Blood pressure monitoring devices enable patients to keep a check on their blood pressure levels from the comfort of their home. These devices provide accurate blood pressure readings through digital monitoring technology such as upper arm cuffs, wrist cuffs, and fingertip devices. Blood pressure monitoring devices help identify hypertension early on and assist in its effective management.
The global blood pressure monitoring devices market is estimated to be valued at US$ 2 Bn in 2024 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 key trends:
One of the major trends in the blood pressure monitoring devices market is the increasing adoption of Bluetooth-enabled devices. These devices allow transmission of blood pressure readings to a smartphone using a dedicated app, which further transfers it to the healthcare provider. This enables remote patient monitoring and management of hypertension. Another trend gaining traction is the rising popularity of wearable blood pressure monitors such as wrist cuffs and fingertip devices. These devices are user-friendly and provide discreet monitoring of blood pressure levels. Furthermore, increasing investments by companies in development of novel monitoring technologies such as applanation tonometry and pulse wave velocity analysis are expected to bring more accurate home-use devices. This will further fuel the growth of the blood pressure monitoring devices market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat for new entrants is low in the Blood Pressure Monitoring Devices Market due to presence of established players and requirement of huge capital investments and regulatory approvals for developing new devices.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing a wide range of devices at competitive prices. However, increased health awareness is driving demand for low cost, accurate devices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of replacement suppliers and commoditization of raw materials.
Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes that provide similar functionalities and accuracy for measuring blood pressure.
Competitive rivalry: The competition is high among key players offering differentiated products with new features and technologies.
Key Takeaways
The Global Blood Pressure Monitoring Devices Market Size is expected to witness high growth during the forecast period. The global blood pressure monitoring devices market is estimated to be valued at US$ 2 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the Blood Pressure Monitoring Devices Market owing to increasing prevalence of cardiovascular diseases, growing elderly population, and supportive healthcare policies. Asia Pacific is expected to grow at the fastest pace due to improving healthcare infrastructure, rapid economic growth, and rising healthcare expenditure.
Key players: Key players operating in the Blood Pressure Monitoring Devices Market are Rent the Runway, Poshmark, Elanic Services Private Limited, Dress & Go, GlamCorner Pvt Ltd., Envoged, Etashee, Secoo Holdings Limited, and Secret Wardrobe. They offer a wide range of devices integrated with new technologies and features to gain increased market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it