A blood pressure monitoring device is a device that is used to measure and obtain the blood pressure at particular intervals. The blood pressure monitors measures two pressures namely, systolic and diastolic. Diastolic pressure is usually taken into account when the patient’s heart is resting and filling with blood, whereas systolic pressure is measured when patient’s heart beats and passes blood through the arteries.
Forecast Analysis of Global Blood Pressure Monitoring Device Market
The global blood pressure monitoring devices market is expected to witness an expeditious growth during the forecast period (2021-2028), owing to the increasing cases of high blood pressure among the geriatric population across the globe. In addition, increasing initiatives and notable awareness programs on hypertension and other chronic disorders implemented by the government are expected to drive the growth of the market during the forecast period. Furthermore, subsequent rise in the rate obesity across the globe, owing to the adoption of sedentary lifestyle among people is further expected to create massive opportunities for the growth of the blood pressure monitoring devices market by 2028. However, extortionate investment cost for the development of BP monitoring devices is expected to impede the growth of the global market during the forecast period.
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According to the report published by Research Dive, the global blood pressure monitoring device market is expected to generate a revenue of $3,293.3 million by 2028, growing exponentially at a CAGR of 11.6% during the forecast period. The major players of the market include Omron Corporation, A&D Company, Welch Allyn, Microlife Corporation, Kaz, A Helen of Troy Company, Smiths Group Plc, Rossmax International Limited, SunTech Medical Inc., GF HEALTH PRODUCTS, Inc., Koninklijke Philips N.V, and many more.
Recent Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global blood pressure monitoring devices market to grow exponentially.
For instance, in September 2021, 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 order to bring about better BP solutions to customers with the help of revolutionary strategies and expert knowledge of the two companies.
In October 2020, BeatO, a digital care ecosystem for chronic disease management, collaborated with OMRON Healthcare India, a leader in innovative blood pressure products, in order to maximize their service to users, allowing them to gain real-time advice on blood pressure management.
In January 2020, SunTech Medical, Inc., the leading provider of clinical-grade blood pressure measurement technologies and devices, collaborated with Valencell Inc., the leader in highly accurate biometric sensors for wearables, in order to devise appropriate strategies and jointly develop new and effective blood pressure measurement solutions that are capable of enhancing patient safety.
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Most Profitable Region
The Asia-Pacific region is expected to have the largest market share, and generate a revenue of $1,780.3 million during the forecast period. Immense need for novel therapeutics for the treatment of hypertension and the presence of prominent players of the market in this region is expected to accelerate the growth of the regional blood pressure monitoring devices market.
Impact of COVID-19 on the Market
The outbreak of COVID-19 has had a positive growth on the growth of the global blood pressure monitoring devices market, owing to the increasing health concerns of people across the globe during the pandemic. Increased difficulties faced by people while accessing healthcare facilities for checkups due to the already maximized work load on the healthcare professionals during the pandemic enabled the customers to opt for home BP monitoring devices and digital health technologies.
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