Blood Pressure Monitoring Devices Market to Reach US$1.8 Bn by 2022
Market Overview: The global Blood Pressure Monitoring Devices Market is estimated to be valued at US$1.8 Bn in 2022 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Blood pressure monitoring devices are medical devices used to measure and monitor blood pressure levels. These devices are vital in diagnosing and managing hypertension, a leading cause of cardiovascular diseases. The market for blood pressure monitoring devices is driven by the increasing prevalence of hypertension worldwide, growing awareness about the importance of regular blood pressure monitoring, and technological advancements in the development of compact and portable devices.
Market Key Trends:
One key trend in the blood pressure monitoring devices market is the growing adoption of remote patient monitoring. This trend is fueled by the increasing demand for healthcare services in remote areas and the rising preference for home-based care. Remote patient monitoring allows healthcare professionals to monitor patients' blood pressure levels remotely, reducing the need for frequent hospital visits. This technology enables real-time monitoring of blood pressure data, early detection of abnormalities, and timely intervention, leading to improved patient outcomes. Moreover, remote patient monitoring also reduces healthcare costs by minimizing hospital admissions and emergency room visits. The integration of advanced technologies, such as wireless connectivity and smartphone applications, further enhances the convenience and effectiveness of remote patient monitoring for blood pressure management.
Segment Analysis
The Blood Pressure Monitoring Devices Market can be segmented based on product type, end user, and region.
Based on product type, the market can be divided into sphygmomanometers, automated blood pressure monitors, ambulatory blood pressure monitors, and blood pressure transducers. Among these, the automated blood pressure monitors segment is dominating the market. This is due to the increasing preference for home monitoring, easy usability, accuracy, and convenience offered by these devices. Automated blood pressure monitors are user-friendly, do not require a healthcare professional for operation, and provide accurate results. As a result, they are gaining popularity among the general population, especially the elderly and those with chronic diseases.
Based on end user, the market can be categorized into hospitals, clinics, home care settings, and others. The home care settings segment is expected to witness significant growth during the forecast period. This can be attributed to the rising adoption of home healthcare monitoring devices and the increasing geriatric population. Home blood pressure monitoring devices are becoming increasingly common as they enable individuals to monitor their blood pressure regularly without the need for frequent visits to healthcare facilities.
Key Takeaways
The global Blood Pressure Monitoring Devices Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period (2023-2030). This growth can be attributed to several factors. One of the key drivers is the increasing prevalence of hypertension and cardiovascular diseases globally. The rising geriatric population, sedentary lifestyles, and unhealthy dietary habits are contributing to the growing burden of these diseases. Moreover, the growing awareness among individuals about the importance of regular blood pressure monitoring and the availability of technologically advanced devices are driving market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the blood pressure monitoring devices market. This can be attributed to the high prevalence of hypertension, the presence of well-established healthcare infrastructure, and the increasing adoption of home healthcare devices. The region also has a strong presence of key players in the market, contributing to its growth.
Key players operating in the Blood Pressure Monitoring Devices Market include 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., and Rossmax International Ltd. These companies are focusing on product innovation, partnerships, and mergers and acquisitions to strengthen their market position and expand their product offerings.
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