Published By : 04 May 2016 | Published By : QYRESEARCH
The rising incidence of hypertension and blood pressure is driving the market for blood pressure monitoring devices. Hypertension and blood pressure should be monitored regularly, since they increase the risk of kidney failure, heart attack, and stroke. Furthermore, hypertension is also becoming an increasingly common condition affecting millions worldwide, specifically those belonging to the geriatric population. Since, aging population are at high risk of blood pressure, demand for blood pressure monitoring is rising significantly among people aged 55 years and above.
Be it due to the sedentary lifestyle, lack of physical activity, or rising stress level, even younger people are also complaining of blood pressure and hypertension. These factors however have proven helpful for the global blood pressure monitoring devices market on account of increasing the sale of devices it registers.
Global Market for Blood Pressure Monitoring Devices to reach US$3.8 bn by 2023
Various behavioral, metabolic, and social factors augment the prevalence of hypertension and blood pressure. Behavioral risk factors such as consumption alcohol and tobacco, unhealthy diet, and physical inactivity increase the risk of hypertension. The blood pressure monitoring devices are specially designed to help people monitor and manage their blood pressure levels efficiently.
According to a report published by Transparency Market Research (TMR), the global market for blood pressure monitoring devices is expected to exhibit a CAGR of 7.3% between 2015 and 2023. The market stood at a valuation of US$ 2.0 bn in 2014 and it is anticipated to reach US$3.8 bn by the end of 2023.
North America Dominates Global Blood Pressure Monitoring Devices Market
Regionally, the North America led the global market for blood pressure monitoring devices in 2014, accounting for a share of 32% in the overall market. As per findings of the aforementioned TMR report, almost 92 million people living in the U.S. suffered from blood pressure in 2014. This growing prevalence of blood pressure and hypertension in North America will fuel demand for blood pressure monitoring devices in the region. In the same year Asia Pacific emerged as the second largest market for blood pressure monitoring devices accounting for a share of 28% in the overall market.