The Global Blood Pressure Monitoring Devices Market size is estimated to be USD 2.47 billion in 2019 and is predicted to reach USD 4.32 billion by 2030 with a CAGR of 5.2% from 2020-2030. Blood pressure monitors are diagnostic tools that are used to measure the systolic and diastolic blood pressure of a person. These devices are present in various forms such as electronic or automated and traditional analogue BP monitors. The traditional blood pressure monitors are largely used in hospitals and clinics, whereas the electronic or automated devices are mainly developed for home or personal use.
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Currently, there are variety of blood pressure monitors available in the market. Most common of these devices are automatic monitors that take quick and accurate readings and eliminate the possibility for human error. Ambulatory BP monitors are also used that are connected to the patient to monitor from remote locations. Recent technological advancements have enabled researchers to develop a sensor in the smart phone that helps check the blood pressure. Such advancements are expected to provide new opportunities in the blood pressure monitoring devices market.
Market Dynamics and Trends:
The increase in the adoption of blood pressure monitoring devices is due to increase in the incidence of cardiovascular diseases such as hypertension, risk of high blood pressure in geriatric population, and expanding base of lifestyle diseases including obesity and diabetes. According to the American Heart Association, in 2015, deaths due to stroke accounted for 11.8% of total deaths worldwide, making stroke the second leading global cause of death behind heart disease. These statistics drive the demand for preventive care thus fuelling the growth of blood pressure monitors market. Moreover, technological advancements, increasing geriatric population, and changing lifestyle are some of the additional factors driving the growth of blood pressure monitoring devices market. However, low accuracy rate and high cost of devices are likely to restrain the development of blood pressure monitoring device market.
With growing importance of health care, people are looking for easy, fast and accurate alternatives for diagnostic purposes. With this in mind, number of major players is adopting research and development and product launches as their primary growth strategy. Omron launched two new BP monitors HEM-7270 and HEM-7124 with inbuilt unique Intellisence Technology, in January 2018. The company is also developing a blood pressure smart watch which is expected to be launched by the end of 2018. Such developments are creating a competitive environment in the global blood pressure monitoring devices market.
Market Segmentations and Scope of the Study:
The blood pressure monitoring devices market share is analysed on the basis of product, technology, end user and geography. The product segment covers the market for sphygmomanometers, blood pressure transducers, ambulatory blood pressure monitors, automated blood pressure monitors. On the basis of technology the market is divided into digital, aneroid, and wearable. The end user segment comprises of hospitals and clinics, ambulatory surgical centers, home care settings, diagnostic laboratories, and others. The geographical segmentation covers North America, Europe, Asia Pacific, and Rest of the World.
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Comprehensive competitive analysis and profiles of major market players such as A&D Company, Contec Medical Systems, General Electric Company, Halma plc, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Masimo Corporation, Nihon Kohden Corporation, Omron Corporation, and Smiths Group Plc.Â is also provided in this report.