May 22, 2024
Sphygmomanometer Market

The Sphygmomanometer Market is Trending Towards Wireless Connectivity and Homecare Settings

The global Sphygmomanometer market is one of the most essential medical device markets. Sphygmomanometers, commonly known as blood pressure monitoring devices, are indispensable for measuring blood pressure non-invasively. They provide clinicians vital health insights and aid in diagnosing cardiovascular conditions. Advantages of sphygmomanometers include portability, easy usage, immediate readings, and reliability. With increasing lifestyle-related diseases and growing elderly population worldwide, monitoring blood pressure regularly has become more crucial than ever for healthcare management.

The Global Sphygmomanometer Market is estimated to be valued at US$ 3.92 Billion in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Sphygmomanometer are Omron Healthcare, ICU Medical Inc., Koninklijke Philips N.V., Baxter, Nihon Kohden, A&D Medical, Spengler, SunTech Medical, Rudolf Riester GmbH, Microlife Corporation, American Diagnostic Corporation, Panasonic Healthcare, Beurer, Rossmax International Ltd., PAUL HARTMANN, BPL Medical Technologies, and Homedics. The leadership of top players and continuous innovations are spurring the growth of this market.

Growing prevalence of cardiovascular diseases and other lifestyle-related disorders has increased the Sphygmomanometer Market Size for regular blood pressure monitoring. Self-monitoring and home healthcare are gaining popularity. This has prompted manufacturers to focus on wireless connectivity features and user-friendly designs for home use.

Geographic expansion to emerging regions and enhancements in product features are key strategies adopted by leading players. The market is witnessing high demand from Asia Pacific and Middle East & Africa. Increasing healthcare expenditures and expanding medical infrastructure in developing nations are major opportunities driving the global expansion of the sphygmomanometer market.

Market Key Trends

One of the key trends gaining traction in the sphygmomanometer market is growing integration of wireless connectivity and Bluetooth features in devices. This allows monitoring BP remotely on mobile apps and sharing readings with clinicians easily. Major players have launched a range of Bluetooth-enabled arm cuffs and wrist monitors to tap the potential of home healthcare and self-monitoring. Another notable trend is the emergence of oscillometric blood pressure monitors powered by different technologies like upper arm, wrist, and finger cuffs. These devices provide flexibility in terms of usability in different settings. Furthermore, manufacturers are including additional vital parameters like heart rate in combination devices to deliver holistic health insights from a single device to users.

Porter’s Analysis

Threat of new entrants: Low capital requirement and established brands name poses a challenge for new entrants. Bargaining power of buyers: Large customer base increases buyer’s bargaining power in terms of price negotiation. Bargaining power of suppliers: Suppliers have moderate bargaining power due presence of many suppliers. Threat of new substitutes: Substitution threat is low due to specialized nature and reliance on sphygmomanometer in medical applications. Competitive rivalry: Intense competition exists among existing players to gain market share through product differentiation, brand positioning, and pricing strategies.

Geographical Regions

North America holds the largest share in sphygmomanometer market in terms of value due to presence of major players, high healthcare expenditure, and increasing hypertension cases. Asia Pacific is expected to grow at the fastest pace during the forecast period attributed to rising medical tourism, growing geriatric population, increasing incidence of lifestyle diseases, and improvement in healthcare infrastructure.

Europe is the second largest sphygmomanometer market owing to growing aged population suffering from chronic diseases, developing healthcare infrastructure, and rising healthcare expenditure. Latin America and Middle East & Africa are expected to witness steady growth over the assessment period on account of increasing disposable income, adoption of advanced medical devices, and expanding medical facilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it