Blood Pressure Monitoring Devices Market Growth & Trends
The global blood pressure monitoring devices market is expected to reach USD 5.1 billion by 2030, expanding at a CAGR of 11.5% according to a new report by Grand View Research. The growing global geriatric population base is expected to widen the consumer base by triggering incidence rates of hypertension which is expected to drive the demand for blood pressure monitoring devices. The increasing incidence of hypertension has led to rising demand for cost-effective, rapid, and accurate diagnostic solutions. Blood pressure monitors are one of the vital sign monitors of life. The cost-effective and accurate results offered by these indicators is the factor responsible for rapid expansion in business scale.
In addition, new product launches coupled with the rising adoption of technologically advanced products due to high penetration of health insurance is considered another factor fueling the demand for blood pressure (BP) monitoring devices. The increasing popularity of mHealth platforms in the healthcare sector is propelling the industry’s growth. Rising patient awareness levels about advantages associated with portable monitoring devices are expected to positively reinforce market growth.
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Blood Pressure Monitoring Devices Market Report
Blood Pressure Monitoring Devices Market Report Highlights
- Considering the type of product, sphygmomanometer/aneroid BP monitors dominated the overall market in 2021 in terms of revenue share owing to the increasing prevalence of high blood pressure worldwide
- The ambulatory blood pressure monitoring devices market is driven by factors such as increasing adoption by clinicians and awareness about it
- Digital BP monitors segment is expected to witness lucrative growth in the coming years owing to advantages associated with these devices such as ease of use, immediate results, and low cost. In addition, continuous improvement in these devices is expected to present this market with further growth opportunities
- The home healthcare segment is expected to witness lucrative growth owing to the government initiatives to promote home healthcare
- In 2021, North America was the key regional market in terms of revenue share. Key factors attributing to its large share include the presence of advanced healthcare infrastructure and the increasing prevalence of lifestyle-associated diseases with a high risk of hypertension
- Higher awareness levels, increasing demand for early diagnostics & prevention, and increasing stress levels leading to high blood pressure are the factors responsible for the market growth
- Asia Pacific blood pressure monitoring devices market is expected to demonstrate rapid growth during the forecast period with a CAGR of 13.6%. Key factors attributing to its rapid growth include favorable government initiatives such as the government of India’s campaign “Make In India” which is intended to attract FDI and international players to invest in the Indian market. In addition, rapidly improving healthcare facilities are anticipated to market growth
