Blood pressure monitoring devices are medical devices that help in measuring the blood pressure of patients. These devices provide reliable and accurate readings that help doctors to monitor patients' blood pressure levels and cardiovascular health conditions. Home-use blood pressure monitoring devices allow patients to conveniently check their blood pressure from the comfort of their homes and share the readings with their doctors. This enables better management of blood pressure and reduces burden on healthcare facilities.

The global Blood Pressure Monitoring Devices Market is estimated to be valued at US$ 2 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity
The growing adoption of home healthcare devices and remote patient monitoring solutions is expected to drive the demand for home-use blood pressure monitoring devices. Factors such as the increasing prevalence of hypertension, rising geriatric population, and growing need to reduce healthcare costs are encouraging more patients to opt for blood pressure self-monitoring. This is expected to provide lucrative opportunities for manufacturers to launch innovative and user-friendly blood pressure monitors for home use. The development of integrated systems that can automatically send readings to doctors will further augment the popularity of home healthcare-enabled blood pressure monitoring devices.

Porter’s Analysis
Threat of new entrants: Low due to high cost of capital investment and strict regulatory environment for medical devices. Existing key players hold a major market share.

Bargaining power of buyers: Moderate due to availability of various substitutes but growing awareness around cardiovascular diseases augments demand.

Bargaining power of suppliers: Low due to presence of numerous component manufacturers and raw material suppliers.

Threat of new substitutes: Moderate threat from non-invasive diagnostic methods but wearable blood pressure monitors are gaining traction.

Competitive rivalry: Intense competition between key players to gain market share through new product launches and expansion into emerging countries.

SWOT Analysis
Strength: Availability of advanced digital diagnostic devices, growing geriatric population prone to hypertension.

Weakness: High device costs limiting adoption in low and middle-income nations, need for frequent calibration.

Opportunity: Rising obesity and sedentary lifestyles fuelling the demand, untapped potential in Asian and Latin American countries.

Threats: Price wars among existing players, threat from alternate diagnostic modalities, data privacy and cybersecurity concerns.

Key Takeaways
The Global Blood Pressure Monitoring Devices Market Size is expected to witness high growth at a CAGR of 4.8% during the forecast period of 2023 to 2030. The market size is projected to reach over US$ 2 Bn by 2024.

Regional analysis indicates Asia Pacific as the fastest growing market attributed to increasing healthcare expenditure and large patient pools in China and India. North America dominated the market in 2022 led by robust reimbursement scenarios and technological advancements in the US and Canada.

Key players operating in the blood pressure monitoring devices market are Omron Healthcare, Koninklijke Philips N.V., A&D Company, Halma plc, Rossmax International Ltd., American Diagnostic Corporation, SunTech Medical, and Welch Allyn.

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