Blood Pressure Transducers Market size was valued at USD 2.15 billion in 2023 and is poised to cross USD 4.93 billion by the end of 2036, registering more than 6.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of blood pressure transducers is estimated at USD 2.26 billion.
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 blood pressure transducers market progress.
Growth Drivers
Concerns Associated with the Increasing Prevalence of Blood Pressure
Growing Geriatric Population
Rising Awareness about Health Issues
Challenges
Lack of Skilled Experts
Issues Associated with Inaccurate Measurements of Blood Pressure Transducers
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6% |
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Base Year Market Size (2023) |
USD 2.15 billion |
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Forecast Year Market Size (2036) |
USD 4.93 billion |
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Regional Scope |
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The blood pressure transducers 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 blood pressure transducers 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.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Technology |
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End-User |
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including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific industry is estimated to hold largest revenue share by 2036, driven by 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 blood pressure transducers market in this region.
Author Credits: Radhika Pawar
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