The sphygmomanometer market comprises devices that are widely used for measuring blood pressure. Sphygmomanometers, also known as blood pressure monitors, help determine an individual's blood pressure by measuring the force of the blood pushing against the artery walls. These devices are indispensable in healthcare as high blood pressure or hypertension poses considerable risks and needs timely diagnosis and management. The demand for sphygmomanometers has been augmented by the rising incidence of hypertension globally. According to estimates by the World Health Organization, 1.13 billion people suffered from hypertension in 2019.
The sphygmomanometer market is estimated to be valued at US$ 3.92 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Easy accessibility, affordability, accuracy and growing awareness about hypertension are some key attributes fueling Sphygmomanometer Market Size across healthcare settings as well as for personal monitoring. Advancements in technology have led to the development of automated, digital devices that provide convenient blood pressure readings in a non-invasive manner.
Key Takeaways
Key players operating in the sphygmomanometer market are Omron Healthcare, ICU Medical Inc., Koninklijke Philips N.V., Baxter, Nihon Kohden, A&D Medical, Spengler, SunTech Medical, Rudolf Riester GmbH, Microlife Corporation, American Diagnostic Corporation, Panasonic Healthcare, Beurer, Rossmax International Ltd., PAUL HARTMANN, BPL Medical Technologies, Homedics. These companies collectively account for a sizable share of the market.
Regarding opportunities, the development of integrated smart devices, wearables and remote monitoring systems for hypertension presents lucrative prospects. Growing health awareness in developing nations also provides an impetus for market expansion.
Global expansion remains a key strategy for major players. While North America and Europe currently lead the global market, manufacturers are exploring opportunities across Asian markets with rising healthcare expenditures like India and China.
Market drivers and restrain
The primary market driver for the sphygmomanometer market is the rising prevalence of hypertension. According to statistics, nearly half of the adult population suffers from hypertension globally, presenting a massive patient pool dependent on blood pressure monitoring devices. Additionally, growing healthcare expenditure and availability of reimbursement for diagnostic devices boosts the market.
However, availability of inexpensive substitutes and wearables for self-monitoring in certain geographic regions poses a major challenge. Stringent regulatory approvals and quality standards for medical devices also act as a market barrier.
Segment Analysis
This market is dominating by the Mercury sphygmomanometer segment accounting for over 30% share. However, with rising environmental concerns regarding the use of Mercury, the digital sphygmomanometer segment is poised to take over during the forecast period. Digital sphygmomanometers offer ease of use, accuracy and eliminate issues related to Mercury spillage. Advancements in technology have led to the development of fully automated arm cuffs and wrist worn blood pressure monitors which provide instant readings and are gaining traction.
Global Analysis
North America currently dominates the market holding over 35% share owing to higher adoption of digital devices and presence of major players in the region. Asia Pacific is projected to witness the highest growth during the forecast period with China, India and Japan emerging as high potential markets. Rising healthcare expenditure, growing elderly population suffering from hypertension and increasing awareness about regular blood pressure monitoring are fuelling the market in the Asia Pacific region.
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