Wireless Blood Pressure Monitor Market Segmentation, Opportunities, Trends & Future Scope to 2027
Wireless Blood Pressure Monitor Market Introduction
Wireless blood pressure monitor is a technological advanced device used to monitor blood pressure in adults. These devices are also known as digital blood pressure monitors as these are compatible with smartphones for tracking blood pressure on daily basis. Wireless blood pressure monitor helps both health care providers and patients in self-management of blood pressure. Increasing usage of smartphones have resulted in increasing investments and development of innovate healthcare applications.
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According to research published on NCBI, one third of the consumers across the globe owned mobile phones by 2017. Nearly 100,000 health-related apps were introduced in 2016 which has increased to around 259,000 health apps presently. The treatment of blood pressure costs around US$ 48.6 Bn in the U.S. each year which includes medication for treatment of high blood pressure and cost of health care services.
Wireless Blood Pressure Monitor Market: Competitive Landscape
Major players operating in the global wireless blood pressure monitor market include Omron Healthcare, Inc., Koninklijke Philips N.V., Qardio, Inc., Nokia Corporation, Xiaomi, Blipcare, Koogeek, Inc., and Vive Health. Key players are increasingly investing in research and development activities and developing smart applications which are compatible with wireless blood pressure monitors. Merger & acquisition is another strategy adopted by companies in order to expand geographic presence.
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Omron Healthcare, Inc.
Omron Healthcare, Inc. is a leading health care company, engaged in the manufacture and sale of a range of products across 110 countries. The company operates through six segments. Blood pressure monitors constitute over 50% of Omron group’s healthcare segment in terms of revenue. Omron Healthcare’s blood pressure monitors meet the high standards of reliability & precision.
Koninklijke Philips N.V
Established in 1891, Koninklijke Philips N.V., also known as Royal Philips, is a global diversified company focused on improving people’s lives through technological innovation in the areas of lifestyle, lighting, and health care. Acquisition of small scale companies enables Philips to generate higher revenue. In 2018, the company had 91,000 design rights, 47,000 trademarks, 5,000 domain names, and 76,000 patent rights. Focusing on the growth areas in health and well-being, Philips filed 1,750 patents in 2015. The company’s HealthSuite app uses the data from the company’s range of connected healthcare devices for continuous monitoring of vitals.
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Global Wireless Blood Pressure Monitor Market Dynamics
High Prevalence of Hypertension to Drive Demand for Wireless Blood Pressure Monitors
Hypertension is considered to be a highly common disorder escalating drastically across the world. It is known as a “silent killer”, as it exhibits no signs or symptoms before diagnosis. According to the American Heart Association (AHA), blood pressure affected an estimated 103 million people in the U.S. in 2018. Rise in the geriatric population increases the incidence of blood pressure. Changing lifestyles along with poor diet, lack of physical activity, alcohol consumption, and mental stress lead to a rise in blood pressure at an early stage, driving the need for blood pressure diagnostic devices.
Rise in Government Initiatives in Preventive Health Care Programs to Drive Market
According to CDC, 1 in every 3 adults in the U.S. suffers from hypertension, which is considered to be the second leading risk factor for disability and premature deaths. Medication and lifestyle changes are effective and affordable; however, the overall rate of blood pressure control remain suboptimal. “Million Hearts” is an initiative led by the U.S. Department of Health and Human Services, co-led by the CDC and the Centers for Medicare and Medicaid Services. The committee aligns & coordinates its activities to achieve hypertension control rates above 70% through electronic health records, innovations in health information technology, and patient communication.
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Private Venture Funding to Increase Adoption Rate of New Technologies to Boost Market
Various private and governments associations are undertaking initiatives to provide financial support to medical device manufacturers. With satisfactory funding, blood pressure monitor manufacturers invest more in R&D to produce technologically precise and effective diagnostic devices. Washington-based association “MDMA” (Medical Device Manufacturers Associations) works with the CMS (Centers for Medicare and Medicaid Services), Congress, and various other stakeholders to ensure that the medical technologies and devices receive adequate and appropriate reimbursement.
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