The blood pressure monitoring devices market size was valued at USD 5.1 Billion in 2023 and is expected to reach a market size of USD 10.8 Billion by 2032 at a CAGR of 8.6%.
Fort Collins, Colorado, April 21, 2024 (GLOBE NEWSWIRE) --
Population growth, followed by a rise in spending on healthcare, drives the market growth.
The blood pressure monitoring devices market is poised for significant growth, particularly in untapped markets and regions witnessing a surge in health awareness. Emerging economies like China, India, and Brazil, boasting large populations and a rise in healthcare spending, represent lucrative opportunities for manufacturers of blood pressure monitoring devices. According to a report by the World Economic Forum, healthcare expenditure in emerging markets is projected to soar to USD 4.2 trillion by 2025, up from USD 2.4 trillion in 2015.
Moreover, the mounting health consciousness and government initiatives aimed at promoting preventive healthcare and managing conditions like hypertension are anticipated to propel the adoption of blood pressure monitoring devices. For instance, the Indian government's launch of the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) in 2010 underscores its commitment to screening and managing non-communicable diseases, including hypertension, thereby creating favorable conditions for the blood pressure monitoring devices market.
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Segmentation Overview:
The blood pressure monitoring devices market has been segmented into product type, technology, sales channel, and region.
Sphygmomanometers will lead the product type in the coming years.
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The popularity of digital sphygmomanometers can be attributed to their ease of use, accuracy, and affordability compared to other types of blood pressure monitoring devices. These devices provide quick and reliable readings, making them a preferred choice for healthcare professionals and individuals monitoring their blood pressure at home.
Digital devices have registered considerable growth and will continue to propel the segment growth in the following years.
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Digital blood pressure monitoring devices, including digital sphygmomanometers and digital ambulatory blood pressure monitors, have gained significant market share due to their user-friendly interface, accurate readings, and ability to store and track data over time. The widespread availability and affordability of digital devices have made them a popular choice for both healthcare facilities and home users.