PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364685
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364685
Blood Pressure Monitors Market size was valued at USD 4,538.4 Million in 2022, expanding at a CAGR of 10.3% from 2023 to 2030.
A sphygmomanometer, sometimes referred to as a blood pressure monitor, is a medical tool used for measuring an individual's blood pressure. Blood pressure is the force exerted by the heart as it pumps blood throughout the body against the artery walls.
The blood pressure monitor market has expanded as a result of the ageing world population. The demand for monitoring devices is higher among older people since they are more prone to hypertension and other related health problems. According to the European Society of Cardiology, patients 65 years of age and older typically have hypertension, which is a risk factor for several cardiovascular conditions, including dementia, atrial fibrillation, heart failure, and stroke. In addition, as per the report published by the World Health Organization, one in six individuals on the planet will be 60 or older by 2030. By this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to treble, reaching 426 million. Thus, the aforementioned facts drive the market revenue growth.
The Global Blood Pressure Monitors Market is segmented based on product type, end user, and region.
Based on the product type, the global market is segmented into Aneroid BP Monitors, Digital BP Monitors, Blood Pressure Instrument Accessories and Ambulatory BP Monitors. The Digital BP Monitors segment is expected to dominate the market during the forecast period. Digital BP monitors provide fast medical diagnosis and action by making it simple and early to identify a patient's deteriorating health state. In addition, the rising cases of heart disease also propel the segment expansion. According to a recent estimate from the World Heart Federation (WHF), the number of deaths caused by cardiovascular disease (CVD) increased globally from 12.1 million in 1990 to 20.5 million in 2021. In 2021, cardiovascular disease (CVD) was the largest cause of death globally, with low- and middle-income (LMIC) nations accounting for 4/5 of all CVD fatalities. Thereby, driving the segment growth.
Based on the end user, the global market is segmented into Hospitals, Home Health Care and Others. The hospital segment is expected to dominate the market during the forecast period owing to the presence of large patient pools.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The highly regulated and established healthcare system in the area is responsible for the region's growth. Due to an increased burden of hypertension patients, the funding and demand for blood pressure monitors, particularly aneroid gauges, are growing, which is further boosting the growth of the blood pressure monitoring devices market in this area. The blood pressure monitoring devices market is expanding in the North American area due to the presence of major companies like Omron Healthcare in the U.S.
To remain competitive in the market the key players adopted various strategies including product launches, acquisitions, partnerships, agreements and others. The key players are A&D Medical Inc., Omron Healthcare Welch Allyn, Inc., GE Healthcare, American Diagnostics Corp., Withings, Briggs Healthcare, SunTech Medical, Inc., Kaz Inc., GF Health Products Inc., Rossmax International Ltd., Microlife AG, Spacelabs Healthcare Inc., Philips Healthcare, Hill-Rom Services Inc., Biobeat, Contec and Braun Healthcare among others.
In January 2023, at the 2023 Consumer Electronics Show (CES), OMRON Healthcare, Inc., the industry pioneer in remote blood pressure monitoring and personal health technology, introduced its new U.K. remote patient monitoring service and focus on the rising Atrial Fibrillation (AFib) epidemic as it enters its 50th year of heart health leadership. OMRON Healthcare, which is renowned for keeping its word when making promises at CES, is outlining the progress it is making toward its Going for Zero aim to eradicate heart attacks and strokes and laying out the future while continuing to develop and spread knowledge to produce greater results.
The scope of this report covers the market by its major segments, which include as follows: