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Rapid AI Penetration to Drive Growth of Global MR Vital Sign Monitors Market

By HospiMedica International staff writers
Posted on 09 Apr 2021
A surge in cases of chronic obstructive pulmonary disease (COPD) and cardiovascular diseases is encouraging clinicians and manufacturers to develop artificial intelligence (AI)-driven MR vital sign monitors, thereby driving the growth of the global MR vital sign monitors market.

These are the latest findings of Fact.MR (Rockville, MD, USA), a consulting firm that offers market research reports.

Illustration
Illustration

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 are driving the growth of the MR vital sign monitors market.

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, the increasing geriatric population is considered as a major factor in boosting the growth of the global MR vital sign monitors market. The growing geriatric population is at a high risk of chronic disease indications, fueling the growth of the MR vital sign monitors market. Moreover, a significant increase in health care spending and rising disposable income are expected to 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.

The adoption of advanced technology and AI to develop remote MR vital sign monitoring devices is expected to gain immense popularity over the coming years. Strategic collaborations and acquisitions among key manufacturers are playing a vital role in improving their competitive landscape in the market, fuelling the demand. Manufacturers are focusing on developing wireless and wearable vital sign monitors for catering to the demand from hospitals and surgical clinics. Based on product type, COPD and glucose level MR vital sign monitors expected to dominate the market.

Geographically, North America is expected to record high revenue growth and hold the highest share of the global MR vital sign monitors market due to advanced healthcare infrastructure and technological advancements in the region, followed by Europe. The Asia-Pacific market will record a moderate growth due to low awareness about important measures related to chronic conditions and a large patient pool. The Middle East & Africa and Latin America markets are expected to record low growth due to their weak healthcare management and facilities, and a high percentage of underserved patient population.

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