New York, USA, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global blood pressure monitoring devices market is expected to register a revenue of $3.293.3 million during the forecast period, increasing from $1,391.7 million in 2020, at a CAGR of 11.6%.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
- Drivers: Obesity and hypertension are the major factors behind the growth of the blood pressure monitoring devices market during the forecast period. Governments across the world are investing and taking initiatives to control the disadvantages of cardiovascular diseases (CVDs). There are also many research and development going on in order to make the treatment process more sophisticated. These are the factors enhancing the growth of the market during the forecast period.
- Restraint: Requirement of high investment for the development of blood pressure monitoring devices may restrict the global blood pressure monitoring devices market growth, in the analysis period.
- Opportunity: New technological advances in the blood pressure monitoring devices are expected to create many opportunities for the market in upcoming years.
COVID-19 Impact Analysis
During the COVID-19 pandemic, the global blood pressure monitoring devices market has experienced a slight downfall. This is because of the restrictions on admission of patients in the hospitals other than COVID-19 infected. Another reason is the restrictions on manufacturing industries. Post the pandemic, the demand of the market is going to increase or just touch the revenue graph of pre-COVID-19 scenario.
Key Segments of the Market
The report has divided the market into different segments based on product type, end-use, and regional analysis.
- Product Type: Digital BP Monitors Sub-Segment Expected to be the Most Profitable
The digital BP monitors sub-segment is anticipated to dominate the market with a revenue of $2,069.4 million by the end of 2028. Integration of ECG sensors in smart watch has been proved beneficial for emergency situations, which is expected to boost the growth of the segment.
- End-Use: Home Healthcare Sub-Segment Expected to be the Most Lucrative
The home healthcare sub-segment of the global blood pressure monitoring devices market is predicted to dominate the market with a revenue of $499.8 million during the analysis period.
Rising prevalence of CVDs along with the hypertension among the geriatric population is expected to fuel the market growth.
Regional Analysis: Asia-Pacific Expected to Dominate the Market
Asia-Pacific blood pressure monitoring devices market generated $58.1 million in 2020 and is further expected to garner a revenue of $1,439.2 million by the end of 2028. The main reason behind this growth of the market is the increasing demand of blood pressure monitoring devices in the regional countries.
Key Market Players & Strategies
The most prominent players of the global blood pressure monitoring devices market include -
- A&D Company
- Smiths Group Plc.
- Rossmax International Limited
- Omron Corporation
- SunTech Medical, Inc.
- GF HEALTH PRODUCTS, INC.
- Koninklijke Philips N.V.
- Microlife Corporation
- Welch Allyn
- Kaz, A Helen of Troy Company
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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. For example, SunTech Medical, Inc., a Halma Company and dominant supplier of clinical grade blood pressure monitoring products and technologies, acquired Meditech Kft., a Hungary-based manufacturer of ambulatory blood pressure monitors (ABPM) and ECG Holter devices, in September 2021, in order to bring about better BP solutions to customers with the help of revolutionary strategies and expert knowledge of the two companies.
Porter’s Five Forces Analysis for the Global Blood Pressure Monitoring Devices Market
- Bargaining Power of Suppliers: The suppliers of global blood pressure monitoring devices are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of suppliers of blood pressure monitoring devices market decreases.
Hence, the bargaining power of the supplier is low. - Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced blood pressure monitoring devices in lower cost. Thus, multiple suppliers are providing best yet cost-efficient blood pressure monitoring devices. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high. - Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high. - Threat of Substitutes: Smartwatches or fitness band can be the substitute for the blood pressure monitoring devices.
Therefore, the threat of substitute is moderate. - Competitive Rivalry in the Market: The ventures operating in the global blood pressure monitoring devices industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Welch Allyn, Microlife Corporation, and Kaz, A Helen of Troy Company are investing heavily to provide integrated services to the customers. Therefore, competitive rivalry in the market is high.
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