OTTAWA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- The global blood pressure monitoring devices market size 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.
Blood pressure is considered as an essential indication for assessment of physiological condition. Blood pressure measurement is one of the most commonly conducted diagnostic tests across the world that depicts the pumping efficiency of the heart, change in blood volume, and the resistance of peripheral vasculature. Blood pressure monitoring device non-invasively measures the blood pressure and displays the numerical data depending on their configuration.
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Growth Factors
The demand for blood pressure monitoring devices is analyzed to spur in the forthcoming years, as they provide early diagnosis of a patient’s deteriorating health condition. Furthermore, advanced blood pressure monitoring devices are intended for personal use that helps to track the status of a patient’s health remotely. In addition, rise in the incidence of chronic diseases along with rapid increase in geriatric population projected to spur the market growth prominently over the analysis period. Increase in healthcare expenditure in developing countries as well as high demand for proactive monitoring anticipated to offer lucrative opportunities for the market players.
On the contrary, lack of awareness about healthcare devices and their benefits in the developing regions anticipated to hamper the market growth. Nonetheless, increasing modernization and urbanization across the globe has remarkably reduced the physical activities that finally lead to spur the rate of hypertension and cardiovascular disorder. This in turn, creates alluring opportunity for the market to seek hike in the coming years.
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Report Highlights
- North America led the global market with nearly 50% of value share attributed to the developed healthcare infrastructure in the region
- Asia Pacific shows attractive growth opportunity in the coming years due to rising level health awareness among people and increasing investment from manufacturers
- Based on product, aneroid BP monitors/ sphygmomanometers segment dominated the global market with more than 42% value share in 2019 due to technological advancements along with new product launches
- Blood pressure cuffs anticipated to grow at a rapid rate over the analysis period because of rising usage of blood pressure monitors backed by the increasing incidences of high blood pressure
- By end-use, hospitals & clinics segment addressed the largest market value share in the year 2019 attributed to the presence of large patient pool.
- Home healthcare registers the fastest growth of around 12.9% over the analysis period due to increasing availability of smart wearables that provide mobility as well as cost-efficient option for the homecare application
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Regional Snapshots
In 2019, North America emerged as the global leader in the blood pressure monitoring devices market with around 50% value share due to significant investment for the development of effective and accurate BP monitors in the region. Moreover, new product launch coupled with technology advancement are the other most prominent factors to propel the market growth. For instance, in May 2018, Hill-Rom introduced Welch Allyn home blood pressure monitoring device and other digital scale products in the United States. Rising preference for home healthcare along with increasing awareness about the significance of early diagnosis of cardiac &hypertension diseases further predicted to boost the market growth.
On the other hand, Asia Pacific is expected to project lucrative CAGR in the coming years. The significant growth of the region is mainly because of increasing investments by manufacturers, the presence of untapped opportunities, growing awareness related to health & rising incidences of hypertension. Rapid improvement in the healthcare facilities along with the rising number of untreated & undiagnosed cases of high BP are the key factors attributed to be market growth in the region.
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Key Players & Strategies
The global blood pressure monitoring devices market is highly competitive in nature due to price sensitivity of the product as well as large number of players involved in the market. These players adopt collaborative, strategic alliances, merger & acquisition, partnership, and other inorganic growth strategies to sustain their competitive edge in the market. In addition, the growth of the BP monitoring device industry is directly related to the increasing investments from manufacturers to develop innovative, cost-effective, and easy to use product. For instance, in February 2019, PhysIQ Inc. collaborated with Omron Healthcare for the integration of HeartGuide wearable blood pressure monitor of Omron Healthcare into pinpointIQ platform used for outpatient facilities. Such initiatives from the industry participants expected to present lucrative opportunities in the market.
Some of the key players operating in the market are 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, and Microlife Corporation among others.
Market Segmentation
By Product
- Digital Blood Pressure Monitor
- Wrist
- Arm
- Finger
- Sphygmomanometer
- Ambulatory Blood Pressure Monitor
- Instruments & Accessories
- Blood pressure cuffs
- Reusable
- Disposable
- Others
- Blood pressure cuffs
- Transducers
- Reusable
- Disposable
By End-Use
- Ambulatory Surgical Centers & Clinics
- Hospitals
- Home Healthcare
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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