With a large pool of emerging players, the global blood pressure monitoring devices and accessories market is witnessing a price war, resulting in a high degree of competition among participants, states a new study by Transparency Market Research (TMR). With a clear leader in Omron Healthcare Inc., the market demonstrates a relatively concentrated landscape.
The recent trends being followed by key players in the market are incorporating multiple features in the devices, and maintaining the customer centric approach while designing & manufacturing of the blood pressure monitoring devices and accessories.
The opportunity in the worldwide market for blood pressure monitoring devices and accessories is likely to expand at a CAGR of 7.60% between 2016 and 2024, rising significantly from a value of US$1.14 bn in 2015 to US$2.20 bn by the end of 2024. In terms of volume, the market is likely to reach 8.2 mn shipments by 2024. The demand for these devices and accessories is greater in hospitals than other end users. Thanks to the presence of trained and qualified personnel as well as favorable reimbursement structure in various parts of the world, this scenario is anticipated to remain so over the next few years.
Ambulatory Blood Pressure Monitors to Continue Reporting Strong Demand
The research report considers sphygmomanometers, automatic blood pressure monitors, ambulatory blood pressure monitors, blood pressure transducers, and blood pressure instrument accessories as the key products available in the global market for blood pressure monitoring devices and accessories. The demand for ambulatory blood pressure monitors has been higher than other products and this scenario is likely to continue over the forecast period, owing to the increasing adaption rate of population for self-serving diagnostic tools.
In terms of the geography, the report has classified the global blood pressure monitoring devices and accessories market into North America, Middle East and Africa, Europe, Asia Pacific, and Latin America. Europe emerged as the key revenue generator to the overall market in 2015 with a share of more than 32% and is expected to remain so over the forecast period.
However, in terms of volume, North America acquired the leading position and is projected to continue in this position in the near future. The increasing prevalence of hypertension and the growing preference for digitally and technologically advanced diagnostic devices among consumers is likely to boost the uptake of blood pressure monitoring devices and accessories in this region over the forthcoming years, notes the study.
Rising Need for Early Diagnosis to Boost Demand
The prevalence of hypertension and various other blood pressure related medical conditions has increased significantly across the world. The frequently changing lifestyles accompanied by poor diet, lack of physical activities, rising alcohol consumption, and the high mental stress are leading to a rise in blood pressure at an early stage of life. “The mounting risk of disability and premature death is driving the need for early detection of disorders related to blood pressure, reflecting greatly on the uptake of blood pressure monitoring devices and accessories,” states the author of the study.
Going forward, the increasing number of government initiatives to create awareness regarding preventive healthcare and the rising popularity of self-diagnosis are likely to drive this market over the next few years. However, the absence of favorable reimbursement policies may hamper the market’s growth in the near future, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Blood Pressure Monitoring Devices & Accessories Market (Device – Sphygmomanometers (Mercury Sphygmomanometers, Aneroid Sphygmomanometers, and Digital Sphygmomanometers), Automatic Blood Pressure Monitors, Ambulatory Blood Pressure Monitors, Blood Pressure Transducers (Disposable Blood Pressure Transducers and Reusable Blood Pressure Transducers), and Blood Pressure Instrument Accessories (Blood Pressure Cuffs, Bladders, and Bulbs and Valves); End User – Hospitals, Ambulatory Surgical Centers, Clinics, and Homecare Settings) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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