Global Blood Pressure Monitoring Devices and Accessories Market: Snapshot
The global market for blood pressure monitoring devices and accessories has been registering a remarkable rise in its valuation, thanks to the increasing prevalence of hypertension, technological advancements in the design and utilities of diagnostic devices, and the rise in the funding by public and private players to create awareness about hypertension.
On the other hand, the inaccuracy in the readings, owing to obesity or any pre-existing CV disorder, and the declining prices of blood glucose monitors are likely to create restraints in the growth trajectory of this market in the near future. However, the increasing need for blood pressure kiosks at public places, such as gym, airports, and colleges, and the rise in the government funding are anticipated to boost the production volume of blood pressure monitors over the next few years.
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.
Hospitals to Surface as Leading End User of Blood Pressure Monitoring Devices and Accessories
Hospitals, ambulatory surgical centers, clinics, and homecare settings are the key end users of blood pressure monitoring devices and accessories across the world. 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.
Homecare settings will also report a significant increase in the demand for blood pressure monitoring devices and accessories in the near future, owing to the miniaturization of the devices, and the rising demand for self-serving diagnostic equipment by consumers. In clinics, the demand for these devices will be driven by the rising base of the geriatric population and the advancements in the healthcare facilities in developing countries. Ambulatory surgical centers are expected to display a moderate demand for blood pressure monitoring devices and accessories in the years to come.
Europe to Continue Generating High Revenues
Geographically, the global blood pressure monitoring devices and accessories market is stretched across North America, Middle East and Africa, Europe, Asia Pacific, and Latin America. In terms of revenue, Europe led the overall market in 2015 with a share of more than 32%. Researchers expect this regional market to remain the leading revenue contributor to the global market over the next few years. North America, on the other hand, has been and will continue to be the key regional market for blood pressure monitoring devices and accessories in terms of volume in the near future, thanks to the rising incidence of hypertension and the increasing demand for digitally and technologically advanced diagnostic devices among consumers.
Amongst others, Asia Pacific is likely to witness considerable growth in the near future, owing to the rise in the number of regional players, increasing construction of research and development facilities by established companies in the developing countries, such as Japan and China, and the shift of population towards preventive healthcare. Latin America, however, is anticipated to experience a moderate rise over the coming years. Brazil and Mexico are likely to surface as the main domestic market for blood pressure monitoring devices and accessories in this region.
Omron Healthcare Inc., Koninklijke Philips N.V., Schiller AG, American Diagnostic Corp., American Diagnostic Corp., SPENGLER, Spacelabs Healthcare, Bosch + Sohn GmbH u. Co. KG, Withings SA, Welch Allyn Inc., SunTech Medical. Inc., A&D Medical, GE Healthcare
Blood Pressure Monitoring Devices and Accessories Market: Overview
This report on the global blood pressure monitoring devices & accessories market analyzes the current and future scenario of the global market. Rise in private and public funding for diagnostic medical devices, rising demand for advanced blood pressure monitoring devices, and favorable regulatory scenario for new device launch are boosting the growth of the global blood pressure monitoring devices & accessories market. Incorporation of multiple features in the devices, and increasing prevalence of hypertension are some of the factors expected to drive the growth of global blood pressure monitoring devices & accessories market during the forecast period.
The blood pressure monitoring devices & accessories market report comprises an elaborate executive summary, which includes market snapshot that provides information about various segments. It also provides information and data analysis of the global market with respect to the segments based on device type, end-user, and geography. A detailed qualitative analysis of drivers and restraints, and opportunities has been provided in the market overview section. Additionally, the section comprises Porter’s Five Forces Analysis to help understand the competitive landscape in the market. This section also provides market attractiveness analysis in terms of geography and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global blood pressure monitoring devices & accessories market.
Blood Pressure Monitoring Devices and Accessories Market: Segmentation
Based on the device, the blood pressure monitoring devices & accessories market has been segmented into 5 types, which are sphygmomanometers, automatic blood pressure monitors, ambulatory blood pressure monitors, blood pressure transducers, and blood pressure instrument accessories. Sphygmomanometers are further classified into mercury, aneroid, and digital. Blood pressure transducers are further divided into disposable & reusable transducers, while blood pressure instrument accessories are blood pressure cuffs and bladders, bulbs & valves. Sphygmomanometers, automatic blood pressure monitors are projected to be lucrative segments of the blood pressure monitoring devices & accessories market, in terms of volume, due to their increasing demand for measurement of blood pressure at home.
The segments are expected to grow at a highest CAGR rate during forecast period. However, ambulatory blood pressure monitors are expected to dominate the market by 2024 in terms of value, due to its high cost. The market segments have been analyzed based on cost-effectiveness of the devices, prevalence of hypertension, and growing demand for the diagnostic tools. The market size and forecast for each of these segments have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year. Different types of end-users are present in the blood pressure monitoring devices & accessories market are hospitals, ambulatory surgical centers, clinics, homecare settings, and others. Under the end-user segment, the Hospitals segment accounted for the largest share of the global blood pressure monitoring devices & accessories market in 2015, while Homecare Settings and Clinics are expected to dominate the market by 2024.
Geographically, the global blood pressure monitoring devices & accessories market has been categorized into five major regions and the key countries in the respective region: North America (U.S. and Canada), Europe (U.K., Germany, France, Spain, Italy, Russia and Rest of Europe), Asia Pacific (India, Japan, China, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa).
Companies Mentioned in the Report
The report also profiles major players in the global blood pressure monitoring devices & accessories market based on various attributes such as company overview, financial overview, product portfolio, business strategies, SWOT analysis, and recent developments. Major players profiled in this report include Omron Healthcare, Inc., Koninklijke Philips N.V., Schiller AG, American Diagnostic Corporation, SPENGLER, Spacelabs Healthcare, Bosch + Sohn GmbH u. Co. KG, Withings SA, Welch Allyn, Inc., SunTech Medical, Inc., A&D Medical, and GE Healthcare.
The global blood pressure monitoring devices & accessories market has been segmented as given below:
- Mercury Sphygmomanometers
- Aneroid Sphygmomanometers
- Digital Sphygmomanometers
- Automatic Blood Pressure Monitors
- Ambulatory Blood Pressure Monitors
- Blood Pressure Transducers
- Disposable Blood Pressure Transducers
- Reusable Blood Pressure Transducers
- Blood Pressure Instrument Accessories
- Blood Pressure Cuffs
- Bladders, Bulbs & Valves
By End User
- Ambulatory Surgical centers
- Homecare Settings
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa