MR vital sign monitors witnessed a substantial rise in its demand globally due to rising demands from clinicians as well as patients in 2020 due the spread of Covid-19 crisis. As health-related consciousness among the people in 2021 is rising, the healthcare professionalsare requiring new and improved vital sign monitors for thorough tracking and monitoring of patients further creating high demands.
Rising cases of health-related diseases are contributing to create high demands from themedical sector which continues to act as major growth factor pushing the market progress. Currently, the global users are opting for smart monitoring devices to track and monitor patient’s body temperature, heart beat, pulse rate and other relevant data in emergency situations.
New product developments, long-term contracts, collaborations, joint ventures, acquisitions, research & developments and innovative additions are the key strategies undertaken by the market leaders in 2021 to strengthen their respective positions and gain competitive advantage over others.
For instance, Royal Philips Corporation, a global leader in healthcare technology launched its Rapid Equipment Deployment Kit on 13th August, 2020 for ICU ramp-ups allowing the doctors, nurses and technicians to quickly support critical care patient monitoring capabilities. The Philips Rapid Equipment Deployment Kit is a fully configured and ready-to-deploy ICU patient monitoring device including 20 ICU monitors, 20 measurement servers along with one central management monitoring station.The kit is pre-built, pre-configured and pre-packed into sturdy cases that can elevate a hospital’s general care area to a critical care area in a matter of hours.
This kit combines Philips advanced patient monitoring technology with predictive patient centric alogrithms enabling care teams to quickly scale up critical care patient monitoring capabilities within a few hours. This new initiative is providing critical care patient monitoring anywhere & anytime to help meet the urgent challenges of ICU capacity.
In addition to that, Boston Corporation on June, 2020 launched DirectSense technology, a tool for monitoring the effect of radiofrequency energy delivery during cardiac ablation procedures. DirectSense provides data on the impedance around the catheter trip to measure the ability of the tissue to respond to RF energy before physicians deliver therapy. Such new launches are helping the corporation to strengthen its global presence.
As per a recent research conducted by FactMR analystics in 2021, North America is leading the global market for MR vital sign patient monitors with one half of market share and is further predicted to dominate the market through 2030.
MR vital sign monitors: Market Insights
MR vital sign monitors measure primary vital signs such as body temperature, blood pressure, heart rate, and respiratory rate. MR vital sign monitors provide accurate as well as fast results to evaluate a patient’s health. The MR Vital sign monitor provides necessary information to healthcare professionals about the patient health condition. The MR Vital signs monitor is used in various healthcare settings such as specialty clinics, hospitals, ambulatory surgical centers, and home setting. The MR Vital sign monitor systems are less expensive as compared to other multi-parameter patient monitor devices and provide a fast and accurate result. MR vital sign monitors’ enables healthcare professional to monitor critical patients even when the patient is undergoing an MR exam. These advantages of MR vital sign monitors system is driving the growth of MR vital sign monitors market.
MR vital sign monitors: Market Dynamics
The rising prevalence of chronic obstructive pulmonary disease and cardiovascular diseases are the key factors driving the growth of MR vital sign monitors market. Additionally, increasing geriatric population are considered as the major factors in boosting the growth of the global MR vital sign monitors market. The growing geriatric population is at high risk to increase chronic disease indications which lead to rising market growth of MR vital sign monitors market. Moreover, a significant increase in health care spending and rising disposable income will boost the MR vital sign monitors market. The integration of monitoring devices with information & communication technology has provided numerous benefits to the patients and thus, efficient in promoting healthcare at home. However, the government’s stringent regulations in low middle-income countries may hinder the growth of the global MR vital sign monitors market.
MR vital sign monitors market: Segmentation
The global MR vital sign monitors market is segmented by product type, modality, end user, and regions:
- MR vital sign monitors Segmentation by Product Type
- Cardiac MR vital sign monitors System
- COPD MR vital sign monitors System
- Blood Pressure MR vital sign monitors System
- Glucose Level MR vital sign monitors System
- MR vital sign monitors Segmentation by Modality
- Standalone System
- Portable System
- Benchtop System
- MR vital sign monitors Segmentation by End User
- Ambulatory Surgical Centers
- Specialty Clinics
- Home Care Settings
MR vital sign monitors market: Overview
MR vital sign monitors are the medical devices which are used for the remote diagnosis, monitoring, and examination of the patient. Over the past decades, it has been observed various technological advancement in medical devices in the healthcare industry. MR vital sign monitors allow the physician to monitor the vital statistics of the patient at any given time. Presently, the rising technological advancements in the visualization technology provides new opportunities to the manufacturers operating in the global MR vital sign monitors market. These advancements offer robust facilities to the patients and further boosting the growth of the global MR vital sign monitors market. The MR vital sign monitors market is expected to record a remarkable CAGR growth in the coming forecast years.
MR vital sign monitors market: Region-wise Outlook
North America is expected to show high revenue growth and to hold the topmost market shares in the global market due to advanced healthcare infrastructure and technological advancement, followed by Europe. The Asia-Pacific region will show moderate market growth due to low awareness regarding important measures related to chronic conditions and a large patient pool. Whereas, the Middle East & Africa and Latin America are expected to show low market growth due to weak healthcare management and facilities and the high percentage of the underserved patient population.
MR vital sign monitors market: Key Players
Some of the key players present in global MR vital sign monitors market are GE Healthcare, Bayer, Koninklijke Philips N.V., IRadimed Corp, Drägerwerk AG, Schiller AG, Spacelabs Healthcare, Nihon Kohden Corporation, Shenzhen Bestman Instrument Co., Ltd., Mindray Medical International Limited, and others.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- The Asia-Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
- The Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
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