Wireless Blood Pressure Monitor Market Introduction
Wireless blood pressure monitor is a technological advanced device used to monitor blood pressure in adults. These devices are also known as digital blood pressure monitors as these are compatible with smartphones for tracking blood pressure on daily basis. Wireless blood pressure monitor helps both health care providers and patients in self-management of blood pressure. Increasing usage of smartphones have resulted in increasing investments and development of innovate healthcare applications. According to research published on NCBI, one third of the consumers across the globe owned mobile phones by 2017. Nearly 100,000 health-related apps were introduced in 2016 which has increased to around 259,000 health apps presently. The treatment of blood pressure costs around US$ 48.6 Bn in the U.S. each year which includes medication for treatment of high blood pressure and cost of health care services.
Wireless Blood Pressure Monitor Market: Competitive Landscape
Major players operating in the global wireless blood pressure monitor market include Omron Healthcare, Inc., Koninklijke Philips N.V., Qardio, Inc., Nokia Corporation, Xiaomi, Blipcare, Koogeek, Inc., and Vive Health. Key players are increasingly investing in research and development activities and developing smart applications which are compatible with wireless blood pressure monitors. Merger & acquisition is another strategy adopted by companies in order to expand geographic presence.
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Omron Healthcare, Inc.
Omron Healthcare, Inc. is a leading health care company, engaged in the manufacture and sale of a range of products across 110 countries. The company operates through six segments. Blood pressure monitors constitute over 50% of Omron group’s healthcare segment in terms of revenue. Omron Healthcare’s blood pressure monitors meet the high standards of reliability & precision.
Koninklijke Philips N.V
Established in 1891, Koninklijke Philips N.V., also known as Royal Philips, is a global diversified company focused on improving people’s lives through technological innovation in the areas of lifestyle, lighting, and health care. Acquisition of small scale companies enables Philips to generate higher revenue. In 2018, the company had 91,000 design rights, 47,000 trademarks, 5,000 domain names, and 76,000 patent rights. Focusing on the growth areas in health and well-being, Philips filed 1,750 patents in 2015. The company’s HealthSuite app uses the data from the company’s range of connected healthcare devices for continuous monitoring of vitals.
Global Wireless Blood Pressure Monitor Market Dynamics
High Prevalence of Hypertension to Drive Demand for Wireless Blood Pressure Monitors
Hypertension is considered to be a highly common disorder escalating drastically across the world. It is known as a “silent killer”, as it exhibits no signs or symptoms before diagnosis. According to the American Heart Association (AHA), blood pressure affected an estimated 103 million people in the U.S. in 2018. Rise in the geriatric population increases the incidence of blood pressure. Changing lifestyles along with poor diet, lack of physical activity, alcohol consumption, and mental stress lead to a rise in blood pressure at an early stage, driving the need for blood pressure diagnostic devices.
Rise in Government Initiatives in Preventive Health Care Programs to Drive Market
According to CDC, 1 in every 3 adults in the U.S. suffers from hypertension, which is considered to be the second leading risk factor for disability and premature deaths. Medication and lifestyle changes are effective and affordable; however, the overall rate of blood pressure control remain suboptimal. “Million Hearts” is an initiative led by the U.S. Department of Health and Human Services, co-led by the CDC and the Centers for Medicare and Medicaid Services. The committee aligns & coordinates its activities to achieve hypertension control rates above 70% through electronic health records, innovations in health information technology, and patient communication.
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Private Venture Funding to Increase Adoption Rate of New Technologies to Boost Market
Various private and governments associations are undertaking initiatives to provide financial support to medical device manufacturers. With satisfactory funding, blood pressure monitor manufacturers invest more in R&D to produce technologically precise and effective diagnostic devices. Washington-based association “MDMA” (Medical Device Manufacturers Associations) works with the CMS (Centers for Medicare and Medicaid Services), Congress, and various other stakeholders to ensure that the medical technologies and devices receive adequate and appropriate reimbursement.
Global Wireless Blood Pressure Monitor Market Segmentation
Based on product type, the global wireless blood pressure monitor market can be classified into:
- Upper Arm Blood Pressure Monitor
- Wrist Blood Pressure Monitor
- Finger Blood Pressure Monitor
In terms of technology, the global wireless blood pressure monitor market can be categorized into:
- Radio Frequency Identification Technology (RFID)
- Bluetooth Technology
Based on end-user, the global wireless blood pressure monitor market can be divided into:
- Hospitals & Clinics
- Home Care Settings
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.