As the population diagnosed with hypertension and high blood pressure increases, it will increase the demand for devices used to monitor blood pressure in response. Hypertension increases the risk of a heart attack, kidney failure, and stroke and is becoming an increasingly common condition affecting an appreciable portion of the geriatric population worldwide. Be it because of the growing sedentary lifestyle, lack of physical activity, or rising stress levels, even people in younger age groups are being diagnosed with hypertension. Since, the aging population is more prone to high blood pressure, people aged 55 years or above are at high risk of developing hypertension or high blood pressure. All these factors have proven favorable for the global blood pressure monitoring devices market by increasing the sales it registers.
Various social, metabolic, and behavioral factors are responsible for the widespread prevalence of blood pressure and hypertension. Behavioral risk factors such as an unhealthy diet, consumption of tobacco and alcohol, and physical inactivity can increase the risk of hypertension. Devices for blood pressure monitoring are designed to help people keep their blood pressure in check through effective measurement, monitoring, and management of the condition.
As per a report published by Transparency Market Research (TMR), the global market for blood pressure monitoring devices, which stood at US$2.0 bn in 2014, is expected to reach US$3.8 bn by the end of 2023. The market is therefore poised to exhibit a CAGR of 7.3% between 2015 and 2023.
Automated Blood Pressure Monitoring Devices to Witness Highest Demand
Based on type, the global blood pressure monitoring devices market is classified into automated blood pressure monitors, sphygmomanometer blood pressure instrument accessories, blood pressure transducers, and ambulatory blood pressure monitor. Of these, the automated blood pressure segment held the largest share in the market in 2014. These devices offer portability and come with multiple display functions and an easy-to-use interface, which are the key factors fuelling demand from the automated blood pressure monitoring devices segment. Furthermore, with the advent of the latest technologies, manufacturers are designing more portable and user-friendly alternatives, owing to which the segment of automated blood pressure monitors is likely to exhibit a CAGR of 9.0% between 2015 and 2023.
Home End-use Segment to Report Highest Demand
In terms of end use, the demand for blood pressure monitors suitable for use in-home will be the highest. The rising trend of home healthcare and the subsequent increase in demand for home-based blood pressure monitors will augment the growth reported by the home segment. Additionally, the incorporation of advanced technologies by the leading manufacturers would attract new customers. This will subsequently boost the segment of home blood pressure monitors in the forthcoming years. However, in the near future, the kiosk end-use segment is expected to expand at the fastest CAGR of 10.3% during 2015-2023. The segment will benefit from the growing trend of monitoring blood pressure at kiosks, particularly in developed regions such as Europe and North America.
North America Dominates Global Blood Pressure Monitoring Devices Market
Regionally, North America dominated the global blood pressure monitoring devices market accounting for a share of 32% in 2014. According to the TMR report, approximately 92 million people living in the U.S. complained of low or high blood pressure in 2014. This rising number of people diagnosed with abnormal blood pressure will boost the market for blood pressure monitoring devices in North America. In the same year, Asia Pacific held the second position, holding a share of 28% in the global blood pressure monitoring devices market.
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