Rise in incidence of obesity leads to hypertension, which is the major cause for stroke. Therefore, patients suffering from blood pressure need constant monitoring and this need has fueled the blood monitoring devices market growth. In addition, favorable reimbursements in developed regions and increase in the out of pocket expense in healthcare is expected to lead to growth in the ambulatory blood pressure monitoring devices market.
Key players in the global blood pressure monitoring devices market include 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, and Smiths Group Plc.
The blood pressure monitoring devices market garnered $1.98 billion in 2015 and is estimated to reach $2.92 billion by 2022, growing at a CAGR of 5.7% from 2016 to 2022.
Blood pressure is considered as one of the main risk factors for chronic heart disease. Advanced blood pressure monitoring devices are used for regular remote monitoring and transmission of the blood pressure data to the physicians. Factors such as increase in geriatric population, rise in inclination towards home monitoring, and upsurge in incidence rate of chronic diseases, such as cardiovascular disorders and obesity, are expected to drive the market.
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Moreover, innovations in blood pressure monitoring devices, (such as introduction of digital blood pressure monitors) and rise in awareness among patients regarding advanced devices are expected to fuel the market growth. However, lack of awareness about these devices in low- and middle-income economies hampers the market growth.
Digital blood pressure monitoring devices segment is anticipated to dominate the global blood pressure monitoring devices market owing to the increase in the global incidence of hypertension. However, ambulatory blood pressure monitors segment is projected to be the fastest growing segment, as a result of increase in the outpatient cases and reimbursement support from the government.
Digital BP monitors at hospitals & clinics segment is expected to dominate the global blood pressure monitoring devices market, as these devices facilitate easy and early detection of a patients deteriorating health condition, thereby, enabling speedy intervention and diagnosis of diseases. However, the ambulatory BP monitoring devices at ambulatory surgical centers (ASCs) market is projected to be the fastest growing segment, owing to increase in the number of outpatient cases.
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North America was the highest revenue contributor to the global revenue in 2015, accounting for about two-fifths share, and is expected to maintain this trend. This is attributed to the increase in prevalence of hypertension, growth in awareness among patients about cost-effective blood pressure monitoring devices, and availability of advanced healthcare facilities in North American countries. However, Asia-Pacific is expected to grow at the highest rate, owing to its high population base, incomes, and improvement in patient awareness about advanced blood pressure monitoring devices.
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