USD 1.62 billion
Report ID:
SQMIG35A2168 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|Tables:
65
|Figures:
75
Blood Pressure Monitoring Devices Market size was valued at USD 1.62 billion in 2019 and is poised to grow from USD 1.79 billion in 2023 to USD 4.12 billion by 2031, growing at a CAGR of 10.93% in the forecast period (2024-2031).
The growth of the global market is attributed to rising prevalence of hypertension due to changing lifestyle. According to WHO, in 2019, about 1.28 billion people suffered from hypertension. In addition, increasing geriatric population, high demand for BP monitors, and sedentary lifestyles are the factors which propel the market growth. Increasing government initiatives such as public blood pressure monitoring programmes to create awareness among the people and maintain database created by remotely operational BP monitors is expected to fuel the market growth.
Increasing use of technologically advanced devices such as mobile-based BP monitoring systems and digital sphygmomanometer is expected to drive the market growth. Recently, wearable and portable devices gaining more popularity as it provides benefits such as wireless transmission of patient information and easy handling. Emergence of new technologies such as mHealth helps in tracking the patient’s health information, medication schedule, and follow up for the treatment is expected to boost the market growth. Self-monitoring devices gaining popularity during the forecast period as it provides benefits such as good monitoring, detection, and control are further anticipating the market growth.
US Blood Pressure Monitoring Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.62 billion
Largest Segment
Digital BP monitors
Fastest Growth
Digital BP monitors
Growth Rate
10.93% CAGR
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The Global Blood Pressure Monitoring Devices Market is segmented by product and end user. Based on product, the global Blood Pressure Monitoring Devices Market is segmented into sphygmomanometer, digital blood pressure monitors, ambulatory blood pressure monitors, and blood pressure instruments accessories. Based on end user, the global Blood Pressure Monitoring Devices Market is segmented into hospitals & clinics, ambulatory surgical centres, homecare settings, and others. By region, the Blood Pressure Monitoring Devices Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Blood Pressure Monitoring Devices Market Analysis by Product
The digital BP monitors is expected to dominate the global market during the forecast period due to technological innovations like the integration of ECG sensors in smartwatches. This device provides enhanced accuracy and precision and can easily be integrated with smart gadgets.
Sphygmomanometer segment is expected to account for significant share in the market due to its efficacy level and cost effectiveness. Further, ambulatory BP monitors is expected to register a significant CAGR due to rising adoption of these devices in ambulatory surgical centres in many developed countries such as the U.S, Germany, France, and the U.K.
Blood Pressure Monitoring Devices Market Analysis by End User
The hospital and clinics segment are expected to account for a largest revenue share during the forecast period. The growth of the segment is attributed to increasing prevalence of hypertension. The adoption of BP monitoring devices is increased in hospitals & clinics as it provides accurate, fast, and effective diagnostic. Governments increased their investment which influence hospital and clinics to adopt new technologies for early diagnosis.
Homecare settings is expected to grow at the fastest rate during the forecast period. The growth of the segment is attributed to increasing availability of smart wearables that provide mobility as well as cost efficient option for the homecare application. In addition, increasing incidences of high blood pressure along with rising disposable income are the factors which propel the market growth.
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North America is expected to account for the largest revenue share during the forecast period due to presence of regulated and developed healthcare infrastructure. In addition, key players increased their investment in the development of accurate and effective BP monitors is a factor which propel the market growth. Moreover, new product launches along with technological advancements also boost market growth. For instance, in Feb 2020, Hillrom announced the commercial launch of new device-Welch Allyn Spot Vital Signs 4400- which is an easy-to-use next generation vital signs device used to improve hypertension detection in ambulatory & emergency department settings.
Asia Pacific is expected to grow at a rapid pace over the forecast period. The growth of the regional market is attributed to presence of untapped opportunities, increasing incidence of hypertension, increasing investment by manufacturers, growing awareness levels. In addition, rapidly increasing healthcare facilities and the increased number of undiagnosed & untreated cases of high BP are key factors attributing to this regional market growth. Governments supportive initiatives such as programme held on blood pressure monitoring devices to increased awareness among the people is further contributing to the market growth. For instance, in May 2018, The Indian Council of Medical Research was collaborated with the Public Health Foundation of India and launched “May Measurement Month 2018” campaign to spread awareness among the people about blood pressure.
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Blood Pressure Monitoring Devices Market Drivers
Increasing Prevalence of Hypertension
Miniaturization of Blood Pressure Monitoring Devices
Blood Pressure Monitoring Devices Market Restraint
High Cost of Technologically Advance Devices and Lack of Accuracy
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The blood pressure monitoring devices market is fragmented and competitive due to presence of large number of leading players in the global market and several small players in the regional market. Major players adopted strategic to expand their business in order to strengthen their position in the market. GE Healthcare, A&D Medical Inc., Incorporated, Omron Healthcare Inc., and Philips Healthcare are some of the key players currently dominating the blood pressure monitoring devices market.
Blood Pressure Monitoring Devices Market Top Player's Company Profiles
Blood Pressure Monitoring Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global blood pressure monitoring devices market analysis, these devices are being adopted at a quicker rate as a result of variables including the increasing number of blood pressure patients, growing awareness about the need for blood pressure monitors, and the launch of technologically advanced devices by the key players. This is anticipated to further encourage the use of these devices and will, in turn, spur the market growth. The trend of self-monitoring devices and availability of Bluetooth-enabled devices also propel the market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 1.62 billion |
Market size value in 2031 | USD 4.12 billion |
Growth Rate | 10.93% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Blood Pressure Monitoring Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blood Pressure Monitoring Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blood Pressure Monitoring Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blood Pressure Monitoring Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONBlood Pressure Monitoring Devices Market size was valued at USD 1.62 billion in 2019 and is poised to grow from USD 1.79 billion in 2023 to USD 4.12 billion by 2031, growing at a CAGR of 10.93% in the forecast period (2024-2031).
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Report ID: SQMIG35A2168