Blood Pressure Monitors Set for Stable Market Growth as Health Concerns Show No Sign of Ebbing
The world market for blood pressure monitors will enjoy steady growth in the years ahead as aging populations climb in number and diseases exacting their toll require observation and supervision, according to a new report from IHS Inc., a leading global source of critical information and insight.
Global revenue for blood pressure monitors is set to reach $854.9 million by year-end, up a modest 2% from $838.8 million in 2012. Revenue expansion will hold firm at the 2% to 3% range for the next three years, before bounding to a 5% increase by 2017. By then, industry takings will amount to $963.2 million, as shown in the attached figure. The majority of revenue will stem from automatic upper-arm monitors, which is the preferred type of blood pressure monitor.
“One important reason for the consistent rise in revenue over the years is that the worldwide population of those aged 65 and above will continue to grow over time, making up an increasingly larger percentage,” says Roeen Roashan, analyst for consumer medical devices and digital health. “As a result, health monitoring will increase, which will drive market growth for blood pressure monitors. While evident in all regions, the phenomenon will be particularly apparent in Europe and Asia.”
A second reason for the growth of the market stems from the continuing peril imposed by cardiovascular diseases such as hypertension, responsible for more than 30% of annual deaths, Roashan notes. Lifestyle diseases are at their highest prevalence given the current state of people diagnosed with high blood pressure, diabetes, and obesity. In particular, developing countries such as China, India, Russia, and the sub-Saharan African region are experiencing high growth in hypertension incidence, taking place because of a richer diet borne out of rising discretionary income. The trend in these regions will undoubtedly spur market demand overall for blood pressure monitors.
A third reason is due to government initiatives in preventive care, which have had the effect of increasing awareness among consumers of the benefits to be obtained from health monitoring. The basis for preventive care is health monitoring, and prohibitive healthcare costs have only added to the urgency of the matter.
Among countries, Denmark and the U.K. have been especially successful in implementing telehealth, or the remote monitoring of health conditions via monitors and compatible devices, contributing to higher demand for blood pressure monitors.
Overall, blood pressure monitors will be part of an $8.2 billion market this year for consumer medical devices including blood glucose meters, activity and heartrate monitors, and hearing aids. By 2017, total revenue for consumer medical devices will equate to a staggering $10.6 billion.