Vital signs monitoring devices monitor vital parameters such as blood pressure, heart rate, respiratory rate, oxygen saturation, blood glucose level, and body temperature. Apart from this, monitoring of various other additional signs such as urinary continence, pain, gait speed, shortness of breath, end-tidal carbon-dioxide, etc. are also considered in vital signs measurement depending on the severity of the disease. These devices record information of the patient’s health status time to time and helps to keep track of disease control and treatment progress. They also help minimize the risk of treatment errors and wrong diagnosis. With evolution of technology, wearable vital sign measurement devices are now available in different modalities, attractive designs, and innovative features such as increased battery life, monitoring of more than one parameter by using a single device.
Increasing healthcare awareness, rising healthcare expenditure, and technological advancements are some of the factors fueling growth of the wearable vital sign measurements market. Moreover, innovative solutions offered by leading vendors in the global wearable vital signs measurement devices market to increase the wearing comfort at affordable prices is boosting the growth of the wearable vital sign measurement devices market. However, development of the system with minimal size, and maximum battery life are the factors delaying entry of new products into the market. Moreover, high cost of the products is restraining the growth of the market in developing countries.
The global wearable vital signs measurement devices market can be segmented based on product type and distribution channels. On the basis of product type, the wearable vital sign measurement device market can be categorized into blood pressure monitoring devices, ECG recorder, ECG holter, pulse oximeter, sleep monitor for Obstructive Sleep Apnea (OSA), thermometer, BP tracker, respiration rate measuring devices, respiration effectiveness monitoring devices, body-worn smart clothing, and continuous blood glucose level monitoring devices. Among these, blood pressure monitoring devices, thermometers, and continuous blood glucose monitoring devices are gaining highest market share owing to increasing prevalence of hypertension and diabetes due to changing lifestyles. In terms of distribution channels, the market can be classified into retail sellers and e-commerce.
Geographically, the global wearable vital signs measurement devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these regions, North America continues to be the most profitable for vendors operating in the global wearable vital sign measurement devices market owing to significant adoption of technologically advanced products, presence of large number of manufacturers located in the U.S., and high healthcare spending in this region. Europe is the second largest market for wearable vital sign measurement devices owing to increasing geriatric population, growing awareness about physiological fitness among the people in this region leading to rising demand for health monitoring devices, and high per capita spending capacity. Asia Pacific and Latin America are expected to be most lucrative markets for wearable vital sign measurement devices attributed to growing economies, growing population, increasing incidence of lifestyle diseases such as high blood pressure, diabetes, and obesity caused by changing life styles.
The key players operating in the global wearable vital signs measurement devices market include CareTaker LLC., Vital Connect, TDK Corporation, Alere, Nokia, Viatom Technology, GYMWATCH GmbH, Medtronic, Vivometrics Inc, Masimo, and custo med GmbH.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.