The blood pressure transducers market is estimated to garner a significant revenue by growing at a notable CAGR over the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the growing geriatric population and increasing prevalence of hypertension among individuals worldwide. According to the World Health Organization (WHO), it is predicted that the number of people aged 60 years and older will rise up from 1 billion in 2019 to 1.4 billion by the end of 2030. Moreover, the lifetime risk of suffering from hypertension is more than 80% for individuals between the ages of 60-65 years. Major lifestyle changes and lack of physical activities intensify the possibility of blood pressure issues as well, which is anticipated to raise the demand for BP transducers, and in turn drive the growth of the market. Technological advancements and increasing awareness about health problems are also projected to fuel the market progress.
The market is segmented by type into reusable and disposable, out of which, the segment for disposable transducers is anticipated to hold a notable market share in the year 2021 on account of their ease of use and low cost of these appliances. As the name suggests, disposable transducers are disposable in nature, and these medical equipment helps in reducing hospital infections.
The market is also segmented on the basis of end-user into hospitals, clinics, ambulatory surgical centers, and diagnostic laboratories, out of which, the diagnostic centers segment is anticipated to grow at the highest CAGR throughout the forecast period. The growth of the segment can be attributed to the growing need for early diagnosis of diseases, whereas, the hospitals section occupies the largest market share in the year 2021 owing to the rising prevalence of cardiovascular diseases.
Geographically, the blood pressure transducers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing incidents of hypertension, rising health awareness and growing investments by manufacturers. Moreover, rising emphasis to improve healthcare sector by governments of developing nations is also expected to drive growth to the market. For instance, according to secondary sources, Indian government aims to increase healthcare expenditure to almost 3% of the total GDP share by 2022.
As of 2021, the market in North America is estimated to generate the highest revenue. The growth of the market in the region can be attributed to the well-established and developed healthcare facilities in nations such as the United States. Ongoing technological advancements to develop more effective medical devices also play a crucial role in the progress of the market in this region.
The global blood pressure transducers market is further classified on the basis of region as follows:
Our in-depth analysis of the global blood pressure transducers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving the market growth are increasing cases of hypertension and growing geriatric population.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
Lack of skilled experts and issues regarding accuracy of machine are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for growth on the back of rising health awareness.
The major players in the market are Utah Medical Products, Inc., ICU Medical, Inc., B. Braun Melsungen AG, Argon Medical Devices, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, technology, end-user and by region.
The hospitals segment is anticipated to hold the largest market size and is estimated to grow at a remarkable CAGR over the forecast period and display significant growth opportunities.
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