Global Blood Pressure Monitoring Devices and Accessories Market: Snapshot
Keen manufacturers in the global blood pressure monitoring devices and accessories market are spending liberally on research and development of better products and strengthening their distribution networks in order to up their sales. This has led to technological advancements in the design and utilities of the diagnostic devices, thereby catalyzing growth in the market.
Apart from that, rising instances of hypertension and initiatives by governments and independent bodies to generate awareness about it are also benefitting the market for blood pressure monitoring devices and accessories. Posing a roadblock to the market, on the other hand, is the inaccuracy in the readings on account of obesity or any pre-existing cardiovascular disorder.
According to a Transparency Market Research report, the global blood pressure monitoring devices and accessories market will likely rise at a steady CAGR of 7.0% from 2017 to 2025 to become worth US$3.18 bn by 2025 from US$1.75 bn in 2016.
Technologically Advanced Automatic Blood Pressure Monitors Generate Maximum Revenue
The different types of blood pressure monitoring devices and accessories available in the market are sphygmomanometers, automatic blood pressure monitors, blood pressure transducers, ambulatory blood pressure monitors, and blood pressure instrument accessories. Of them, the automatic blood pressure monitors grossed maximum revenue in 2016 because of increasing requirement for technologically advanced blood pressure monitoring devices. Manufacturers’ increasing need for high volume low value devices is also positively impacting the segment. Automatic blood pressure monitors are expected to lead the market in the forecast period as well, owing to the soaring popularity and uptake of self-serving diagnostic tools.
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Sphygmomanometers which can be further segmented into mercury sphygmomanometers, aneroid sphygmomanometers, and digital sphygmomanometers, are also seeing rapid sales because of their affordability and accuracy in the readings. The segment is expected to rise at a healthy clip on the back of high product offering of aneroid sphygmomanometers, along with rising digitalization in the readings of blood pressure monitors. This is stoking growth in the global blood pressure monitoring devices and accessories market.
Rise in Instances of Hypertension Makes North America Dominant Market
From a geographical standpoint, North America holds maximum share in the market owing to the rapid rise in the incidence of hypertension and increasing preference of patients for digitally and technologically advanced blood pressure monitoring devices. Rising at a CAGR of 7.2%, the market in the region will likely become worth US$1.03 bn by 2025. Europe is another key region in the global blood pressure monitoring devices and accessories market because of the strong public health policies and widely available diagnosis and treatment option in developed nations. The region is predicted to grow at a CAGR of 6.6% in the forecast period to pull in revenues of about US$710 mn by 2025.
In terms of growth rate, Asia Pacific is expected to outshine all other regions by clocking a CAGR of 7.3% from 2017 to 2025. The growth in the region is stoked mainly the presence of prominent market players in the countries of China, Japan, and India, who have well-established distribution channels. Apart from that, the shift towards preventive healthcare is also benefitting the market in the region.
Spacelabs Healthcare, Omron Healthcare, Inc. (OMRON Corporation), GE Healthcare, Koninklijke Philips N.V., Schiller AG, American Diagnostic Corporation, SPENGLER, Bosch + Sohn GmbH u. Co. KG, Withings SA, SunTech Medical, Inc. (Halma plc), Welch Allyn, Inc. (Hill-Rom), and A&D Medical and are to name a few prominent participants in the global blood pressure monitoring devices and accessories market.