by The blood pressure monitoring devices market is estimated to be valued at US$ 2 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Blood pressure monitoring devices are used to check and monitor blood pressure levels. There are different types of blood pressure monitoring devices available in the market including digital arm cuffs, wrist cuffs, ambulatory monitors etc. Digital arm cuffs are most commonly used devices for home settings which provide easy to read digital displays of blood pressure readings. Wrist cuffs and ambulatory monitors are generally used for 24 hour monitoring in hospitals and clinical settings.
Market Dynamics:-
The blood pressure monitoring devices market is primarily driven by the rising prevalence of hypertension globally. As per World Health Organization (WHO) estimates, around 1.13 billion people suffered from hypertension in 2019. Increasing cardiovascular diseases due to hypertension is further augmenting the demand for regular blood pressure monitoring devices. For instance, according to American Heart Association, high blood pressure is a primary or contributing cause of death of about 500,000 American deaths each year. Furthermore, increasing penetration of home healthcare devices and growing awareness about benefits of regular self-monitoring are expected to boost the market growth over the forecast period.
SWOT Analysis:-
- Strength: Blood Pressure Monitoring Devices offers portability and convenience for patients to easily monitor their blood pressure at home or on the go. These devices are easy to use and provide accurate real-time readings. They help patients and doctors efficiently track blood pressure levels over time.
- Weakness: Some blood pressure monitors may display inconsistent readings compared to clinical devices. The inaccurate readings can create confusion and anxiety for users. The devices also require calibration and regular maintenance or replacement of parts to ensure correct measurements.
- Opportunity: Growing geriatric population and increasing prevalence of cardiovascular diseases are expected to boost demand for self-monitoring devices. Technological advancements like Bluetooth integration and apps have enhanced user experience.
- Threats: Data privacy and security concerns may rise with integration of smart devices and health apps. Introduction of inexpensive generic variants can also intensify market competition.
Key Takeaways:-
The Global Blood Pressure Monitoring Devices Market Growth is expected to witness high, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of hypertension and cardiovascular diseases. Growing health awareness and availability of inexpensive home-use monitors are further driving the market.
Regional analysis: North America dominates the global market, accounting for around 40% share, due to high healthcare expenditure and presence of leading players in the region. However, Asia Pacific is emerging as the fastest growing market for blood pressure monitoring devices owing to rising medical tourism, large patient pool and increasing focus of global companies on expanding consumer base in China and India.
Key players operating in the Blood Pressure Monitoring Devices are GE Healthcare, Koninklijke Philips N.V., Welch Allyn, Spacelabs Healthcare, A&D Company, Limited, SunTech Medical, Inc., OMRON Healthcare, Inc., American Diagnostic Corporation, Withings, Briggs Healthcare, Kaz, Inc., GF Health Products, Inc., Rossmax International Ltd. They are focused on new product launches, and innovating convenient integrated solutions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
