Blood Pressure Monitors Market
Number of pages: 100 | Report Format: PDF | Published date: September 01, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 2.3 billion |
|
Revenue forecast in 2030 |
USD 4.95 billion |
|
Growth Rate |
CAGR of 8.9% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Product Type, End User |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global blood pressure monitors market was pegged at US$ 2.3 billion in 2021 and is expected to witness a CAGR of 8.9% during the forecast period.
Market Fundamentals
Blood pressure is a force exerted by the heart to pump blood around the body. Blood pressure is recorded by taking two measurements, systolic and diastolic, and the instrument to record blood pressure is commonly called a sphygmomanometer. It can be based on aneroid or digital monitoring function. Various other monitors such as transducers, and blood pressure cuffs are used to monitor the blood pressure. It is necessary to monitor BP since its abnormal fluctuations can help diagnose any chronic disease.
Market Dynamic
[745983]
The main driver for the industry growth throughout the forecast period is increase in hypertension cases brought on by altered lifestyles. Due to rising rates of obesity and a sedentary lifestyle, a large population base is at an increased risk for lifestyle-associated illnesses, which is driving up the demand for blood pressure monitors. Government initiatives like public blood pressure monitoring programs that raise public awareness and maintain the database produced by remotely operated BP monitors are anticipated to fuel future expansion throughout the time under consideration. The industry is also being driven by technological developments in blood pressure-measuring equipment.
However, the high cost of technologically advanced devices limits their adoption of globally. Also, inaccurate outcomes by manual devices are declining the market demand.
Market Ecosystem
The global blood pressure monitors market has been analyzed from three perspectives: product type, end-user, and region.
Blood Pressure Monitors Market by Product Type
[231456]
Based on product type, the global blood pressure monitors market has been divided into digital BP monitors, aneroid BP monitors, transducers, and ambulatory BP monitors. The digital blood pressure monitor segment dominates the market. The ease of use, and accurate outcomes are the key factors for its dominance. The continuous advancements in wearable technology, applications, and mobile devices, the falling average selling price for retailers and manufacturers, and increased professional market penetration are other reasons driving the market expansion.
Blood Pressure Monitors Market by End User
Based on end user, the global blood pressure monitor market has been divided into home healthcare and hospitals & clinics. The hospitals & clinics segment accounts for the largest revenue share in the blood pressure monitors market. This is attributed to the presence of a high patient pool for routine checkups in this segment. Cost-effectiveness of the devices and fast and accurate outcomes is driving the adoption of blood pressure monitoring devices.
The home healthcare segment is projected to exhibit a strong growth rate over the forecast period. This is attributed to the shift towards home care than visiting hospitals. With the advent of smart wearables that provide mobility and the cost-effectiveness of this alternative method for monitoring blood pressure, growth is anticipated. As a result, the market for home healthcare is anticipated to grow due to the trend toward independent living.
Blood Pressure Monitors by Region
Based on region, the global blood pressure monitors market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The market for blood pressure monitors is dominated by North America in terms of revenue. The highly established and regulated healthcare system is the key factor responsible. The other element anticipated to contribute to the industry growth of blood pressure monitoring devices in the upcoming years is increasing investments in the development of precise and efficient BP monitors. Additionally, the introduction of new products and technical developments are anticipated to further support market expansion.
Asia Pacific, on the other hand, is anticipated to rise quickly over the forecast due to the region's abundance of untapped potential, manufacturers' increased investments, rising levels of awareness, and an increase in the prevalence of hypertension. The escalating number of hypertensive cases that are undetected and untreated, as well as the rapidly evolving healthcare facilities, are major contributors to the market growth.
Competitive Landscape
Some of the prominent players operating in the global blood pressure monitors market are:
Strategic Developments
The market size of blood pressure monitors was registered to be US$ 2.3 billion in 2021 and is expected to grow at a rate of 8.9% within the forecast period from 2022 to 2030.
The increasing prevalence of hypertension and technological advancements in monitoring devices.
Omron, Phillips,GE Healthcare, Hill-Rom Holdings, etc. are a few key players in the blood pressure monitors market.
The digital BP monitors are ruling the market due their increased adoption.
Asia Pacific is projected to witness the highest growth in the forecast period.
*Insights on financial permanence is subject to availability of information in public domain