Blood Pressure Monitoring Devices Market Research Report 2020 | Industry Report, Industry Analysis, Key Players, Trends, Revenue, Regional Segmented, Outlook Until 2030 – Curious Desk
The shortage of Chinese ingredients, raw materials, and semi-finished goods is the latest example of the global economy’s dependence on products made in China, from iPhones to auto parts to pharma. Much of the fallout may still be hidden and is likely to play out over months. Even before the coronavirus outbreak, business investment was already in poor health in the United States. It fell in the last three quarters of 2019. Some analysts now expect more companies could soon announce reductions in their capital spending.
Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Blood Pressure Monitoring Devices market.
Trusted Business Insights presents an updated and Latest Study on Blood Pressure Monitoring Devices Market 2019-2030. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Blood Pressure Monitoring Devices market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Blood Pressure Monitoring Devices Market
The global blood pressure monitoring devices market size was estimated at USD 1.25 billion in 2018 and is projected to expand further at a CAGR of 10.1% from 2019 to 2026. Increasing incidences of hypertension due to changing lifestyle are the key factor attributing towards the growth of the market over the forecast period. According to the estimates published by the World Health Organization (WHO) in 2019, around 1.15 billion people around the globe have hypertension, it is a major cause behind premature death worldwide. The demand for BP monitors is very high on account of the growing geriatric population base and increasing the risk of lifestyle associated disorders among a wide population base due to rising incidences of obesity & sedentary lifestyle.
Initiatives taken by the government such as public blood pressure (BP) monitoring program to create awareness amongst people and maintain the database created by remotely operational BP monitors are expected to propel the further growth during the forecast period. For instance, in February 2019, an activity funded by American Medical Association (AMA), named The Integrated Health Model Initiative (IHMI), launched a data management model for providing opportunities to improve health outcomes.
Advancements such as mobile-based BP monitoring systems and digital sphygmomanometer is anticipated to drive the demand. Improvement in devices for measuring blood pressure such as,
Wearable & portable devices and mobiles are gaining popularity owing to associated benefits such as the wireless transmission of patient’s information and easy handling. New technologies such as mHealth, which support treatment & medication compliances for patients in chronic disease management is expected to fuel market growth. It helps in tracking the patients health information, medication schedule, and follow up for the treatment. These associated advantages are some of the factors expected to propel growth.
Increasing burden of hypertension globally leads to increase in the demand for home monitoring devices over the forecast period. In addition, the associated benefits with automated devices such as repetitive measurements of blood pressure to check accuracy and banned on mercury devices are the factors contributing towards the market growth in coming years. Self-measurement devices are gaining popularity during the forecast period due to associated benefits such as good monitoring, detection and control is further anticipating the segment growth. Automated blood pressure monitors are available in different forms including arm, wrist and fingers for the measurement of blood pressure.
New product launches along with technological advancements is further expected to fuel the demand. For instance, in May 2018, Hill-Rom launched Welch Allyn home blood pressure monitors and digital scale products in the U.S. In addition, rising preference to home healthcare coupled with awareness about the importance of early diagnosis of hypertension & cardiac diseases is further expected to boost market growth.
Product Insights of Blood Pressure Monitoring Devices Market
The aneroid BP monitors/ sphygmomanometers accounted for the largest market share at over 42.0% due to their growing demand in 2018. Technological advancements coupled with new product launches are expected to further fuel the demand for sphygmomanometers globally. For instance, in January 2017, Omron Healthcare, Inc. launched Omron EVOLV, a wireless, portable upper arm blood pressure monitor. Demand for digital sphygmomanometer is expected to grow at lucrative CAGR due to associated advantages such as accurate results and ease of use.
In addition, continuous technological improvement such as advances in wearable technology, apps, and mobiles in the consumer healthcare segment, declining average selling price for retailers and manufacturers, rising penetration in the professional market are the factors propelling the market growth. Examples of technologically advanced digital BP monitors available in the market are Microlife WatchBP home A, QardioArm, LifeSource Advanced one-step auto inflate blood pressure monitor and iHealth blood pressure monitor from Omron healthcare.
Blood pressure cuffs are expected to grow at a significant rate over the forecast period due to increasing usage of blood pressure monitors contributed by the growing incidence of high blood pressure. These cuffs are available in different sizes, according to the patient type. Two types of cuffs, disposable and reusable are available in the market. Amongst this, the disposable segment is anticipated to grow at a high CAGR due to rising adoption of ecofriendly products and increasing concern about hospital-based cross-contamination events.
Hospital & clinics, ambulatory surgical centers, and home healthcare are the end-use segments analyzed in the blood pressure monitoring devices market. Hospitals & clinics segment accounted for the largest revenue share as of 2018 due to presence of a large patient pool. Adoption of BP monitoring devices is driven by the need for cost-effective, fast, and accurate diagnostic tools for better health outcome.
Home healthcare is anticipated to exhibit sturdy CAGR of around 12.6% over the forecast period. Cost efficiency of this alternate option for BP monitoring with the availability of smart wearables that offers mobility is expected to support the growth. Therefore, inclination towards independent living is expected to propel the home healthcare market.
Ambulatory BP monitoring (ABMP) is used to measure out-of-office BP readings at specific time intervals, over a period of 24 hours. ABPM offers a better way to predict long-term cardiovascular disease outcomes.
Regional Insights of Blood Pressure Monitoring Devices Market
North America held the largest revenue share of above 48.6% as it has a highly regulated & developed healthcare infrastructure. Increasing investments for the development of accurate and effective BP monitors is the key factor expected to contribute to the market growth of blood pressure monitoring devices in the coming years.
Moreover, new product launch along with technological advancements are further expected to fuel the market growth. For instance, in May 2018, Hill-Rom launched Welch Allyn home blood pressure monitors and digital scale products in the U.S. Moreover, rising preference to home healthcare coupled with awareness about the importance of early diagnosis of hypertension & cardiac diseases is further expected to boost the market growth.
Asia-Pacific, on the other hand, is expected to grow at a rapid pace over the forecast owing to the presence of untapped opportunities, increasing investments by manufacturers, growing awareness levels and rising incidences of hypertension. Rapidly improving healthcare facilities and the rising number of undiagnosed & untreated cases of high BP are key factors attributing to this regional market growth.
Supportive government initiatives for increasing awareness among people and a rapidly growing target disease population base are further contributing to the lucrative growth of BP monitoring devices market in this region. For instance, in May 2018, The Indian Council of Medical Research (ICMR), in collaboration with the Public Health Foundation of India have launched May Measurement Month 2018 campaign to spread awareness about blood pressure, which is the leading cause of mortality and morbidity in India.
Market Share Insights of Blood Pressure Monitoring Devices Market
Key players operating in blood pressure monitoring devices market include Omron Healthcare Welch Allyn, Inc., A&D Medical Inc., SunTech Medical, Inc., American Diagnostics Corporation, Withings, Briggs Healthcare, GE Healthcare, Kaz Inc., Microlife AG, Rossmax International Ltd., GF Health Products Inc., Spacelabs Healthcare Inc., and Philips Healthcare.
The market is witnessing intense competition as it is price sensitive. The companies are adopting competitive strategies such as merger & acquisitions, strategic alliances, collaborative, and partnership to sustain in the competition. The industry growth is directly associated with the rising investments by manufacturers for the development of cost-effective, innovative and easy to use products. For example, in February 2019, PhysIQ Inc. and Omron Healthcare entered into a collaborative agreement for integrating HeartGuide wearable BP monitor of Omron into pinpointIQ platform used in outpatient facilities. Such initiatives are expected to present this market with lucrative opportunities.
p2Segments Covered in Report
This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, this market research report has segmented the global blood pressure monitoring devices market on the basis of product, end-use, and region:
Product Outlook (Revenue, USD Million, 2014 – 2026)
Sphygmomanometer/Aneroid BP Monitor
Automated/Digital Blood Pressure Monitor
Ambulatory Blood Pressure Monitor
Instruments and Accessories
Blood pressure cuffs
End-use Outlook (Revenue, USD Million, 2014 – 2026)
Ambulatory Surgical Centers & Clinics
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