Blood pressure monitoring testing: Key market research findings
- Favorable reimbursement scenarios drive growth in the market
- Americas dominate the market geographically
- Key vendors – A&D Medical, GE, Omron, Philips, SunTech Medical, and Welch Allyn
Technavio’s market research analysts predict the global blood pressure monitoring testing market to grow at a CAGR of more than 7% between 2016 and 2020. The demand for blood pressure monitoring testing is augmented by favorable reimbursement policies for blood pressure monitoring devices. During 2015, the Americas dominated the global blood pressure monitoring testing market by accounting for more than 43% of the overall market share. Factors such as the rise in the adoption of technologically advanced wireless ambulatory blood pressure monitoring products, growing awareness about cardiovascular diseases such as coronary heart disease and peripheral vascular disease, and the presence of several established companies in the market in the US are likely to drive growth in the blood pressure monitoring testing market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis if the blood pressure monitoring testing segments based on the product.
“Recently, vendors have started adopting product bundling strategies to gain market shares. Product bundling involves offering a combination of two or more products or services. This approach ensures product differentiation with better product offerings. Besides, patients tend to prefer such packaged products over single products because of their cost-effectiveness and multi-utilities,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the global sphygmomanometers market had the highest market share, accounting for more than 53% of the global blood pressure monitoring testing market. The increase in prevalence of cardiac disorders and other chronic diseases such as diabetes, asthma, and obesity and the awareness about the importance of blood pressure management are the driving forces behind growth in the sphygmomanometers market across the globe. This segment of the market is expected to grow a CAGR of more than 7% during the forecast period.
The key vendors in the market include A&D Medical, GE, Omron, Philips, SunTech Medical, and Welch Allyn. The global BP monitoring testing market is a highly fragmented due to the presence of several vendors and some niche suppliers. The market is also characterized by the presence of well-diversified international and local suppliers, with the global vendors occupying a dominant position. Many vendors adopt product bundling strategies and offer a combination of two or more products/services to augment product sales. However, these companies are losing market shares to medium- and small-sized suppliers who compete with them on the basis of price. In this market, the level of competition will intensify with the introduction of technological innovations and product extensions.
A more detailed analysis is available in the Technavio report, Global Blood Pressure Monitoring Testing Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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