The demand for blood pressure monitoring devices has taken off with the emergence of home care. Blood pressure monitoring can usually be carried out in a competent manner by the patient or their relatives, removing the need for hospitalization and constant monitoring. This has led to a growing demand for blood pressure monitoring devices for use in cases where the patient has a low risk of complications and is thus not hospitalized.
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The global blood pressure monitoring devices market was valued at more than US$2 bn in 2014. Exhibiting a robust 7.30% CAGR from 2015 to 2023, the market is expected to almost double in valuation, with a valuation of US$3.8 bn expected by 2023.
One of the key drivers for the global blood pressure monitoring devices are the consistent product advancement efforts made by key companies in the market. The strong R&D avenues of the blood pressure monitoring devices industry have resulted in widespread adoption of the devices due to increased patient confidence. The growing geriatric population across the world has also boosted the demand for home care involving blood pressure monitoring devices, since the elderly are more likely to suffer from long-term cardiovascular conditions requiring constant monitoring.
Rising Demand from APAC Threatens Dominance of North America Blood Pressure Monitoring Devices Market
North America is the leading contributor to the global blood pressure monitoring devices market, with the region’s share calculated at close to 33% in 2014. While North America is likely to retain its dominant position in the global scenario in the coming years, the emergence of Asia Pacific as a lucrative investment destination is likely to lead to many Western medical devices manufacturers making significant inroads into the APAC market in the coming years. Asia Pacific is thus expected to become a close contender to the North America market for blood pressure monitoring devices in the coming years, with the two expected to hold near-equal market shares by 2023.
Rising Utilization of Blood Pressure Monitoring Kiosks Favors Global Market
By end use, the home care segment accounted for the leading share in the global blood pressure monitoring devices market in 2014. The US$911.8-mn valuation of the home-based blood pressure monitoring devices market in 2014 was twice that of the other key contributor to the market – hospitals. While home care is likely to exhibit a strong CAGR in the 2015-2023 forecast period and remain the leading contributor to the blood pressure monitoring devices market, the growing popularity of blood pressure monitoring kiosks in developed nations presents significant promise for the global blood pressure monitoring devices market.
Blood pressure monitoring kiosks have become common in developed countries, notwithstanding the concerns raised about the use of a standard-sized cuff, which can alter the blood pressure readings for patients whose arms don’t fit the cuff. The demand for blood pressure monitoring devices in kiosks is expected to exhibit a formidable growth rate in the coming years, and is likely to benefit from the steady expansion of blood pressure monitoring kiosk infrastructure in developed countries. The kiosks segment of the blood pressure monitoring devices market is expected to exhibit a robust 10.30% CAGR from 2015 to 2023.
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In terms of competitive dynamics, the global blood pressure monitoring devices market is reasonably consolidated, with the top five companies likely to account for more than 50% of the market through the forecast period. Omron Healthcare, Welch Allyn, and Panasonic Corporation are among the key players in the global blood pressure monitoring devices market.
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