by The Blood Pressure Monitoring Devices Market is estimated to be valued at US$ 2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Blood Pressure Monitoring Devices Market is fragmented due to the presence of many international and regional players. Several emerging markets have good opportunities for growth, but competition is intense. Home healthcare monitoring and remote patient monitoring solutions are expected to drive further growth in the market over the forecast period.
Market Overview:
Blood pressure monitoring devices are used for monitoring systolic and diastolic blood pressure levels at home as well as in hospitals and clinics. Blood pressure monitoring devices include sphygmomanometers, digital blood pressure monitors, ambulatory blood pressure monitors, and automated blood pressure monitors. Technological advancements in blood pressure monitoring devices have led to compact, user-friendly devices which can monitor and store readings for future reference.
Market key trends:
The blood pressure monitoring devices market is driven by growing awareness regarding management of hypertension. Home healthcare monitoring and remote patient monitoring solutions are expected to drive significant growth in the market over the forecast period. Self-monitoring of blood pressure allows for continual tracking and management of hypertension levels away from clinical settings. Additionally, increasing prevalence of lifestyle diseases such as obesity, diabetes that increases risk of high blood pressure further drives the blood pressure monitoring devices market growth. Affordable and user-friendly devices along with continued technological advancements in remote monitoring will support the market growth through 2030.
Porter’s Analysis:-
- Threat of new entrants: Low start-up costs and established distribution channels lower barriers to entry slightly. However, strong branding and customer loyalty to existing players mitigate threats.
- Bargaining power of buyers: Large buyers such as hospitals can negotiate lower prices. However, need for accuracy in diagnosis increases dependence on specialized product segments.
- Bargaining power of suppliers: Few global players control key components supply. However, established design know-how and FDA certifications create supplier dependence.
- Threat of new substitutes: Alternate monitoring options pose low threats due to focus on non-invasive solutions and convenient connectivity.
- Competitive rivalry: Intense due to technological innovations, geographic expansion, and focus on multi-purpose offerings.
SWOT Analysis:-
- Strengths: Rapidly growing elderly population and rising hypertension prevalence drive demand. Technological advances enable constant remote monitoring.
- Weaknesses: Costly devices limit adoption in low-income countries. Increased competition erodes profit margins.
- Opportunities: Integrating monitoring with fitness trackers and emphasizing personalized care present opportunities. Growing health insurance coverage expands access.
- Threats: Stringent regulations delay product approvals. Economic slowdowns impact discretionary healthcare spend.
Key Takeaways:-
The Global Blood Pressure Monitoring Devices Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of hypertension. Growing geriatric population susceptible to heart diseases also drives the market.
Regionally, North America dominates the market currently due to high healthcare spending and rapid technology adoption. However, Asia Pacific is expected to witness fastest growth due to rising medical tourism, economical devices and increasing health awareness in developing countries.
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. Major players are focused on introducing affordable and innovative products to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
