Digital Blood Pressure Monitors Market
Number of pages: 100 | Report Format: PDF | Published date: January 24, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.04 billion |
|
Revenue Forecast in 2030 |
US$ 2.58 billion |
|
CAGR |
10.6% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global digital blood pressure monitors market was valued at US$ 1.04 billion in 2021 and is expected to register a revenue CAGR of 10.60% to reach US$ 2.58 billion by 2030.
Digital Blood Pressure Monitors Market Fundamentals
Digital blood pressure monitors are becoming increasingly popular as they provide a convenient and accurate way to measure and monitor an individual’s blood pressure. These devices are designed to be user-friendly, allowing users and healthcare professionals to access data from anywhere. These sensors can detect abnormal readings, alerting users about potential health issues. With digital blood pressure monitors, users can easily track their health over time and make appropriate lifestyle choices.
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Digital Blood Pressure Monitors Market Dynamics
Blood pressure plays a crucial role in the indications process used by healthcare practitioners to determine a patient’s health. The rising hypertension cases among the population across the globe have positively influenced the need for necessary blood pressure check-ups. The growing adoption of digital blood pressure monitors among people can be attributed to the rising prevalence of chronic diseases primarily caused by hypertension, such as cardiovascular disorders, arrhythmia, and stroke.
According to the Centers for Disease Control and Prevention (CDC), more than 670,000 deaths were reported in the U.S. in 2020, with hypertension as the primary cause. Moreover, about 47% (approximately 116 million) of the adult population in the U.S. is expected to suffer from hypertension in the next few years, which is projected to positively influence the global market development.
Continuous technological advancements by researchers for the development of advanced and convenient solutions are propelling the digital blood pressure monitors market revenue growth. The global market’s revenue growth is also driven by the rapidly increasing adoption of mHealth (mobile health) solutions due to urbanization in various developed and developing economies. Increasing interest of manufacturers to launch innovative digital blood pressure monitors further fuels the overall market revenue growth. Moreover, the cost-effectiveness of products, improving disposable income, and public awareness about such advanced technologies contribute to the global digital blood pressure monitors market development.
However, the accuracy of digital blood pressure monitors can be impacted by body movements or an erratic heart rate. While some types of digital blood pressure monitors are only compatible with the left arm, causing some difficulties in operations for certain patients. These drawbacks of the device are likely to hinder revenue growth of the global market in the upcoming years.
Digital Blood Pressure Monitors Market Ecosystem
The global digital blood pressure monitors market is analyzed from three perspectives: product type, end-user, and region.
Digital Blood Pressure Monitors Market by Product Type
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Based on the product type, the global digital blood pressure monitors market is segmented into wrist type, upper arm type, and finger type.
The wrist-type segment accounts for the largest revenue share of the global digital blood pressure monitors market. The wrist arteries are narrower and closer to the skin than the other arteries (upper arm arteries), thus resulting in higher precision in the blood pressure readings by digital wrist blood pressure monitors. Additionally, the growing adoption and popularity of digital wrist blood pressure monitors among the population also contribute to the dominance of this segment. Some advantages of digital wrist blood pressure monitors, such as being handy and convenient with accurate and relatively faster blood pressure readings, further fuel the sales of digital wrist blood pressure monitors. These factors contribute to the continued revenue growth of the segment in the digital blood pressure monitors market.
The digital upper arm type segment is expected to gain a significant revenue share of the market in various economies. The increasing usage of digital upper arm blood pressure monitors across various healthcare institutions is a significant factor driving this segment's revenue growth. Precise measurements are critical for healthcare professionals to better understand patient blood pressure to diagnose and manage hypertension and other related diseases. Hence, rise in the device adoption is expected to drive the segment's revenue growth during the forecast period.
Digital Blood Pressure Monitors Market by End User
Based on the end-user, the global digital blood pressure monitors market is segmented into hospitals & clinics, ambulatory surgical centers, homecare settings, and others.
The hospitals & clinics segment accounts for the highest revenue share of the global digital blood pressure monitors market. This can be primarily ascribed to the footfall of a large patient population to diagnose and manage diseases. Additionally, the high adoption of advanced technologies with continuously evolving healthcare services in this segment further fuels the expansion of the hospitals & clinics segment, hence supporting the overall digital blood pressure monitors market development.
The home care segment is estimated to demonstrate notable revenue growth during the forecast period. The availability of smart wearables that provide mobility and remote monitoring is expected to drive the revenue growth of the home care segment.
Digital Blood Pressure Monitors Market by Region
Based on the region, the global digital blood pressure monitors market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America registered the largest revenue share of the global market in 2021 and is estimated to show similar dominance during the forecast period. This can be attributed to the high prevalence of hypertension and the large patient base for chronic diseases, such as cardiovascular disorders, strokes, and arrhythmia. Additionally, the high geriatric population, which is vulnerable to various medical conditions, and increased awareness among people for early diagnosis and treatment also contribute to the revenue growth of the North America market. Moreover, well-developed healthcare infrastructure with advanced healthcare systems and high healthcare expenditure further encourage the digital blood pressure monitors market expansion in North America. Ongoing investments for the development of precise and effective digital blood pressure monitors coupled with new product releases and technical improvements are likely to propel the market's revenue growth.
Digital Blood Pressure Monitors Market Competitive Landscape
The prominent players operating in the global digital blood pressure monitors market are:
Digital Blood Pressure Monitors Market Recent Developments
The global digital blood pressure monitors market is expected to be valued at US$ 2.58 billion in 2030.
The digital Blood pressure monitors market is expected to register a revenue CAGR of 10.6% during the projected period.
North America accounts for the largest revenue share of the global digital blood pressure monitors market.
Body movements or heart rate can negatively influence the accuracy of digital blood pressure monitors, which may limit their adoption, thereby hindering the revenue growth of the digital blood pressure monitors market to a certain extent.
The wrist type segment dominates the digital blood pressure monitors market.
*Insights on financial performance are subject to the availability of information in the public domain