Players keen to bolster their positions further in the global blood pressure monitoring devices and accessories market are seen pouring money into research and development to come up with more sophisticated and effective products. Such players are also focusing on strengthening their distribution networks in order to up their sales.
Some of the key players in the global blood pressure monitoring devices and accessories market are Omron Healthcare, Inc. (OMRON Corporation), SunTech Medical, Inc. (Halma plc), SPENGLER, Koninklijke Philips N.V., Schiller AG, Spacelabs Healthcare, American Diagnostic Corporation, Bosch + Sohn GmbH u. Co. KG, Withings SA, Welch Allyn, Inc. (Hill-Rom), A&D Medical, and GE Healthcare.
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A report by Transparency Market Research finds that the global blood pressure monitoring devices and accessories market will likely rise at a steady CAGR of 7.0% during the period between 2017 and 2025. Expanding at this pace, the market which was worth US$1.75 bn in 2016 is expected to become worth US$3.18 bn by 2025.
Depending upon the type of product, the global blood pressure monitoring devices and accessories market can be categorized into sphygmomanometers, automatic blood pressure monitors, blood pressure transducers, ambulatory blood pressure monitors, and blood pressure instrument accessories. Of them, the automatic blood pressure monitors pulled in maximum revenue in 2016 because of the increasing demand for sophisticated blood pressure monitoring devices.
Geographically, the key segments of the global blood pressure monitoring devices and accessories market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America leads the market with maximum share because of the incidence of hypertension and the increasing preference of patients for digitally and technologically advanced blood pressure monitoring devices. Retaining its position, the North America market is predicted to gross revenue to the tune of US$1.03 bn by 2025.
Stressful Lifestyle of People Benefits Market
Majorly fuelling growth in the global blood pressure monitoring devices and accessories market is the increasingly busy and stressful lifestyle of people coupled with bad eating habits. This has upped the occurrence of hypertension among people considerably. In addition, initiatives by governments and independent bodies to generate awareness about hypertension is also proving beneficial to the market.
According to Center for Disease Control and Prevention (CDC), for example, in the U.S. alone about 75 million adults have high blood pressure, which imposes a total cost of US$46.0 bn each year on healthcare systems, which is reason enough for governments to take initiatives to curb the menace.
Technological advancements in the design and utilities of the diagnostic devices is also serving to boost the blood pressure monitoring devices and accessories market.
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Erroneous Readings due to Obesity Hampers Demand
One factor, acting as a deterrent to the swift uptake of blood pressure monitoring devices and accessories is the inaccuracy in the readings on account of obesity or any pre-existing CV disorder. To overcome such challenges and open up new avenues of growth, key players in the market are incorporating multiple features in the devices to cater to the need of customers.