoring workflow. The innovative sensors are now available in a few healthcare systems to enhance diagnostics with distance resolution and signal processing. Thus, the integration of radar technologies is expected to emerge as a promising trend in the vital signs monitoring devices market during the forecast period.
Vital Signs Monitoring Devices Market: Segmental Overview
The vital signs monitoring devices market has been segmented on the basis of product, end user, and geography. The market, by product, is segmented into pulse oximeters, temperature monitoring devices, glucose monitoring devices, and blood pressure monitors. In 2022, the glucose monitors segment held the largest market share, and the pulse oximeters segment is expected to record the fastest CAGR during 2022–2030.
Based on end user, the vital signs monitoring devices market is categorized into hospitals and clinics, ambulatory care centers, home healthcare, and others. The hospitals and clinics segment held the largest market share in 2022. The home healthcare segment is estimated to register the fastest CAGR during 2022–2030.
Vital Signs Monitoring Devices Market: Competitive Landscape and Key Developments
Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, GE HealthCare Technologies Inc, OMRON Corp, Nonin Medical Inc, SunTech Medical Inc, Masimo Corp, Contec Medical Systems Co Ltd, and Baxter International Inc. are among the leading companies operating in the vital signs monitoring devices market. These players focus on expanding and diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities in the vital signs monitoring devices market.
A few of the major introduced into the vital signs monitoring devices market are as follows.
- In June 2023, Masimo got 510(k) clearance from the US Food and Drug Administration (FDA) for its patient-worn, continuous multi-parameter vital signs monitor called Radius VSM. Developed using a modular platform, Radius VSM enables clinicians to monitor several physiological measurements such as Masimo SET pulse oximetry, temperature, respiration rate, electrocardiography, and noninvasive blood pressure evaluation.
- In June 2022, GE Healthcare introduced the Portrait Mobile, a wireless vital sign monitoring system that allows continuous monitoring throughout a patient’s hospital stay. The system helps clinicians detect the deterioration of a patient’s condition. Early knowledge of health deterioration can help reduce the length of stay and instances of ICU admissions, ultimately improving patient outcomes.
- In February 2021, SunTech Medical Inc. and Valencell Inc. announced a proof of concept for DeltaTrak technology. The patent-pending innovation combines the gold-standard accuracy and superior motion tolerance capabilities of SunTech’s Advantage cuff-based BP monitoring device with a continuous interpolative BP monitoring capability that continuously interpolate BP monitoring from Valencell’s optical PPG (photoplethysmography) technology between two cuff readings.
