Blood pressure monitoring devices are used for the management and diagnosis of hypertension and are widely used in home settings as well as in healthcare facilities. Home blood pressure monitoring devices allow frequent measurements and help in effective management of blood pressure levels. These devices provide various features such as storage of readings, irregular heartbeat detection, and connectivity to smartphone apps for easy sharing of results with physicians. The growing prevalence of hypertension is expected to drive the demand for self-monitoring and management of blood pressure levels at home settings using digital blood pressure devices.
The global blood pressure monitoring devices market is estimated to be valued at US$ 2 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing prevalence of hypertension: The increasing prevalence of hypertension across the globe is a major driver of the blood pressure monitoring devices market. As per the statistics by the World Health Organization (WHO), nearly 1.13 billion people suffer from hypertension worldwide. Technological advancements in blood pressure monitoring devices along with increasing adoption of home healthcare are further expected to support the market growth over the forecast period.
Ease of use and convenience: Blood pressure monitoring devices allow easy, frequent, and convenient measurement of blood pressure levels at home settings. Features such as Bluetooth connectivity, irregular heartbeat detection, and storage of readings in devices as well as smartphone apps provide ease of use and enhance patient compliance in self-monitoring of blood pressure. This widespread adoption of home healthcare and self-monitoring is expected to escalate the demand for blood pressure monitoring devices market during the forecast period.
Segment Analysis
The blood pressure monitoring devices market can be segmented into sphygmomanometers, automated blood pressure monitors, ambulatory blood pressure monitors and transmission systems. The automated blood pressure monitors segment dominates the market and accounts for over 60% share due to growing adoption of advanced technology by healthcare practitioners and patients for easy, quick and accurate measurement of blood pressure at home.
PEST Analysis
Political: Governments across countries are working on various policies and initiatives to increase awareness about managing blood pressure. This is consequently increasing the demand for blood pressure monitoring devices.
Economic: Rising disposable incomes and growing health expenditures are driving the adoption of advanced blood pressure monitoring devices globally.
Social: Growing geriatric population and increasing prevalence of hypertension is creating significant market demand. Technological advancements are making devices compact, mobile-enabled and user-friendly.
Technological: Leading manufacturers are focusing on development of wireless, smartphone-connected devices with features like self-measurement, data storage and transmission to physicians. This is increasing convenience and compliance for patients.
Key Takeaways
The Global Blood Pressure Monitoring Devices Market Growth is expected to witness high over the forecast period driven by increasing geriatric population, rising incidence of hypertension and advancement in medical technology.
Regional analysis: The North America region holds over 40% value share and is expected to remain the fastest growing regional market during the forecast period. This can be attributed to growing patient pool of heart diseases, favorable reimbursement policies, adoption of advanced medical technologies and presence of prominent players in the US and Canada.
Key players operating in the blood pressure monitoring devices market are Rent the Runway, Poshmark, Envoged, Dress & Go, Elanic Services Private Limited and GlamCorner Pvt Ltd. Rent the Runway dominated the market with its wide assortment of luxury dresses, while Poshmark captured significant share due to its large network of independent stylists and sellers providing diverse products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it