The global blood pressure monitoring devices market is expected to grow at a compound annual growth rate of 9.87% over the forecast period to reach a market size of US$2,803.259 million in 2026 from US$1,593.470 million in 2020.
A blood pressure monitor is a medical device either digital or manual used for monitoring blood pressure. The blood pressure monitoring devices market is projected to witness promising growth over the forecast period which may be attributable to the fact that there has been a surge in the prevalence of hypertension due to changing hectic lifestyles of people particularly in the developing economies of the world. Moreover, the growing prevalence of cardiovascular disease and the growth in the number of hospitalizations in various parts of the world are further projected to amplify the demand for ambulatory BP monitors during the forecast period. Furthermore, the constant participation by the market players in the form of R&D and the launch of new and enhanced products in the market further propels the business growth opportunities for the market players over the course of the next five years.
On the other hand, the advancement in technology and the integration of monitoring solutions in smartphones and wearables, and the development of wireless cuffs and devices further show the lucrativeness of the market in the near future. For instance, in January 2019, Omron Corporation announced the launch of its latest innovation in the field of patient monitoring by launching HeartGuide, the first wearable blood pressure monitor, with FDA clearance received in December 2018.
The advent of COVID-19 is projected to propel the demand to some extent since the consciousness among the people regarding self-care increased. Thus, growing demand for BP monitors in-home care settings as well significantly in hospitals particularly during a short period of six to eight months.
The rising prevalence of CVDs and other related diseases is driving the market growth
Cardiovascular diseases are those diseases that affect the heart or blood vessels. A growing number of people diagnosed with heart disease is the major factor propelling the number of hospitalizations and surgeries globally. According to the statistics by the World Health Organization, CVDs are the number one cause of deaths globally in which around 17.9 million people die each year due to cardiovascular diseases (CVDs), an estimated 31% of all deaths worldwide. Increasing consumption of tobacco, unhealthy diet and physical inactivity are raising the risk of heart attacks and strokes. According to the WHO, four out of five CVD deaths are due to heart attacks. Thus, a rising prevalence of heart diseases is considered to be one of the prominent supplementing the demand for these devices in the coming years. Similarly, an unhealthy and sedentary lifestyle among the people living in both developed and developing economies has also propelled the prevalence of hypertension across the globe. For instance, around 1.13 billion people with hypertension, and major of them live in low and middle-income countries (Source: The World Health Organization). The organization also aims to reduce the prevalence of hypertension by 25% by the year 2025, which in turn further provides an impetus to the market growth during the given time frame and beyond.
The segmentation of the global blood pressure monitoring devices has been done on the basis of type, end-user, distribution channel, and geography. By type, the classification of the market has been done on the basis of aneroid BP monitors, digital BP monitors, and ambulatory BP monitors. On the basis of end-user, the classification of the market has been done as hospitals, ambulatory surgical centers, and others. By the distribution channel, the market has been classified online and offline. Geographically, the distribution of the market has been done as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
APAC to witness a significant growth
North America and Europe are projected to hold a significantly large share in this market. The growth in these regions is majorly attributed to state-of-the-art healthcare infrastructure and growing health concerns regarding patient monitoring which is expected to continue improving as industry players continue to funnel in huge investments in this sector in these regions. The market in the Asia Pacific is anticipated to grow at a noteworthy market share due to the presence of a significantly larger population base, and a growing prevalence of chronic diseases. The growth in the geriatric population is also one of the factors driving the market growth in the Asia Pacific region.
There is a high volume of companies working in the global blood pressure monitoring devices market, however, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, product launches, and R&D as a part of their growth strategies to further strengthen their position and provide better products and services to their customers worldwide, which is further expected to propel the growth of the market in the coming years. Some of these are:
December 2020, DetelPro, a health and hygiene company based out of India announced the launch of its latest digital blood pressure monitoring solution as an addition to the list of its medical devices. The company’s device is integrated with the latest voice technology that enables the users to hear the BP reading. The device is also equipped with an arrhythmia indicator that alerts the user of irregular heartbeat and also comes with 99 sets of storage for two people at a time.
June 2019, A&D Medical, one of the leading manufacturers of blood pressure monitoring solutions announced the launch of two new professional blood pressure monitoring devices that helps clinicians and medical practitioners accurately diagnose hypertension and manage blood pressure throughout the care continuum. The company announced an addition to its range of hypertension and manage blood pressure throughout the care continuum.
November 2018, SunTech Medical, a subsidiary under Halma plc, is one of the prominent suppliers of clinical-grade blood pressure monitoring products and technologies for more than 30 years announced the launch of Small Adult PLUS blood pressure cuff, completing the full range of PLUS blood pressure cuff sizes.
Prominent/major key market players in the global blood pressure monitoring devices market include A&D Company Ltd., Omron Corporation, and Smiths Group plc among others. The players in the global blood pressure monitoring devices market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global blood pressure monitoring devices market.
Frequently Asked Questions (FAQs)
Q1. What will be the blood pressure monitoring devices market size by 2026?
A1. The global blood pressure monitoring devices market is expected to reach a market size of US$2,803.259 million in 2026.
Q2. What is the size of global blood pressure monitoring devices market?
A2. Blood Pressure Monitoring Devices market was valued at US$1,593.470 million in 2020.
Q3. What are the growth prospects for the blood pressure monitoring devices market?
A3. The blood pressure monitoring devices market is expected to grow at a CAGR of 9.87% over the forecast period.
Q4. Which region holds the largest market share in the blood pressure monitoring devices market?
A4. North America and Europe are projected to hold a significantly large share in the blood pressure monitoring devices market.
Q5. What factors are anticipated to drive the blood pressure monitoring devices market growth?
A5. The blood pressure monitoring devices market is projected to witness promising growth owing to the fact that there has been a surge in the prevalence of hypertension due to changing hectic lifestyles of people particularly in the developing economies of the world.