Published on : Jun 07, 2016
Hypertension refers to a chronic condition and is a cause of death worldwide. Risks of stroke, heart attack, and kidney failure will rise owing to the increasing blood pressure of individuals. The soaring aging population, the rising levels of stress, the absence of physical activity, and the increasing sedentary lifestyles have resulted in the increasing count of individuals having hypertension. Hence, blood pressure monitoring devices are employed for understanding the risks related to blood pressure and aid in effective measurement, monitoring, and condition management.
The future outlook of the market for blood pressure monitoring devices has been summarized as under:
- Market to Gain Pace in Order to Meet Rising Demand Globally: The demand for blood pressure monitoring devices is slightly greater than its supply. The reason is not the stagnancy in supply, but is owing to the rapidly growing demand for these devices. The market for blood pressure monitoring devices is therefore gaining pace in order to keep up with the rising demand. Although, this market is mature and is already established in nature, still the global blood pressure monitoring devices market will continue to rise at a CAGR of 7.30% from 2015 and 2023. The market is poised to reach US$3.8 bn by the end of 2023 from the value of US$2.0 bn in 2014. In addition, the rising healthcare investments within Asia pacific is a key opportunity in the market.
- Increasing Issues of Blood Pressure in Developed Nations: It has been found that the blood pressure issues are amongst the biggest problems that a number of public health agencies are undergoing. This, especially holds true for developed nations because of the fact that there is an absence of physical activity, soaring consumption rate of convenience foods, lifestyle changes, and increasing incidence of obesity in these nations.
For instance, as per the CDC, approximately 70 mn of American citizens have high blood pressure, which comes out to be approximately 29% of the population in the U.S. or one out of three American adults. Amongst these individuals, only about 50% have their blood pressure in control. This is why, the U.S. alone expends approximately US$46 bn on the numerous blood pressure treatment industries and treatments per annum. This trend will continue in the coming years too thus fuelling the overall market for blood pressure monitoring devices.
Thus, there is a positive outlook for this market in the coming years. However, a number of unfavorable polices globally may impede the growth of the market in the coming years.