Wearable Blood Pressure Monitor Market Definition
The wearable blood pressure monitor market consists of the sale of wearable blood pressure monitors and related services. The market comprises of revenue generated by business enterprises that manufacture, develop and sell wearable blood pressure monitors. Wearable blood pressure monitors are devices that continuously monitor blood pressure even during activities such as exercise and sleep using technology that is connected to the wearer`s body. The data is stored and analyzed through an app.
A wearable blood pressure monitor is a wearable pocket-sized blood pressure monitor that has a small real-time graphical display and provides reports and/or synchronizes data with smart phones and PCs. They are usually battery operated and store data.
Wearable Blood Pressure Monitor Market Size
The global wearable blood pressure monitor market reached a value of nearly $874.1 million in 2019, having grown at a compound annual growth rate (CAGR) of 21.1% since 2015, and is expected to grow at a CAGR of 11.6% to nearly $1,356.4 million by 2023. The market is expected to grow at a CAGR of 15.3% to nearly $1,803.7 million by 2025, and at a CAGR of 15.4% to $3,686.6 million by 2030.
Growth in the historic period resulted from increasing health awareness, technological advances, Growth in the historic period resulted from increased prevalence of hypertension, increase in healthcare spending, rapid technological advancements and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were government regulations, lack of awareness and low penetration of wearable blood pressure monitors.
Going forward, accelerating demand for remote patient monitoring devices, rise in adoption of wireless and wearable technology, increasing geriatric population and technological advances are expected to drive the market. Lack of precision and accuracy, coronavirus pandemic and high costs are major factors that could hinder the growth of the wearable blood pressure monitor market in the future.
Wearable Blood Pressure Monitor Market Drivers
The key drivers of the wearable blood pressure monitor market include:
Increased Prevalence Of Hypertension
Increase in the prevalence of hypertension, particularly in the geriatric population, significantly contributed to the growth of the wearable blood pressure monitors market during the historic period. According to the World Population Ageing report published by the United Nations in 2019, the global population aged 65 years and above was 703 million in 2019. The geriatric population is at high risk of hypertension which results in increased need for regular monitoring of blood pressure. Daily visits to clinics or other healthcare facilities might not be possible for the geriatric population. Therefore, physicians recommend them to have portable/wearable blood pressure monitoring devices. According to the World Health Organization (WHO), in 2019, around 1.13 billion people have hypertension globally. , Thus, increasing number of patients with high blood pressure and the geriatric population who are at a greater risk of hypertension, require regular and continuous monitoring, therefore resulting in increasing the demand for wearable blood pressure monitors
Wearable Blood Pressure Monitor Market Restraints
The key restraints on the wearable blood pressure monitor market include:
Lack of Awareness
A lack of awareness among the global population about the signs and symptoms of hypertension has hindered the growth of the market in the historic period. For instance, a study conducted by the Public Health Authority in Malaysia on the population in Kuala Lumpur and rural areas in Selangor found that about 51.3% of people have only moderate knowledge about hypertension. In addition, those affected with hypertension are often not aware of having the condition. This lack of disease awareness and knowledge limited the diagnosis, regular and continuous monitoring and treatment pool, thereby restricting growth of the wearable blood pressure monitors market.
Wearable Blood Pressure Monitor Market Trends
Major trends influencing the wearable blood pressure monitor market include:
Artificial Intelligence In Wearable Blood Pressure Monitors
Wearable blood pressure monitor companies are focusing on employing artificial intelligence applications to build intelligent processes to optimize revenue gains. Artificial Intelligence is a machine-based learning which makes use of human intelligence functionalities such as reasoning and problem-solving abilities to obtain insights and provide useful information. AI in wearable blood pressure monitors drives innovation through its implementation of data and data-drive insights notifies the individuals when abnormalities related to their blood pressure occur and allows the physicians to have a real-time insight into their blood pressure, activity, and sleep. For instance, in 2019, OMRON Health collaborated with physIQ, a US based health care analytics company, to integrate its HeartGuide wearable blood pressure monitoring device to physIQ’s pinpointIQ AI platform. The integration enables the user to view the trend and history of their activities and health conditions. OMRON is a Japan based manufacturer of industrial automation, electronic and healthcare products.
Wearable Ultrasound Patches
A wearable ultrasound patch is a flexible and lightweight device that can be worn as a skin patch for monitoring blood pressure in the human body. The patch uses ultrasound to non-invasively track other vital signs and physiological signals from parts deep inside the body. It has an array of ultrasound transducers that create high frequency sound waves that bounce off the blood vessel. Then the transducer receives the echo patterns and sends them to a computer to create a representation of changing diameter of blood vessel, known as a waveform. These waveforms can be used to track changes in blood pressure when matched to a patient`s blood pressure. A silicone coating under the patch removes the need for the gel used in traditional ultrasonic probes. Wearable, non-invasive ultrasonic patch tracks blood pressure in arteries as deep as four centimeters below the surface, helping to spot cardiovascular conditions sooner and more reliably. For instance, as a spin-off of Imec and KU Leuven, Pulsify Medical develops wearable ultrasound patches.
Opportunities And Recommendations In The Wearable Blood Pressure Monitor Market
Opportunities – The top growth potential in the wearable blood pressure monitor market by product will arise in the wrist blood pressure monitor market, which will gain $246.8 million in global annual sales by 2023. The top growth potential in the wrist blood pressure monitor market by product type will arise in the watch market, which will gain $214.0 million in global annual sales by 2023. The wearable blood pressure monitors market size will gain the most in the USA at $132.0 million.
Wearable Blood Pressure Monitor Market Segmentation
The wearable blood pressure monitor market is segmented by product.
By Product-
The wearable blood pressure monitor market can be segmented by product into
- a. Upper Arm Blood Pressure Monitor
- b. Wrist Blood Pressure Monitor
- c. Finger Blood Pressure Monitor
The upper arm blood pressure monitor market was the largest segment of the wearable blood pressure monitor market by product, accounting for $485.8 million or 55.6% of the total market in 2019. The finger blood pressure monitor market is expected to be the fastest-growing segment going forward at a CAGR of 15.6%.
By Geography-
The wearable blood pressure monitor market is segmented into
- o North America
- o Western Europe
- o Asia Pacific
- Australia
- China
- India
- Indonesia
- Japan
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America was the largest region in the wearable blood pressure monitor market, accounting for 33.7% of the global market in 2019. It was followed by Western Europe, Asia Pacific and the other regions. Going forward, the fastest growing regions in the wearable blood pressure monitors market will be Asia Pacific and Eastern Europe, where growth will be at CAGRs of 15.3% and 11.4% respectively from 2019-2023.
Wearable Blood Pressure Monitor Competitive Landscape
Major Competitors are:
- • Philips
- • Omron Corporation
- • Beurer
- • A&D Company
- • Withings
Other Competitors Include:
- • iHealth
- • ChroniSense Medical
- • Qardio
- • American Diagnostic Corporation
- • Koogeek
- • Transtek
- • AOEOM
- • GOQii
- • Samsung Group
- • Pebble
- • ten3T Healthcare
- • H2CARE
- • Living Care India
- • Riversong Technology Pvt. Ltd
- • MevoFit
- • OPTA
- • A&D medical
- • BPM connect
- • iProven
- • Care Touch
- • Lifesource
- • Oura
- • Blipcare
- • GE Healthcare
- • ForaCare Suisse
- • Xiaomi
- • Medaval
- • Smiths Group
- • Tarilian Laser Technologies
- • Aktiia
- • SunTech Medical, Inc
- • Biobeat
- • Huawei
- • CardiacSense