Blood Pressure Monitors Market Trends

Growth Drivers

• Increase in Geriatric Population - Approximately 747,238,580 people over the age of 60 are estimated to be living around the world at the end of 2021, according to a recent report by the World Bank. Future projections predict an increase in the number. As the geriatric population grows and lifestyle-associated disorders become more prevalent among a wider population owing to obesity and sedentary lifestyles, BP monitors have become very popular. Keeping blood pressure under control was critical even before COVID-19, and is even more so now. Routine checkups among older people are essential to keeping track of blood pressure, this factor is expected to propel the growth of the global blood pressure monitors market over the forecast period.
• Rising Cases of Atrial Fibrillation (Afib) Around the World- One of the most common heart arrhythmias treated is atrial fibrillation. Generally, arrhythmias are caused by fast or irregular heartbeats, which can cause blood clots in the heart. Such a condition can prove more dangerous if a person has diabetes and high blood pressure problems. As per the estimation of the Centers for Disease Control and Prevention, 12.2 million Americans are estimated to suffer from atrial fibrillation by 2030.
• Increasing Prevalence of Chronic Diseases Worldwide- Blood pressure monitors are used for the chronic disease management, that is further predicted to boost the market’s growth.  According to the Centers for Disease Control and Prevention, 6 out of 10 adults in the United States suffer from a chronic disease.
• A Surge in Exports of Medical Devices - Data from the International Trade Centre (Trade Map) shows that the value of medical devices exported globally was USD 134,418,270 in 2018, growing to USD 153,157,380 in 2020.
• Increasing Medicare Expenditure - As per the data from the Centers for Medicare & Medicaid Services, the Medicare budget rose by 3.5% to USD 829.5 billion in 2020, which represents 20% of the total national healthcare budget.

Challenges

• High Cost of Advanced Blood Pressure Monitoring Devices - One of the major factors affecting the growth of the global blood pressure market negatively is the higher cost associated with monitoring devices. Furthermore, monitoring devices comprise many expensive components to provide results with accuracy, hence, the price of these devices also increases.
• Lack of Awareness in Developing Countries
• Battery-Dependent Digital Devices