Smart Blood Pressure Monitoring Devices market COVID-19 Impact, Trends & Business Statistics By 2030
Posted by Mrudula Karmarkar on August 24th, 2022
The global smart blood pressure monitoring devices market size is expected to reach USD 2.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.1% from 2022 to 2030. The rising prevalence of chronic diseases and increasing penetration of home healthcare services & remote use of devices are the key factors driving the product demand. The demand for smart blood pressure monitoring devices is projected to witness a rise during the forecast period due to the high adoption rate.
The COVID-19 pandemic had disrupted the transportation and supply chain of the product in the market due to the restrictions imposed by the government. As the demand for the devices increased for medical purposes to fight against COVID-19, the supply of the product also increased. COVID-19 led to an increase in demand and need for blood pressure monitors. Hence, the market players have also increased the production and supply of the devices with a competitive price in the market.
The growing aging population and rising healthcare awareness among the people have boosted the market for wearable devices. The increasing incidence of hypertension has led to rising demand for cost-effective, rapid, and accurate diagnostic solutions. Smart blood pressure monitoring devices are one of the vital signs monitors of life which can be used remotely. The cost-effective and accurate results offered by these indicators are one of the key factors responsible for market growth.
The global market has witnessed growth in 2020 during the COVID-19 pandemic due to the increase in the demand for remote monitoring devices. Increasing incidences of hypertension due to eating habits, stress, and changing lifestyles are contributing to the growth of the market over the forecast period. According to the estimates published by the World Health Organization (WHO) in 2021, around 1.28 billion adults aged 30-79 years have hypertension globally.
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The COVID-19 pandemic had positively impacted the health monitoring devices market. Initially, the lockdown has impacted the supply chain and logistics of every market globally. As the need for these devices increases, the restriction on transportation and logistics also lifted off to fulfilling the demand for the product in the market. The lockdown and restrictions have changed the purchase and usage behavior across the globe, which has increased the usage of health monitoring devices. The rising awareness and benefits of the devices among consumers have contributed to the growth of the market for smart blood pressure monitoring devices.
Smart Blood Pressure Monitoring Devices Market Report Highlights
The demand for smart blood pressure monitoring devices is very high on account of the prevalence of chronic disease, rising geriatric population, and increasing risk of lifestyle associated disorders among a wide population due to the rising incidences of obesity and sedentary lifestyle. The smart blood pressure monitoring device works one step ahead towards accuracy and reliable blood pressure measurement at home and ensures that the patient gets trustworthy results due to its advanced working mechanism. These smart devices can also show the record of its previous measurements done at home and the physician can interpret the blood pressure trends on the basis of previous records also and prescribes medicines on the basis of the analysis.
The market for smart blood pressure monitoring devices is witnessing intense competition as it is price sensitive. The market players are continuously launching advanced products in a low price range to capture a big share of the market. The companies are adopting competitive strategies, such as mergers and acquisitions, strategic alliances, collaborative agreements, and partnerships, to withstand the competition. The industry growth is directly associated with the rising investments by manufacturers in the development of cost-effective, innovative, and easy-to-use products. For instance, in January 2021, Omron Healthcare introduced its first remote patient monitoring service at CES 2021 with new digital health tools to boost patient-to-physician communication and empower more active management of hypertension.
Some of the prominent players in the smart blood pressure monitoring devices market include:
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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