Global Blood Pressure Monitoring Devices Market Anticipated to Register a Revenue of $3,293.3 Million, Growing at a CAGR of 11.6% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
According to the blood pressure monitoring devices market forecast, the global market is anticipated to surpass $3,293.3 million by 2028, growing from $1,391.7 million in 2020, at a notable CAGR of 11.6%.
Covid-19 Impact on Blood Pressure Monitoring Devices Market
The corona virus pandemic has had disrupted the industrial growth worldwide, creating a disturbance for buyers and sellers. On the other hand, the communal transmission of COVID-19 has created positive impact on the global blood pressuring monitoring devices market. Hypertension is the most common comorbidity in the COVID-19 patients. Thus, the need for digital infrastructure in remote patient monitoring and disease detection has extensively increased.
Furthermore, companies operating in blood pressure machine production are coming up with novel technological innovations, amid COVID-19 crisis. For example, in January 2021, OMRON Healthcare, Inc., the key player in blood pressure innovation, announced the introduction of its 1st remote patient monitoring service at Consumer Electronics Show (CES) 2021, the most influential tech event. Company announced to launch its 1st remote patient monitoring service, VitalSight™, which will help encourage more remote monitoring as well as more communication between the physician and patient. Such major advancements have positively affected the global blood pressure monitoring devices market, in the pandemic period.
Blood Pressure Monitoring Devices Market Outlook
Significantly increasing incidences of hypertension owing to the changing lifestyles worldwide are accelerating the global blood pressure monitoring devices market, during the analysis period. As per the figures published by the World Health Organization (WHO), a specialized agency of the United Nations (UN) responsible for international public health, in 2019, approximately 1.15 billion people worldwide have hypertension. Furthermore, it is also a leading cause of premature death around the world. Such facts and figures showcase that the demand for blood pressure monitoring devices will grow exponentially, during the forecasted years.
Also, dramatically growing geriatric population along with increasing risk of lifestyle disorders owing to the increasing incidences of obesity and sedentary lifestyle may drive the global market.
However, lack of awareness in developing regions regarding the blood pressure monitoring devices is anticipated to hamper the market growth.
Digital health innovations for hypertension mainly consist of wireless smartphone-based upper arm blood pressure monitors, cuffless blood pressure sensors, remote monitoring technologies, and user-friendly mobile applications. These devices have the potential to enhance hypertension control along with medication adherence through excellent connectivity with clinicians and medication reminder alerts. Furthermore, key players are also coming up with their novel innovations in the market. For example, in January 2021, VALENCELL, INC., the US-based biometric technology company, announced its innovative cuffless and calibration-free blood pressure (BP) technology for wearables. Such recent novel technological advancements in the BP monitoring devices may create enormous opportunities, in the global market.
Global Blood Pressure Monitoring Devices Market, Segmentation
The global blood pressure monitoring devices market is segmented based on product type, end-user, and region.
The product type segment is further classified into digital BP monitors, aneroid BP monitors, and fully automated BP monitors. Among these, the digital BP monitors sub-segment is expected to have the largest share and cross $2,069.4 million by 2028, with the rise from $844.0 million in 2020.
Notably increasing investments in the field of hypertension worldwide are creating significant impact on the digital BP monitors sub-segment. Furthermore, surge in the healthcare expenditure, along with massive increase in the public awareness regarding the digital BP machine are some of the major factors expected to continue to accelerate sub-segment’s growth. In addition to this, shift of customer preference towards automated machines and digital readouts in the medical sector is likely to propel the demand for digital BP monitors in the global market.
The end-user segment is further classified into hospitals, ambulatory surgical centers, and home healthcare. Among these, the home healthcare sub-segment is expected to have the lucrative growth, and surpass $499.8 million by 2028, with the increase from $172.6 million in 2020.
The home healthcare sub-segment has witnessed positive growth mainly because it provides certain key features including medication reminders or medication management and monitoring of healthy movement. Also, effective governmental as well as non-governmental collaborations to improve the experience of patient with hypertension disorder are also positively affecting the sub-segment’s growth. For example, in November 2020, Omron Healthcare, Inc., significant Japanese health-tech firm, entered into the strategic 3-year partnership with American Heart Association, a nonprofit organization (NPO) in the US that provides finance to cardiovascular medical research. As per this agreement, Omron Healthcare will help support the American Heart Association in order to train providers on hypertension treatment recommendations, including home BP monitoring devices. Such awareness campaign may create lucrative opportunities in the home healthcare sub-segment.
Asia-Pacific blood pressure monitoring devices market region is notably competitive and major players in the industry have preferred various strategies to occupy highest Asia-Pacific blood pressure monitoring devices market share. Blood pressure monitoring devices market for Asia-Pacific region accounted $583.1 million in 2020 and is further anticipated to generate a revenue of $1,439.2 million by 2028.
The growth of Asia- Pacific blood monitoring devices market is mainly attributed to the rising geriatric population along with huge growth in the obesity and overweight rates specifically in Australia and China. Also, institutions operating in the APAC region are entering into the collaborations to introduce novel technologies in the BP monitoring devices. For example, in September 2021, team of researchers at the Institute of Scientific and Industrial Research Osaka University, Japan and the Institute for Surface Technologies and Photonics in Austria announced the invention of new ultra-flexible health monitoring patches built with harvested bio-mechanical energy. This technology helps in monitoring blood pressure with high accuracy.
Abovementioned company developments and key factors showcase that the demand for blood pressure monitoring devices may increase in the forecast years.
Top 10 Major Key Players in the Global Blood Pressure Monitoring Devices Market are -
- A&D Company
- Omron Corporation
- Smiths Group Plc.
- Rossmax International Limited
- Koninklijke Philips N.V.
- SunTech Medical, Inc.
- GF HEALTH PRODUCTS, INC.
- Welch Allyn
- Microlife Corporation
- Kaz, A Helen of Troy Company.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Blood Pressure Monitoring Devices Market
- Bargaining Power of Suppliers: The suppliers of global blood pressure monitoring devices are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of suppliers of blood pressure monitoring devices market decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced blood pressure monitoring devices in lower cost. Thus, multiple suppliers are providing best yet cost-efficient blood pressure monitoring devices. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: Smartwatches or fitness band can be the substitute for the blood pressure monitoring devices.
Therefore, the threat of substitute is moderate.
- Competitive Rivalry in the Market: The ventures operating in the global blood pressure monitoring devices industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Welch Allyn, Microlife Corporation, and Kaz, A Helen of Troy Company are investing heavily to provide integrated services to the customers. Therefore, competitive rivalry in the market is high.