The global market for blood pressure monitoring devices and accessories is expected to witness a 7.60% CAGR from 2016 to 2024. The market is expected to rise to a valuation of US$2.20 bn by 2024 from a worth US$1.14 bn in 2015.
The global blood pressure monitoring devices and accessories market has a plethora of emerging companies trying their luck in the market, states Transparency Market Research (TMR) in a research report. Owing to the presence of a large number of players in the market, the degree of competition among the players is comparatively high.
There is also a price war which is prevailing among the market players and as a result of this the competition in the market is further expected fuel in the years ahead. The undefeated leader in the market is Omron Healthcare Inc.The market is also expected to demonstrate a concentrated landscape in the years yet to come. The trends that are being incorporated by the key market players are integration of multiple features in the equipment and the maintenance of customer centric approach when designing and manufacturing blood pressure monitoring devices and accessories.
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Demand for Ambulatory Blood Pressure Monitors to Intensify
The global market for blood pressure monitoring devices and accessories has been segmented on the basis of technology into blood pressure instrument accessories, blood pressure transducers, ambulatory blood pressure monitors, automatic blood pressure monitors, and sphygmomanometers. Amongst these, the demand for ambulatory blood pressure monitors was the most in 2015 and is expected to stay the leading until the end of the forecast period.
The demand for ambulatory blood pressure monitors has been higher than the other different items and this situation is probably going to proceed over the desired time frame, due to the expanding adoption rate of populace for self-serving diagnostic tools.
Region-wise, the market has been segmented into Latin America, Asia Pacific, Europe, the Middle East and Africa, and North America. Among all these, Europe surfaced as the prime revenue generator for blood pressure monitoring devices and accessories market in 2015 accounting for a share of over 32% and is likely to remain the same in the years ahead.
Nevertheless, North America held the leading position and is expected to maintain its dominance in the near future also. The growth of the market in the region can be attributed to the rising occurrence of hypertension and the increasing preference for technologically and digitally high-end diagnostic equipment.
Growing Need for Diagnosis at Early Stages to Supplement Market Growth
The predominance of hypertension and different other blood pressure related medical ailments has expanded fundamentally over the world. The often changing ways of life coupled poor diet, absence of physical exercises, rising liquor utilization, and the high mental anxiety are prompting an ascent in blood pressure at a beginning period of life.
"The mounting danger of incapacity and sudden passing is driving the requirement for early location of disarranges identified with pulse, pondering incredibly the take-up of blood pressure monitoring devices and accessories," says a TMR analyst.
Going ahead, the expanding number of government activities to spread knowledge with respect to preventive medical services and the mounting prominence of self-diagnosis are probably going to drive this market throughout the following couple of years. In any case, the nonattendance of good reimbursement approaches may hamper the market's development sooner rather than later, states the study.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Blood Pressure Monitoring Devices & Accessories Market (Device - Sphygmomanometers (Mercury Sphygmomanometers, Aneroid Sphygmomanometers, and Digital Sphygmomanometers), Automatic Blood Pressure Monitors, Ambulatory Blood Pressure Monitors, Blood Pressure Transducers (Disposable Blood Pressure Transducers and Reusable Blood Pressure Transducers), and Blood Pressure Instrument Accessories (Blood Pressure Cuffs, Bladders, and Bulbs and Valves); End User - Hospitals, Ambulatory Surgical Centers, Clinics, and Homecare Settings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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