Blood pressure monitoring devices are used to measure an individual’s blood pressure at regular intervals. These devices help in identifying hypertension at an early stage and monitoring blood pressure levels over time under medical supervision. They provide convenience to patients as frequent BP checks can be done comfortably at home without visiting a physician. Automatic blood pressure monitors are preferred as they eliminate errors associated with manual measurement and provide readings with just one click. The devices are also affordable and reimbursement for home monitoring encourage their adoption.
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 key trends:
One of the key trends in the blood pressure monitoring devices market is the growing adoption of wearable blood pressure monitors. These devices can be worn like a watch or armband and constantly monitor the blood pressure levels throughout the day. They eliminate the need for multiple spot readings and provide a comprehensive picture of an individual’s blood pressure profile. This helps physicians devise better treatment strategies. Growing preference for contactless monitoring during the pandemic has also fueled the demand for wearable BP monitors. Additionally, technological advancements are leading to the development of integrated monitors that can track other vital parameters along with blood pressure. This is expected to make health monitoring more convenient.
Threat of new entrants: The threat of new entrants is moderate. Many regulations from regulatory bodies mean high costs for product development and market entry.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have many product options from different manufacturers at varying price points.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of key materials and components have some influence over price but overall costs have been decreasing.
Threat of new substitutes: The threat of new substitutes is low. No major substitute products have emerged that can replace the clinical effectiveness and diagnostics of blood pressure monitoring devices.
Competitive rivalry: The competitive rivalry is high amongst major players. Companies compete based on product innovation, pricing, and market share.
The Global Blood Pressure Monitoring Devices Market Demand is expected to witness high growth. The market size for 2023 is projected to reach US$ 2 Bn, indicating growth of nearly 5% annually over the forecast period of 2023 to 2030. North America is currently the largest and fastest growing regional market due to increased awareness and early technology adoption. 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.
Regional analysis: North America is currently the dominant regional market for blood pressure monitoring devices. Awareness of cardiovascular risks and availability of advanced products have boosted market growth. The Asia Pacific market is expected to grow at the fastest pace due to rising healthcare expenditure and growing medical tourism industry in countries like India and China. Increased affordability is also expanding the potential patient base.
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. The major players compete based on technological innovations, partnerships, mergers & acquisitions, and expansion of manufacturing facilities especially in high growth markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it