PORTLAND, Oregon, December 13, 2018 /PRNewswire/ --
Increase in geriatric population, rise in inclination towards home monitoring, sedentary lifestyles, emergence of advanced technologies, and surge in prevalence rate of chronic diseases, such as cardiovascular disorders and obesity are likely to drive the growth of the market
Allied Market Research recently published a report, titled, "ASEAN Blood Pressure Monitoring Devices Market by Product (Aneroid BP Monitors, Digital BP Monitors and Ambulatory BP Monitors), and by Country (Malaysia, Philippines, Vietnam, Thailand and Indonesia): Opportunity Analysis and Industry Forecast, 2018-2025". The report offers detailed analyses of the top investment pockets, drivers & restraints, market size & estimations, key growth strategies, and competitive landscape. According to the report, the ASEAN BP monitoring devices market was valued at $31.51 billion in 2017 and is estimated to reach $53.28 billion by 2025, registering a CAGR of 6.8% from 2018 to 2025.
Increase in geriatric population, rise in inclination towards home monitoring, sedentary lifestyle, emergence of advanced technologies, and surge in prevalence of chronic diseases, such as cardiovascular disorders and obesity, drive the growth of the market in ASEAN countries. However, lack of awareness regarding hypertension among patients in ASEAN countries would hamper the growth of the market. On the other hand, growing demand for advanced devices that can identify hypertension symptoms and need to introduce wireless Bluetooth monitors would provide lucrative opportunities to the market in future.
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Digital BP monitors segment to dominate, ambulatory BP monitors to register fastest growth
Among product types, digital BP monitors segment accrued the largest market share in 2017, contributing nearly half of the total market revenue. The segment is projected to remain dominant throughout the forecast period because digital BP monitors are compact, easy to use, and eliminate chances of human error. However, ambulatory BP monitors segment is expected to register the fastest CAGR of 8.6% during the forecast period because ambulatory blood pressure monitoring devices are easy-to-use, provide accurate sleep blood pressure readings, prevent the effects of white coat hypertension, and facilitates tailor drug therapy regimes. Furthermore, aneroid BP monitors segment is expected to witness steady growth during the study period.
Malaysia to dominate the global market by 2025
In 2017, the BP monitoring market in Malaysia registered the highest market share of 25%. It is anticipated to maintain this trend through 2025 due to the presence of well-established healthcare infrastructure in the region and increase in adoption of digital BP monitors across healthcare settings for rapid and accurate results. However, the Indonesian market is projected to grow at the fastest CAGR of 7.8% during the forecast period owing to increasing incidence of hypertension, cardiovascular diseases, and obesity in this region. The report also analyzes the BP monitoring market in several countries including Thailand, Philippines, Vietnam, among other ASEAN countries.
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The key market players analyzed in the report include A&D company, Limited, Contec Medical Systems Co. Ltd., GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Masimo Corporation, Nihon Kohden Corporation, Omron Corporation, Smiths Group plc. and Halma plc.
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SOURCE Allied Market Research