The global blood pressure monitoring devices market is estimated to be valued at US$ 2 Bn or Mn in 2023 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.
Market Overview:-
Blood pressure monitoring devices are medical equipment used to measure blood pressure in arteries. These devices provide crucial data about an individual’s cardiovascular health and risk of conditions such as heart disease and stroke. Key product types include arm cuffs, wrist cuffs, finger cuffs, ambulatory monitors and instruments. Easy-to-use home monitoring devices allow for convenient self-screening and management of hypertension. Wearable blood pressure monitors also provide continuous monitoring capabilities. The ability to easily track and monitor blood pressure over time helps improve treatment outcomes.
Market key trends:-
The rising prevalence of hypertension is a key factor driving growth of the blood pressure monitoring devices market. According to the World Health Organization, hypertension is estimated to cause over 10 million deaths annually worldwide. Advanced devices with integrated connectivity and smart features are gaining popularity. Integration of devices with mobile applications and electrocardiograph monitors allow for convenient remote monitoring. Growing adoption of ambulatory blood pressure monitoring to improve diagnostic accuracy will also support market growth over the forecast period. Technological advancements enabling small, wearable monitors and smartphone-based devices are expanding access to blood pressure screening and management.
Porter’s Analysis:-
- Threat of new entrants: The blood pressure monitoring devices market requires huge capital investment for R&D, hence new entrants face high entry barriers.
- Bargaining power of buyers: The presence of many established players provides buyers with higher bargaining power and ability to demand competitive pricing.
- Bargaining power of suppliers: The components used in blood pressure monitoring devices such as sensors and monitors are available from numerous global suppliers, reducing individual supplier power.
- Threat of new substitutes: Currently there are limited product substitutes for blood pressure monitoring devices. However, advancements in digital health may lead to new monitoring solutions.
- Competitive rivalry: The market shares of key players are fragmented. Companies compete based on product innovation, quality, and pricing.
Key Takeaways:-
The Global Blood Pressure Monitoring Devices Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of hypertension and technological advancements.
Regional analysis: North America dominated the market in 2023, owing to rising healthcare expenditures and availability of advanced products in the region. Asia Pacific is anticipated to be the fastest growing market between 2023-2030 due to growing medical tourism, rising healthcare infrastructure and increasing disease awareness.
Key players: Key players operating in the blood pressure monitoring devices market are 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., Rossmax International Ltd. GE Healthcare holds the leading market position.
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