The global smart blood pressure monitoring devices market size was estimated at around USD 998.3 million in 2021 and it is projected to hit around USD 2.7 billion by 2030, growing at a CAGR of 11.2% 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.
Scope of The Report
|Market Size in 2021||USD 998.3 Million|
|Revenue Forecast by 2030||USD 2.7 Billion|
|Growth rate from 2022 to 2030||CAGR of 11.2%|
|Forecast Period||2022 to 2030|
|Segmentation||Phase, study design, therapeutic areas, region|
|Companies Covered||Omron Healthcare, Inc; Koninklijke Philips N.V.; Qardio, Inc.; iHealth Labs Inc.; ForaCare Suisse AG; Welch Allyn; A&D Medical Inc.; Beurer GmbH; Microlife AG; Withings; Kaz Inc.; SunTech Medical, Inc.|
The upper arm blood pressure monitor segment dominated the market for smart blood pressure monitoring devices and accounted for the largest revenue share of more than 60.6% in 2021 as it is the most accurate form of device used to monitor blood pressure. This device can be easily operated by consumers at home with a reliable result. The wrist blood pressure monitor segment generated the second-highest revenue in 2021 and is expected to witness the highest growth rate over the forecast period due to the rising awareness about health and fitness among the people.
The wrist blood pressure monitoring devices is the most convient and easy to use device. The accuracy of the device vary in different product as per the technology used in the device. A person can carry the device and can check the blood pressure from any remote place without any assistance. However, the American Heart Association recommends using a home blood pressure monitor that measures blood pressure in upper arm and not using wrist or finger blood pressure monitors.
The Bluetooth based segment dominated the market for smart blood pressure monitoring devices and accounted for the maximum revenue share of more than 76.6% in 2021 as most of the blood pressure monitor devices are based on blueooth connectivity and people are still not aware of Wi-Fi based devices. These devices are easy to use and compact, and gives the option of transferring results via Bluetooth to a smartphone, or laptop to ensure more thorough follow-up care for the patient.
The wi-fi based/4G segment is expected to witness the growth rate of 15.9% over the forecast period as Wi-Fi based blood pressure monitor provides medically accurate and reliable blood pressure and heart rate measurements with immediate feedback on the device and full history in the app which can also be linked with various health programs.
North America dominated the smart blood pressure monitoring devices market and accounted for the maximum revenue share of more than 41.2% in 2021. as it has a highly regulated and developed healthcare infrastructure. Increasing investments in the development of accurate and effective blood pressure monitoring devices are expected to contribute to the regional market growth in the coming years. Moreover, new product launches, along with technological advancements, are expected to fuel the growth of the market for smart blood pressure monitoring devices.
In Asia Pacific, the market for smart blood pressure monitoring devicesis expected to register the fastest growth rate over the forecast period. The presence of untapped opportunities, increasing investments by manufacturers, growing awareness levels, and rising incidences of hypertension. Rapidly improving healthcare facilities and the rising number of undiagnosed and untreated cases of high blood pressure are the key factors contributing to the regional market growth.
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