New York, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global blood pressure monitoring devices market is estimated to surpass $3,293.3 million by 2028 and grow at a stable CAGR of 11.6% over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The growing number of governmental awareness programs regarding regular blood pressure monitoring along with the prevalence of obesity among people across the world are the prime factors anticipated to drive the growth of the global blood pressure monitoring devices market during the forecast years. In addition, cardiovascular diseases, especially hypertension, being the main cause of notable deaths across the globe is also expected to boost the market growth by 2028.
Opportunities: Increasing number of awareness programs initiated by the governments worldwide to fight with some serious disorders like obesity, hypertension, etc. is the prime factor predicted to create ample growth opportunities for the global blood pressure monitoring devices market by 2028. Moreover, huge investments made by the Australian government to strengthen the existing ambulatory blood pressure monitoring services is also projected to augment the market development during the analysis timeframe.
Restraints: High investments for the development of blood pressure monitoring devices is the major factor to hinder the market growth.
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Covid-19 Impact on the Market
The onset of the covid-19 pandemic had had a devastating impact on most industries excluding the global blood pressure monitoring devices market. Due to rising number of covid-19 patients, the doctors and healthcare workers were burdened with immense workload and so, the adoption of home BP monitoring devices along with digital health technologies was the only preferred solution for patients with chronic disorders. Moreover, the US FDA’s policy that enables medical device manufacturers to expand the capability and availability of non-invasive remote monitoring devices and improve the facilitation of patient monitoring is also estimated to uplift the market growth.
Segments of the Market
The report has fragmented the blood pressure monitoring devices market into a few segments based on product type, end-use, and regional analysis.
Product Type: Digital BP Monitors Sub-segment to be Highly Dominant
The digital BP monitors sub-segment is anticipated to hold a dominant market share of $2,069.4 million during the forecast years mainly due to technological innovations like the integration of ECG sensors in smartwatches. Moreover, digital BP monitors offer enhanced accuracy and precision and can easily be integrated with smart gadgets. These factors are expected to bolster the sub-segment’s growth by 2028.
End-use: Hospitals Sub-segment to be Highly Lucrative
The hospitals sub-segment of the global blood pressure monitoring devices market is predicted to have the highest growth rate and garner a revenue of $1,780.3 million by 2028 due to increasing enhancement of healthcare infrastructure and the adoption of innovative BP monitors in the hospitals. Moreover, the prevalence of obesity, increasing awareness about hypertension in the developing nations, and rising R&D activities are some other factors projected to propel the sub-segment’s growth.
Region: Market in the Asia-Pacific Region to be Highly Beneficial
The blood pressure monitoring devices market in the Asia-Pacific region is estimated to hold a significant market share and gather a revenue of $1,439.2 million during the analysis years due to the growing requirement of novel therapeutics for the treatment of hypertension n countries like South Korea, China, and India. Furthermore, the presence of prominent market players in the region is yet another boosting factor for the market growth.
Key Market Players
Some key players of the blood pressure monitoring devices market include
- Koninklijke Philips N.V
- Omron Corporation
- Kaz
- A Helen of Troy Company
- Rossmax International Limited
- GF HEALTH PRODUCTS, INC.
- Smiths Group Plc.
- SunTech Medical, Inc.
- Welch Allyn
- Microlife Corporation
- A&D Company
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in September 2021, SunTech Medical, Inc., a leading supplier of clinical grade blood pressure monitoring products and technologies, announced its acquisition of Meditech Kft., a Hungary-based manufacturer of ambulatory blood pressure monitors (ABPM) and ECG Holter devices, to offer improved BP solutions to customers by utilizing the expertise of both the organizations.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Blood Pressure Monitoring Devices Market:
- Blood Pressure Monitoring Devices: Say No to Stressing Out and Command a Healthier Life
- Global Blood Pressure Monitoring Devices Market to Witness an Exponential Growth by 2028 due to Major Collaborations by Market Players such as SunTech Medical Inc., and Others
