The size of the global blood pressure monitoring devices market is predicted at 3880.9 million in 2020 and forecasted to be growing at a CAGR of 7.27% to reach USD 5512.6 million by 2025.
Blood pressure monitoring devices are used to measure blood pressure within the arteries. Blood pressure monitoring devices play an essential role in the measurement, management, and monitoring of hypertension. Blood pressure monitoring devices are highly accurate and help physicians or doctors ensure effective treatment.
MARKET DRIVERS
Increasing incidences of cardiovascular and chronic diseases worldwide is a key driving factor for the blood pressure monitoring devices market to grow. The demand for B.P. monitors is growing steadily on account of the growing geriatric population and the increasing risk of lifestyle associated complications due to rising incidences of obesity & sedentary lifestyle. Furthermore, demographic trends, such as increasing longevity, will drive the market over the forecast period.
Hypertension causes premature deaths and should be treated well in a specific time where blood pressure monitoring devices play a key role in monitoring patients' blood pressure continuously and notifying any abnormalities. So, increasing incidences of hypertension are making the shares of the market to expand tremendously.
The technological progress of hypertension monitoring should propel the market further. The technologically advanced products are much more convenient and more comfortable to use as opposed to conventional equipment.
Increasing government initiatives to prevent the mortality attributed to hypertension and the growing requirement for portable equipment will drive the B.P. monitoring devices market over the forecast period.
Government and non-government organizations are investing considerable amounts in the health care sector, creating a chance for the market to grow eventually. The rapidly increasing elderly population globally is also elevating the demand of the Blood Pressure Monitoring Devices Market. Growth opportunities for the market lie in the emergence of technological advancements in the medical sector and the launch of innovative products that are highly accurate and convenient for the end-users. Also, the introduction of portable devices which can be easily used in any place is prompting the growth of the market. In modern days, the internet of things plays a significant role in promoting the patient’s well-being, which is also ascribed to bolster the growth rate of the blood pressure monitoring devices market. Increasing knowledge over the use of wireless transmission devices in hospitals and ambulatory services is escalating market demand.
MARKET RESTRAINTS
However, the shortage of skilled technicians in resolving system failure in real-time applications due to certain factors is slowly hindering the growth of the market. Lack of standardization is one more factor degrading the development of the market. The cost of some devices manufactured with advanced features is a little high, which remains a challenging factor for the market developers. Stringent rules and regulations by the government in approving new devices restrict the growth of the blood pressure monitoring devices market.
Excessive cost for technological developments, lack of trained physicians coupled with low awareness in underdeveloped countries, and some extent in developing nations, may hinder the market growth of blood pressure monitoring devices.
Impact of COVID-19 on Blood Pressure Monitoring Devices Market
Since the COVID-19 virus outbreak in December 2019, the virus has spread globally, with the World Health Organization declaring it a pandemic. The COVID-19 pandemic impacts are already starting to be felt globally and will significantly affect the Blood Pressure Monitoring Device market in 2020
Due to government-imposed lockdowns worldwide, the need for instruments to measure blood pressure regularly while remaining indoors has increased significantly. On the other hand, due to a shifting in focus for developing a vaccine for COVID-19, the monitoring devices' research and development have slowed down.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Type and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Restraints, Opportunities, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global blood pressure monitoring devices market has been segmented and sub-segmented into the following categories:
Blood Pressure Monitoring Devices Market – By Type:
In terms of revenue share, the sphygmomanometer segment dominated the product type with a 45% share in 2019 and is expected to show lucrative growth over the forecast period. Technological advancements and new product launches are expected to fuel the demand for sphygmomanometers worldwide. Demand for digital sphygmomanometer is expected to grow at lucrative CAGR due to benefits such as accurate results and ease of use. Besides, continuous technological improvement, such as advances in wearable technology, apps, and mobiles in the consumer healthcare segment, the declining average selling price for retailers and manufacturers, rising penetration in the professional market are the factors propelling the market growth.
Blood Pressure Monitoring Devices Market – By Region:
Geographically, North America dominates the overall industry, followed by Europe. Factors such as the increasing prevalence of chronic and acute diseases such as hypertension and cardiac diseases, technological advancements, acceptability of the non-invasive pressure monitors among the patients, and the existence of key market players in North America drive the growth of this market. Increasing investments to develop accurate and efficient B.P. monitors is the key factor expected to contribute to blood pressure monitoring devices' market growth in the coming years.
Moreover, new product launches and technological progress are expected to drive the market further. Moreover, a growing preference for home healthcare and information about the significance of the early diagnosis of hypertension & cardiac diseases is also expected to boost the region's market growth.
The European market has been governed by Denmark and the U.K. due to the successful launch of telehealth services. Public health England determined that around 13.4 million people in England have undiagnosed or B.P. recorded hypertension. The population of England is rapidly aging, and the average life expectancy is high. Favorable government initiatives such as 'The Blood Pressure Action Plan' will assuredly impact the rendering factor. The promising demographic trends, coupled with the high prevalence, should boost the U.K. hypertension monitoring devices market.
On the other hand, Asia-Pacific is expected to grow at a rapid pace over the forecast period. Increasing investment by government, growing awareness levels, and rising incidences of hypertension and the number of undiagnosed high BP are key factors contributing to this regional market growth. The Asia-Pacific market is further expected to expand rapidly over the forecast due to untapped possibilities, increasing expenditures by manufacturers, growing awareness levels, and rising hypertension incidences. Rapidly developing healthcare amenities and the skyrocketing number of undiagnosed & untreated cases of high B.P. are key determinants contributing to this regional market growth.
Supportive government drives for increasing awareness among people and a rapidly growing target disease population base are further adding to the profitable growth of the B.P. monitoring devices market in this region. In May 2018, The Indian Council of Medical Research had started the "May Measurement Month 2018" campaign to increase alertness about blood pressure, which is the principal cause of fatality and morbidity in India. Indian blood pressure monitoring devices market will observe notable growth due to the expanding patient pool. The high pervasiveness of obesity and diabetes will further drive regional growth.
PROMINENT COMPANIES IN THE MARKET
Companies leading the global blood pressure monitoring devices market profiled in the report are GE Healthcare, Welch Allyn, A&D Medical Inc., SunTech Medical, Rossmax International Ltd, Spacelabs Healthcare Inc., Panasonic Corporation, Philips Healthcare, Contec Medical Systems Co. Ltd, Omron Healthcare, and Microlife AG.
RECENT MARKET HAPPENINGS:
In January 2017, Omron EVOLV was introduced by Omron Healthcare Inc., has been a great success due to superior features. This device is a portable upper arm blood pressure monitoring and is also a wireless device.
The collaboration of PhysIQ Inc. and Omron healthcare in February 2019 brought many changes in the product portfolio and merged many devices for effective outcomes. The integration of heart guide wearable BP monitor of Omron into the pinpointIQ platform can be used effectively in the outpatient facilities.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Automated BP Monitors
5.1.2 Ambulatory BP Monitors
5.1.3 Sphygmomanometers
5.1.3.1 Mercury
5.1.3.2 Aneroid
5.1.3.3 Digital
5.1.4 BP Transducers
5.1.5 BP instruments accessories
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 GE Healthcare
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Welch Allyn
8.3 A&D Medical Inc
8.4 SunTech Medical
8.5 Rossmax International Ltd
8.6 Spacelabs Healthcare Inc
8.7 Panasonic Corporation
8.8 Philips Healthcare
8.9 Contec Medical Systems Co. Ltd
8.10 Omron Healthcare
8.11 Microlife AG
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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