Digital Blood Pressure Monitor Market: Introduction
Blood pressure monitoring is a self-monitoring tool or device that can be used for care of patients with hypertension. The blood pressure is primarily monitored at home or outside a hospital, clinic, or office setting. Traditionally, blood pressure is measured using a mercury manometer. However, with the advancement of technology, digital blood pressure monitors are employed with oscillometric measurements and electronic calculations rather than auscultation. The digital blood pressure monitors are easy to use and read compared to aneroid monitors. The digital blood pressure monitors provide systolic and diastolic blood pressure values and pulse rate reading.
Global Digital Blood Pressure Monitor Market: Competitive Landscape
OMRON Healthcare, Inc.
Omron Healthcare, Inc. is a leading health care company, engaged in the manufacture and sale of wide range of products across 117 countries. Blood pressure monitors constitute more than 50% of Omron Group’s total health care segment in terms of revenue. Omron Healthcare, Inc. focuses on emerging regions and countries for blood pressure monitoring, particularly in Latin America, as this region is witnessing rise in high blood pressure patients in the recent years.
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A&D Company, Limited
Founded in 1977, A&D Company, Limited is located in Tokyo, Japan. The company focuses on new product development to grow business globally. It has launched several products in blood pressure monitoring from time to time to keep up with industrial trends.
Welch Allyn, Inc.
Welch Allyn, Inc., a part of the Hill-Rom group of companies, is a global manufacturer of medical diagnostic equipment with a wide range of solutions. The parent company Hill-Rom Holdings, Inc. has extensively focused on R&D activities and new product development. For instance, the company reported revenue of over US$ 300 Mn from new products in 2018.
Rossmax International Ltd
Rossmax International Ltd focuses on new product development and new innovative technologies in all business segments for sustained growth in the ever evolving market. The company has provided patented technologies and new solutions for each of its business fields. For instance, it was the second FDA approved company to enter in the U.S. market with wrist blood pressure monitors. Rossmax International Ltd participates in various international trade shows, exhibitions, and medical shows for product promotion, exhibition, patient awareness, brand awareness, and patient education. These activities improve the company’s overall image and market value.
Global Digital Blood Pressure Monitor Market: Dynamics
Active Promotion through Online Channels
Digital blood pressure monitors are suggested by doctors to keep a track of blood pressure monitoring between office or hospital visits. These monitors are available at traditional retail outlets. However, currently, online channels are being preferred for purchase of digital blood pressure monitors, due to convenience and ease offered by online platforms. Research data reveals that consumers are more inclined toward the use of online platforms. Due to the large number of options available at these channels, more promotional activities are conducted by these sites.
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Unfavorable Reimbursement Policies Restrain the Digital Blood Pressure Monitor Market
Insurance benefits for digital blood pressure monitors vary from payer to payer. Some payers may cover monitors, but under strict guideline like only upper arm monitor is available for the reimbursement. No wrist monitor is reimbursed. A majority of health insurance plans in the U.S. do not cover digital blood pressure monitors. This is a major restraining factor for the digital blood pressure monitor market.
Global Digital Blood Pressure Monitor Market: Segmentation
Based on device type, the digital blood pressure monitor market can be classified into:
- Upper Arm Digital Monitors
- Wrist Monitors
In terms of distribution channels, the digital blood pressure monitors market can be divided into:
- Hospital Pharmacies
- Retail Pharmacies
- Online Stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.