BLOOD PRESSURE MONITORING DEVICES MARKET ANALYSIS

The global blood pressure monitoring devices market was valued at US$ 1.8 Bn in 2022 and is forecast to reach a value of US$ 3.9 Bn by 2030 at a CAGR of 10% between 2023 and 2030. The global blood pressure monitoring devices market is experiencing strong growth due to the increase in in geriatric population. Moreover, increasing prevalence of hypertension is expected to boost the market growth. However, factors such as lack of reimbursement policies are expected to hamper the market growth.

Global Blood Pressure Monitoring Devices Market: Regional Insights

• Based on geography, the global blood pressure monitoring devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing demand for blood pressure monitors caused by the growing burden of hypertensive patients in this region, North America currently holds a monopoly on the global market for blood pressure monitoring devices. According to the CDC, heart disease is the number one killer of men, women, and members of the majority of racial and ethnic groups in the country. Cardiovascular disease claims one life in the United States every 34 seconds. In the United States, heart disease claimed the lives of almost 697,000 people in 2020.
• Europe region is also expected to witness significant growth in the global blood pressure monitoring devices market due to increase in product approvals in these region. For instance, in September 2020, CardieX Limited announced that its subsidiary ATCOR received European Patent Office’s approval for its SphygmoCor technology. The technology measures central BP waveform and has cardiovascular features, with use of brachial cuff. It is anticipated to have more than 4,500 installations worldwide, including top 20 U.S. hospitals.

Figure 1. Global Blood Pressure Monitoring Devices Market Share (%), by Region, 2023

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Global Blood Pressure Monitoring Devices Market Drivers:

Increase in geriatric population

• Increase in geriatric population in both developed and developing nations is expected to drive blood pressure monitoring devices market. For instance, For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034. Thus, increasing geriatric population, which is at a higher risk to chronic conditions such as diabetes, cardiovascular disorders, and hypertension, is expected to boost the market growth.
• Moreover, independent living by geriatric population makes vital signs management, including blood pressure and heart rate monitoring, an important aspect of their health and well-being. This in turn is driving the growth of the global blood pressure monitoring devices market over the forecast period.

Increasing prevalence of hypertension

• Increasing prevalence of hypertension is expected to propel growth of the global blood pressure monitoring devices market over the forecast period. For instance, in September 2021, according to the article published in National Center for Biotechnology Information, in 2019, over 1 billion people with hypertension (82% of all people with hypertension in the world) lived in low-income and middle-income regions.
• Moreover, Hypertension, besides being the most prevalent, is also the leading cause of cardiovascular disease, premature mortality, and disability. It poses a significant economic burden. Nature Review states that awareness pertaining to hypertension and its treatment & management is significantly low in middle- income countries.

Global Blood Pressure Monitoring Devices Market Opportunities:

• R&D in blood pressure monitoring economies is expected to offer lucrative growth opportunities for players in the global blood pressure monitoring devices market. For instance, in September 2019, researchers from National Taipei University of Nursing and Health Sciences, Taiwan, reported that assessing the estimated Glomerular filtration rate, hypertension, body-mass index, and systolic blood pressure can be effective in modelling arterial stiffness risk assessments for community-dwelling individuals with a normal or slightly decreased estimated Glomerular filtration rate. 

Global Blood Pressure Monitoring Devices Market Trends:

Increasing production capacities

• Major players in the market are focused on increasing their production capacity in the wake of Covid-19 pandemic. For instance, in March 2020, Hillrom, Inc. announced that the company is doubling the production of ventilators, hospital beds, and vitals monitoring devices to support Covid-19 response.
• Major players in the market are also focused on providing services and products to at-risk Medicare Advantage members. For instance, in December 2019, Royal Philips collaborated with Humana Inc. to help improve care and health outcomes for select high-risk Medicare Advantage members. Under the collaboration, Humana has implemented two programs that leverage Philips’ medical alert services and remote member monitoring solutions to actively monitor at-risk Medicare Advantage members.

Global Blood Pressure Monitoring Devices Market Restraints:

• Lack of reimbursement policies: Unfavorable reimbursement policies are expected to hinder growth of the market. Reimbursement is not available for all types of blood pressure monitoring devices. For instance, in the U.S., Medicare provides reimbursement only for the ambulatory blood pressure monitors used for the diagnosis of white coat hypertension.   
• High cost of blood pressure monitoring devices: Many developing or impoverished countries have a very low prevalence of the use of blood pressure monitoring equipment. Aside from that, these nations are unable to implement cutting-edge technology due to the high expenses of blood pressure monitoring equipment. Therefore, the market growth over the forecast period is being constrained by the high cost of blood pressure monitoring equipment.

Figure 2. Global Blood Pressure Monitoring Devices Market Share (%), by Product Type, 2023

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Global Blood Pressure Monitoring Devices Market Segmentation:

• The global blood pressure monitoring devices market report is segmented into Product type, End Use, and Region.
• Based on Product Type, the market is segmented into Aneroid Blood Pressure Monitors, Digital Blood Pressure Monitors, Ambulatory Blood Pressure Monitors, Blood Pressure Transducers, and Instrument & Accessories. Of which, Aneroid Blood Pressure Monitors segment is expected to dominate the blood pressure monitoring devices market over the forecast period due to associated advantages such as cost-effectiveness, ease of use, and accuracy.
• Based on End Use, the market is segmented into Hospitals, Homecare, Ambulatory surgical centers. Out of which, Hospitals segment is expected to dominate the market over the forecast period and this is attributed to the spike in hospital admissions due to chronic diseases like heart-related illnesses and other emergencies.

Global Blood Pressure Monitoring Devices Market: Key Developments

• In May 26, 2021, Biobeat, a global leader in wearable remote patient monitoring solutions for the healthcare continuum, announced today the launch of its new wearable and continuous ambulatory blood pressure monitoring (ABPM) chest-monitoring device.
• In July 2020, Vancouver Coastal Health, a regional health authority, has replaced its reusable blood pressure cuffs with disposable ones to prevent cross-contamination and limit the spread of COVID-19, thereby increasing the demand for disposable blood pressure cuffs by its affiliated members.
• In July, 2020, Omron Healthcare Inc. and Mount Sinai Health System (New York City’s largest academic medical system) have done collaboration to offer patients the new VitalSight home blood pressure monitoring solution.

Global Blood Pressure Monitoring Devices Market: Key Companies Insights

• The global blood pressure monitoring devices market is highly competitive. During the forecast period, the government's initiatives, such as public blood pressure monitoring programmes to raise public awareness and maintain the database established by remotely operated BP monitors, are anticipated to fuel future growth
• Some of the key players in the global 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.

*Definition: Blood pressure monitoring includes use of sphygmomanometer (aneroid sphygmomanometer, mercury sphygmomanometer and digital sphygmomanometer), automated blood pressure monitors, ambulatory blood pressure monitors, blood pressure transducers, and blood pressure instrument accessories.