Blood Pressure Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Aneroid Blood Pressure Monitors, Digital Blood Pressure Monitors, Ambulatory Blood Pressure Monitors, Blood Pressure Transducers, Instrument & Accessories), By End-Use (Hospitals, Homecare, Ambulatory Surgical Centers & Clinics) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global blood pressure monitoring devices market size had a revenue share of USD 1,557 million in 2021, presumed to reach USD 3,693 million, expanding at a CAGR of 11.4% during the forecast period 2030.

At home, many people keep an eye on their blood pressure. They frequently use this to control or treat a specific medical issue. A blood pressure monitoring device uses the direct or indirect technique of pressure determination to automatically take and typically record the blood pressure at predetermined intervals. Blood pressure monitors are used to determine the pulse within the arteries. Blood pressure monitors or BP monitors are essential for measuring and monitoring hypertension. Because the pulse-checking equipment is highly accurate, doctors and other healthcare professionals can treat patients as needed. In some models, an alarm or light signal is triggered if the pressure reaches an abnormal level. For consumers to have a deeper understanding of any risk for heart disease and stroke, it is crucial to have an accurate blood pressure reading.

The main driver driving the industry's growth throughout the anticipated period is an increase in hypertension cases brought on by altered lifestyles. Hypertension, a leading global cause of premature death, affected 1.28 billion individuals globally in 2019, according to research released by the World Health Organization (WHO). Due to rising rates of obesity and a sedentary lifestyle, a large population base is at an increased risk for lifestyle-associated illnesses, which is driving up the demand for blood pressure monitors. Due to many market participants, the blood pressure monitoring devices market is competitive and fragmented. The leading blood pressure monitoring devices market is now focusing on growing their companies to improve their market positions.

Market Dynamics

Market Drivers

The Growing Geriatric Population and Prevalence of Hypertension

The market for blood pressure monitoring devices is anticipated to grow as the geriatric population rises in both developed and developing countries. Globally, 1 in 6 persons will be over 65 by 2050, up from 1 in 11 in 2019, according to the World Population Prospects of 2019. According to projections given by the UN, 703 million people worldwide were 65 or older in 2019, and by 2050, there will be 1.5 billion more older people. 

As the country with the highest percentage of senior citizens, Japan offers tremendous growth chances for this market. According to some experts, the leading risk factor for chronic illnesses is aging. Additionally, it impairs the immune system, raising one's risk of contracting acute diseases and comorbidities. As a result, it is anticipated that the market will rise due to the growing geriatric population, which is more likely to develop chronic diseases such as diabetes, cardiovascular diseases, and hypertension. Furthermore, since the senior population is mainly independent, managing vital signs, such as monitoring blood pressure and heart rate, is crucial for their health and well-being.

Because of the rising elderly population, rising obesity rates, rising sedentary lifestyle adoption, and rising geriatric and obese populations, there is a strong need for blood pressure monitors. According to WHO estimates, approximately 1.13 billion people worldwide suffer from hypertension, which also causes 7.6 million deaths yearly. In this decade, high blood pressure has been predicted to have a significant role in developing hemorrhagic stroke and coronary heart disease. In addition to being the most common, hypertension is the main contributor to cardiovascular disease, early mortality, and disability. It causes a considerable financial strain. According to Nature Review, awareness of hypertension and how to treat and manage it is notably low in middle-income nations. This further propels the blood pressure monitoring devices market. 

Market Restraints

The Issue of Reimbursement Policies

Unfavorable reimbursement policies are one thing preventing this market from expanding. Only the blood pressure monitor used to identify and treat white-collar hypertension is covered by medical insurance. The market for ambulatory blood pressure monitors for clinical usage is anticipated to contract throughout the projected period due to the high costs borne by patients. But as more Americans were now experiencing hypertension, the Centers for Medicare Services announced in 2018 that it has extended reimbursement insurance for ambulatory blood pressure monitoring (ABPM) devices. In addition, as smartphones and other digital devices are utilized more frequently in healthcare settings, severe security concerns have arisen because of the amount of big data (patient information) that these developments hold. The public is concerned about how people and hybrid cloud computing are expanding in the healthcare sector. This creates restraints in the blood pressure monitoring devices market. 

Market Opportunities

The Shifting Consumer Preference

People are more drawn to home care devices in this era of social transmission, and there is a shift in care venues from hospitals to homes. These kinds of gadgets include those that measure blood pressure digitally. They can accurately gauge changes in body temperature, blood pressure, and heart issues. As a result, during the projection period, consumer choice is changing in favor of adopting blood pressure monitoring devices at home, driving market expansion and opening up new potential prospects.

Regional Analysis

The region-wise segmentation of the global blood pressure monitoring devices market includes North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

North America and Europe will Dominate the Regional Market

North America will command the market with the largest share while expanding at a CAGR of 10.9%. Due to higher research spending, more initiatives to offer sophisticated products, and private-public cooperation, North America held the highest proportion. The development of supportive reimbursement programs and the high prevalence of chronic conditions like hypertension are additional vital factors influencing the market's growth in this region. The area boasts a well-developed & strictly controlled healthcare infrastructure. The main factor anticipated to support market expansion in the following years is increasing expenditures on developing accurate and efficient Blood Pressure (BP) monitors. One factor driving this market's growth is the aging population, which is more prone to chronic diseases and requires BP monitoring devices to diagnose and treat the disorders.

According to the CDC, nearly 108 million individuals in the US had hypertension in 2018, and high blood pressure was the leading cause of death for about 494,873 Americans that same year. Furthermore, High Blood pressure costs the nation up to USD 131 billion annually. The high frequency of high blood pressure and high costs associated with treating the ailment is expected to fuel market expansion in the nation and the region.

Europe will expand at a CAGR of 10.3% and hold USD 1,037 million. It is predicted that implementing the new Medical Device Regulation (MDR) and the In-vitro Diagnostics Regulation (IVDR) will significantly alter the medical device regulatory environment in the European Union. Expanded requirements for clinical testing of medical equipment, notably IVDs, costly certification of new goods, and recertification of current items are some significant changes anticipated upon adopting these rules. Due to these new requirements, the time and money needed to access the European market will likely increase. Additionally, the EU approved a wrist-worn cuffless BP monitoring system created by Aktiia SA in 2021. Such patent grants and approvals sign a friendly regulatory climate, which will likely encourage the manufacture and introduction onto the market of novel and creative items in the region.

Segmental Analysis

The global blood pressure monitoring devices market is classified based on product, end-use, and region. 

By Product Analysis

Based on the product, the segments include Aneroid Blood Pressure Monitors, Digital Blood Pressure Monitors, Ambulatory Blood Pressure Monitors, Blood Pressure Transducers, and instruments & Accessories. 

The aneroid blood pressure monitors section is projected to advance at a CAGR of 10.8% and hold the largest market share. These are also called Sphygmanometers. Sphygmomanometers are devices that monitor blood pressure and have uses in healthcare and research. Accurate blood pressure measurement is essential for medical diagnosis, illness prevention, and treatment. High blood pressure is one of the leading health issues contributing to cardiovascular disease, kidney failure, and stroke. It is predicted to be behind the rise in sphygmomanometer sales over the projection period. The availability of better diagnostic alternatives, rising consumer demand for home healthcare equipment, and increasing product awareness are further factors anticipated to support market expansion throughout the projection period.

The most typical method for measuring blood pressure indirectly is an aneroid sphygmomanometer. Without fluid, an aneroid uses mechanical components to convey pressure to the dial. Due to external pressure on clinics to become mercury-free, many mercury manometers are being replaced by aneroid devices, and the market is anticipated to rise during the forecast period. If calibrated and maintained correctly, aneroid devices can perform as precisely as mercury-based ones. 

The digital blood pressure monitors will hold the second-largest share. The digital blood pressure monitors market is anticipated to expand profitably over the projected period due to accuracy, simplicity, and cost-effectiveness benefits. The expanding patient knowledge of the cardiovascular disease, hypertension, and BP monitoring devices, as well as the rising prevalence of hypertension globally, are directly related to the increasing demand for digital monitors. The consumer healthcare market is also benefiting from ongoing technical breakthroughs, including advancements in wearable technology, applications, and mobile devices; a decline in the average selling price for manufacturers & retailers; and a rise in the penetration of the professional market. The accompanying advantages of automated devices, such as the consistency of results and the ban on mercury devices, are other elements anticipated to support market expansion in the upcoming years.

By End-Use Analysis

Based on end-use, the segments include Hospitals, Homecare, and Ambulatory Surgical Centers & Clinics. 

The hospital sector is projected to advance at a CAGR of 9.8% and hold the largest market share. Hospital admissions for chronic illnesses, including heart conditions and other crises, have reportedly increased, encouraging market expansion. Blood pressure monitoring equipment is commonly utilized in general wards and intensive care units to monitor patients' health. Many medical disorders need intensive care & treatment in a hospital, even if many ailments may today be managed in an outpatient setting. Patients are typically brought to an emergency room for acute diagnosis and management or the regular ward for non-emergency care. Patients with acute hypertension must have effective pressure management since they are always at risk for heart failure or a heart stroke. This treatment can be given in a hospital setting.

The ambulatory surgical centers & clinics will hold the second-largest share. The market expansion can be attributable to the rise of ambulatory procedures, which have a variety of benefits, including quick recovery times and lower costs. In addition, as compared to hospitals, ambulatory surgical facilities have a higher demand for technically sophisticated vital sign monitors. Minor surgical treatments are carried out in ambulatory surgical centers and hospitals. As they lessen the burden on hospitals and doctor's offices, these facilities are rising in industrialized and developing nations.

Impact of covid-19

COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.

Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.

Recent Developments

• In 2022, Philips Healthcare showcased its new AI-powered technologies and solutions at the European Congress of Radiology.
• In 2022, GF Health Products Inc. will launch the Everest & Jenningsâ PureTilt.