Blood Pressure Monitoring Devices Market : Product Innovation The Key Strategy For Blood Pressure Monitoring Devices Manufacturers

Blood pressure can be defined as a measure of force that is exerted upon the walls of blood vessels. The exact cause of high blood pressure is unknown but it develops with changing lifestyle and growing age. Geriatric population, rising obese population, sedentary lifestyle are the factors that contribute to the growing incidence of hypertension. Rising incidence of blood pressure increases the awareness about blood pressure monitoring techniques. Hypertension is a chronic condition and a leading cause of death and is responsible for cardiovascular diseases and heart attacks globally. The global blood pressure monitoring devices market has been broadly segmented on the basis of device type, end user and geography. This report analyzes the current scenario as well as future market potential for blood pressure monitoring devices market globally.

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The competitive landscape of the global blood pressure monitoring devices market is dominated by companies with a diverse product catalog and expansive presence across various regions. Omron Healthcare, Welch Allyn, Philips Healthcare, Shenzhen Kingyield Technology, Panasonic, Contec Medical Systems, and A&D Medical. According to Transparency Market Research, the top five companies in the global blood pressure monitoring devices market accounted for 55% of the market in 2014, indicating a high degree of consolidation that is only likely to increase in the coming years.

The sustained product development efforts carried out by major players in the blood pressure monitoring devices market have led to a market marked by price-based competition. This has given large companies an edge over new entrants and specialist companies, which is likely to result in significant M&A activity in the blood pressure monitoring devices market in the coming years.

According to Transparency Market Research, the global blood pressure monitoring devices market was valued at US$2 bn in 2014. It is likely to exhibit a strong 7.30% CAGR from 2015 to 2023 and rise to a valuation of US$3.8 bn.

Home-based Healthcare to Remain Leading End User of Blood Pressure Monitoring Devices

The key end users of blood pressure monitoring devices are hospitals and patients availing home care facilities. The latter is likely to remain the leading contributor to the global market, with the valuation of the home care segment being almost twice that of the hospitals segment. The use of blood pressure monitoring devices in home care has been driven by the rising prevalence of hypertension and other lifestyle conditions that don’t necessarily require hospitalization but do necessitate continuous monitoring.

The incorporation of blood pressure monitoring devices in home care has also been helped by the steady product innovation in the industry. This has resulted in the production of reliable and efficient blood pressure monitoring devices, which has helped increase patient confidence. Due to the relatively simple fundamental nature of blood pressure monitoring devices, product innovation and price reductions have become the key strategies for manufacturers, which has helped drive the demand for blood pressure monitoring devices.

Unfavorable Reimbursement Policies Restrict Adoption of Blood Pressure Monitoring Devices

Despite the significant demand from hospitals as well as home care initiatives, reimbursement support for blood pressure monitoring devices is lacking in many countries. This is the key restraint on the blood pressure monitoring devices, as the increasing popularity of home healthcare means the reimbursement frameworks will need to be rearranged to reflect the increasing demand for blood pressure monitoring devices.

Asia Pacific Set to Dominate Blood Pressure Monitoring Devices Market

In 2014, North America was the dominant contributor to the global blood pressure monitoring devices market due to the presence of several leading international players, the increasing prevalence of blood pressure disorders, and the widespread availability of blood pressure monitoring kiosks for public use. The increasing deployment of blood pressure monitoring kiosks, which are becoming common in shopping complexes and other public areas in developed countries, has significant potential to drive the demand for blood pressure monitoring devices in North America and parts of Western Europe in the coming years.

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On the other hand, the immense potential of Asia Pacific, thanks to its large population base and the formidable presence of unmet medical needs, has encouraged several manufacturers of blood pressure monitoring devices to focus on it as a market for the present as well as the future. While Asia Pacific trails the North America market at present, it is expected to catch up with it over the 2015-2023 forecast period and emerge as a leading contributor to the global blood pressure monitoring devices market.

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This release was published on openPR.