Introduction
The growing prevalence of hypertension worldwide has placed the blood pressure monitoring devices market in a prominent position in recent years. Growing awareness about cardiovascular health has encouraged the adoption of active monitoring solutions.
Overview of the Market
The global blood pressure monitoring devices market was valued at around US$ 2,387.21 mln in 2022 and is projected to reach approximately US$ 5,346.65 mln by 2030, growing at a CAGR of about 10.6%. Increasing incidence of hypertension, advancement in technology, and rising focus on preventive health are some of the major market growth drivers for the period.
Key Drivers of Growth
Increasing Prevalence of Hypertension: The increasing prevalence of hypertension is based on several factors such as an unhealthy lifestyle, obesity, and an aging population. Technological Improvement: Technological development in blood pressure monitors has led to the convenient availability of digital and wearable devices for patients to measure their blood pressure levels even from the comfort of their homes. Smart devices associated with mobile apps provide real-time data and analytics that help enhance patient engagement in therapy.
With the growth of preventive healthcare, the medical industry is gradually shifting towards encouraging patients to monitor their blood pressure regularly. This has had an effect on the market for home monitors, in terms of convenience and accessibility.
Segmentation
- By Product Type
- By End-User
- By Region.
By Product Type: The market consists of automated sphygmomanometers, digital blood pressure monitors, and conventional aneroid monitors. Among these, the automated sphygmomanometers are picking pace because they are easier to operate with high accuracy.
By End User: The main end-users are hospitals, clinics, and home healthcare. The home healthcare segment is expected to be regarded as the fastest-growing segment as more patients prefer monitoring their health status at home.
Regional: North America holds the largest share of the market for blood pressure monitoring devices, followed by Europe and Asia-Pacific. The established healthcare infrastructure, along with higher awareness regarding cardiovascular conditions, are some of the main reasons for its leading position.
Challenges and Opportunities
At the same time, with such promising growth, there are still a few setbacks concerning high costs, the prevalence of unawareness in developing regions, and the chances of a wrong reading of blood pressure devices. On the other hand, there is better scope in emerging economies, as increased healthcare spending and greater awareness regarding hypertension increase demand for solutions that monitor blood pressure.
Conclusion
The blood pressure monitoring devices market is anticipated to grow significantly in the following years due to the continuous rise in the incidence of hypertension and technological development. Innovation and availability are key areas on which the stakeholders need to focus to leverage this expanding market.
Frequently Asked Questions
What is the present market size for the Blood Pressure Monitoring Devices market?
The market was valued at around US$ 2,387.21 million in 2022 and is likely to reach around US$ 5,346.65 million by 2030.
What drives this market?
The strong drivers are an increase in the incidence of hypertension, the development of new technology, and a rising focus on preventive health care.
What are the major product types in the blood pressure monitoring devices market?
Major product types of this market include automated sphygmomanometers, digital blood pressure monitors, and traditional aneroid monitors.
Which geography accounts for the largest share of the blood pressure monitoring devices market?
North America accounts for the major share of the market owing to the established healthcare infrastructure and raised awareness about cardiovascular diseases.
What are the major drivers and challenges for the growth of the blood pressure monitoring devices market?
A major driver is enormous demand. Obstacles/Challenges - High cost, Absence of awareness in developing areas, Potential for Incorrect measurements
Author’s Bio:
Chaitali Deshpande
Senior Market Research expert at The Insight Partners
