The global blood pressure monitoring devices market was valued at USD 1.37 billion in 2019 and expected to reach USD 2.99 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 10.2% during the forecast period 2020 to 2027.
Rising incidences of hypertension because of changing lifestyle is the key factor counting for the prominent growth of the market during the forecast period. As per the statistics published by the World Health Organization (WHO) in 2019, nearly 1.15 Billion people across the globe are suffering from hypertension that is a major factor behind the premature death worldwide. Consequently, the demand for Blood Pressure (BP) monitors is very high owing to the growing geriatric population base along with growing risk of lifestyle related disorders among wide population base because of rising incidences of sedentary lifestyle &obesity.
Initiatives undertaken by governments of various regions for example public blood pressure (BP) monitoring program for creating awareness amongst people as well as maintain the database created by remotely operated BP monitors predicted to further boost the market growth during the forecast period. For example, in February 2019, the Integrated Health Model Initiative (IHMI) activity was funded by the American Medical Association (AMA), launched a data management model to offer opportunities for improving health outcomes.
Presently, mobiles and wearable & portable devices are gaining popularity due to their associated benefits such as easy handling and the wireless transmission of patient's information. New technologies such as mHealth that support medication & treatment compliances for patients in chronic disease management anticipated to propel the market growth. It helps in tracking the patient’s medication schedule, health information, and follow up for the treatment. These related advantages are the key factors projected to augment the overall market growth.
The aneroid BP monitors/sphygmomanometers segment emerged as a global leader and accounted for more than 42% of value share in the year 2020. Technological advancements along with new product launches anticipated to further augment the demand for sphygmomanometers globally. For example, in January 2017, Omron Healthcare, Inc. introduced Omron EVOLV, a wireless and portable upper arm blood pressure monitoring device. In addition, demand for digital sphygmomanometer projected to expand at lucrative CAGR owing to its associated advantages such as ease of use and accurate results.
However, blood pressure cuffs anticipated to grow at a rapid rate over the analysis period on account of rising usage of blood pressure monitors backed by the increasing incidences of high blood pressure. These BP cuffs are available in different sizes, as per the type of patients. Basically two types of cuffs are available in the market that includes reusable and disposable. Amongst them, the disposable cuff segment anticipated to register the highest CAGR due to rising adoption of ecofriendly products coupled with the increasing concern about cross-contamination events at hospitals.
Hospitals & clinics segment addressed the largest market value share in the year 2020 attributed to the presence of large patient pool. Further, the rising need for accurate, fast, and effective diagnostic tools for better health outcome anticipated to surge the adoption of BP monitoring devices in the hospital & clinics segment. Rising investment from governments of various regions for the development of hospital & healthcare infrastructure accounts positively towards the growth of BP monitors. Rising investment influence hospital sector to adopt new technologies and devices for early diagnose the problem or disease and cure them.
On the other hand, home healthcare registers the fastest growth of around 12.9% over the analysis period. Increasing availability of smart wearables that provide mobility as well as cost-efficient option for the homecare application is the key factor that drives the overall market growth. Further, increasing cases of high blood pressure along with rising disposable income are the other significant key factors that propel the growth of home healthcare segment.
In 2020, North America led the global blood pressure monitoring devices market with nearly half of the market value share. This is attributed to the developed healthcare infrastructure along with significant investment for the development of effective and accurate BP monitors in the region.
On the contrary, the Asia Pacific shows attractive growth opportunity in the coming years due to rising level health awareness among people, increasing investment from manufacturers, and rising incidences of hypertension.
Key Companies & Market Share Insights
The global blood pressure monitoring devices market witnesses intense competition because of price sensitivity. Merger & acquisitions, collaborative, strategic alliances, and partnership are the key strategies adopted by the market players to sustain in the competition.
Certain of the noticeable performers in the blood pressure monitoring devices market as follows:
Report Scope of the Blood Pressure Monitoring Devices Market
|Market Size||USD 2.99 Billion by 2027|
|Growth Rate||CAGR of 10.2% from 2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product Type, End User Type, Region Type|
|Companies Mentioned||Koninklijke Philips N.V., General Electric Company, A & D Company, Limited, SunTech Medical, Inc., Welch Allyn, American Diagnostic Corporation, Briggs Healthcare, Withings, Spacelabs Healthcare, GF HEALTH PRODUCTS, INC., Kaz, A Helen of Troy Company, Rossmax International Limited|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis ofproduct, end-use, and region:
By Regional Outlook
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