Blood Pressure Monitoring Devices Market to Reach $3.8 Bn, Globally, by 2030 at 5.7% CAGR: Allied Market Research

Increase in incidence of chronic diseases, rise in healthcare expenditure in emerging economies, and high demand for proactive monitoring drive the growth of the global blood pressure monitoring devices market.

PORTLAND, Ore., May 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Blood Pressure Monitoring Devices Market By Product Type (Aneroid BP Monitors, Digital BP Monitors, Blood Pressure Instrument Accessories, Ambulatory BP Monitors), By End User (Hospitals, Home Health Care, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global blood pressure monitoring devices industry generated $2.2 billion in 2020, and is expected to generate $3.8 billion by 2030, witnessing a CAGR of 5.7% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Increase in incidence of chronic diseases, rise in healthcare expenditure in emerging economies, and high demand for proactive monitoring drive the growth of the global blood pressure monitoring devices market. However, lack of awareness in developing countries hampers the market growth. On the other hand, technological advancements and increase in adoption due to surge in incidence of cardiovascular diseases such as hypertension, risk of high BP, and expanding base of lifestyle diseases such as diabetes & obesity present opportunities in the coming years.

Covid-19 Scenario

• There has been a decline in demand for blood pressure monitoring devices during the pandemic, which, in turn, negatively impacted the market.
• Hospitals postponed non-elective surgeries to take care of due to rise in number of patients infected with Covid-19.
• The production activities were hampered due to lockdown restrictions, disruptions in supply chain, and lack of availability of skilled workforce.

The digital BP monitors segment to maintain its leadership status during the forecast period

Based on product type, the digital BP monitors segment held the highest market share in 2020, contributing to more than two-fifths of the global blood pressure monitoring devices market, and is projected to maintain its leadership status during the forecast period. This is due to surge in the global incidence of hypertension. However, the ambulatory BP monitors segment is estimated to witness the largest CAGR of 7.1% from 2021 to 2030, owing to increase in incidence of chronic diseases and rapid rise in geriatric population.

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The hospitals segment to maintain its lead position throughout the forecast period

Based on end user, the hospitals segment contributed the highest market share in 2020, accounting for nearly two-thirds of the global blood pressure monitoring devices market, and is expected to maintain its lead position throughout the forecast period. This is attributed to adoption of early diagnosis by patients with deteriorating health conditions and increase in incidence of chronic diseases. However, the home health care segment is expected to manifest the fastest CAGR of 7.1% from 2021 to 2030, owing to rise in demand of blood pressure monitoring devices for personal use such as monitoring the health status remotely.

North America to maintain its dominance in terms of revenue by 2030

Based on region, North America accounted for the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global blood pressure monitoring devices market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to increase in incidence of lifestyle diseases such as diabetes and hypertension, new product launches and development by various players, and favorable reimbursement scenario. However, Asia-Pacific is estimated to register the fastest CAGR of 6.6% during the forecast period. This is attributed to high population base and improvement in patient awareness about advanced blood pressure monitoring devices.

Leading Market Players

• A&D Company, Limited
• Contec Medical Systems Co., Ltd.
• General Electric Company
• Halma Plc
• Hill-Rom Holdings, Inc.
• Koninklijke Philips N.V.
• Masimo Corporation
• Nihon Kohden Corporation
• Omron Corporation
• Smiths Group Plc.

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