The coronary pressure monitors market size is projected to reach USD 37,379.87 Million by 2030 at 10.20% CAGR from 2022 to 2030. Blood pressure variability is a key factor in diagnosing any chronic condition. Major companies, including SunTech Medical Inc., Omron Healthcare, Inc., and others, have recently introduced a variety of cutting-edge blood pressure monitoring devices that can detect temperature, irregular heartbeats, vital signs, and more. Additionally, the rising shift from hospital care to home care settings and rising awareness of cardiovascular diseases among the general public are driving up demand for home blood pressure monitors, which is expected to fuel the market's overall growth opportunity throughout the forecast period.
COVID-19 Impact Analysis
The market has benefited from the COVID-19 pandemic. Several studies revealed that comorbid illnesses, such as hypertension, were linked to patients' having covid-19 that was more severe. For instance, it was shown that one of the most prevalent comorbidities in hospitalized COVID-19 virus patients in 2020, according to a paper released by Springer Nature Limited, is hypertension. As a result, the general public and the patient population with COVID-19 placed a greater emphasis on regular checkups, increasing the use of BP monitors. This has a substantial impact on the demand for this product.
Coronary Pressure Monitors Market Dynamics
The market for single-use blood pressure transducers is growing quickly. These transducers transmit data from a catheter used for blood pressure monitoring to a patient's monitoring system. The need for disposable blood pressure transducers may rise due to advantages, including strong structural integrity, air-ingress safety, and high reliability.
The World Health Organization (WHO) estimates that 1.28 billion persons aged 30 to 79 have hypertension worldwide. Nearly 46% of adults with hypertension are ignorant of their disease. Therefore, reducing the number of instances of hypertension requires early diagnosis. Blood pressure monitors are necessary for this. In addition, a goal for non-communicable diseases is a 33% reduction in the prevalence of hypertension. As a result, each of these variables contributes to the development of the market for blood pressure monitoring devices.
There needs to be more use of these monitors in many developing nations. In addition, the expensive cost of these devices prevents these nations from embracing new and cutting-edge technology. For instance, according to Cleveland Clinic, the retail price of this device varies depending on the type of device, from USD 40 to USD 60. Despite new companies entering the market with inexpensive devices, customers in low-income countries appear to pay higher average retail costs of the market for blood pressure monitoring equipment. Additionally, certain automatic and manual monitors need more validation and accuracy to lead to accurate data. This is causing a decline in the use of these devices by healthcare workers and the general public. For instance, a 2020 study by the American Heart Association, Inc. found that 93.4% of the 972 BP monitors that were evaluated were not validated. These devices were sold online in Australia.
Numerous governments are implementing lockdowns in various locations and delaying elective procedures. Additionally, patients are more likely to use home care equipment in this era of community transmission, and home care settings are becoming more prevalent. Most important businesses, including Omron Healthcare, Inc., and others, are continually releasing new BP monitoring devices to address the unmet demands of home care patients. Digital blood pressure monitors and wearable technology are some of these gadgets. They accurately measure anomalies in heart rhythm, body temperature, and blood pressure. For instance, Aktiia SA introduced a 24/7 automated blood pressure monitoring device in January 2021 that continuously tracks the patient's blood pressure while asleep.
Coronary Pressure Monitors Market Segmentation
Based on the device, the coronary pressure monitors market segmentation is sphygmomanometer, automated blood pressure monitor, bp transducers, and ambulatory blood pressure monitor. In 2021, automated blood pressure monitors accounted for the largest market share due to the launch of several displays with enhanced features in this market compared to other products. The device's degree of precision is another important factor in the segment's success in this market. However, the sphygmomanometer is estimated to register the highest growth rate during the forecast period because of its high degree of efficacy and low price; the sphygmomanometer segment has a substantial market share.
End User Insights
Based on end user, the coronary pressure monitors market segmentation is divided into hospitals & clinics, home healthcare, and others. The home healthcare category dominated the market for coronary pressure monitors in 2021. This is brought on by patients' preference for receiving care at home rather than in a hospital, which has increased the use of home monitors. The hospitals & clinics category is anticipated to witness significant growth over the forecast period. This is because more people are going to the doctor for routine examinations, driving up the demand for accurate blood pressure monitoring equipment in hospitals and clinics.
Global Coronary Pressure Monitors Market Share, by Region, 2021 (%)
Coronary Pressure Monitors Market Overview, by Region
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. The number of people with high blood pressure is quickly rising in this area. For instance, a report by Statistics Canada estimates that 5,570,200 Canadians had high blood pressure as of 2019. As a result, there is a noticeable rise in the need for diagnostic tools, propelling the market's expansion. In addition, it can also hold the dominant market position because of the significant direct presence of well-known market leaders, including Hill-Rom Holdings Inc., in this area.
Europe accounted for the second-largest market share in 2021. The coronary pressure monitors market growth in this region is because many people are suffering from hypertension, which has raised the demand for these products. players are concentrating on R&D and inorganic methods, such as mergers and acquisitions, to meet this rising need. For instance, Koninklijke Philips N.V. collaborated with Rennes University Hospital in France in January 2021 to improve the product portfolio for diagnostics, interventional imaging, and patient monitoring.
Coronary Pressure Monitors Market Competitive Landscape.
The market includes tier-1, tier-2, and local players. The participants are focusing their efforts on promoting R&D. Additionally, they support strategic expansion activities, including product introduction, joint ventures, and partnerships to expand their client base and boost their market position. For instance, in December 2022, The NMPA of China approved Lepu Medical Technology (Beijing) Co. Ltd.'s disposable micro-guidewire. The micro-guidewire was authorized for fractional flow reserve (FFR) assessments in adult patients with coronary artery lesions during coronary angiography and interventional procedures. Beijing, China-based Lepu Medical was verified to BioWorld.
Prominent players in the coronary pressure monitors market research include Koninklijke Philips N.V. (Europe), Medtronic (Europe), Omron Corporation (Asia-Pacific), General Electric Company (United States), Drägerwerk AG & Co. KGaA (Europe), Rossmax International Ltd. (Asia-Pacific), A&D Medical Inc. (Asia-Pacific), American Diagnostics Corp. (U.S.), among others.
Scope of the Coronary Pressure Monitors Market Segmantation
End User Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Coronary Pressure Monitors Market Forecast & Size
To identify and estimate the market size for the coronary pressure monitors market report, segmented by device and end user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the coronary pressure monitors market forecast, between 2022 and 2030
Market Landscape and Trends
To identify and infer the drivers, restraints, opportunities, and challenges in the coronary pressure monitors market growth
Market Influencing Factors
To find out the factors which are affecting the coronary pressure monitors market size
Impact of COVID-19
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 37,379.87 Million|
|CAGR||10.20% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Device and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Koninklijke Philips N.V. (Europe), Medtronic (Europe), Omron Corporation (Asia-Pacific), General Electric Company (United States), Drägerwerk AG & Co. KGaA (Europe), Rossmax International Ltd. (Asia-Pacific), A&D Medical Inc. (Asia-Pacific), American Diagnostics Corp. (U.S.),|
|Key Market Opportunities||Potential of emerging markets|
|Key Market Drivers||Preference for soft coronary pressure monitors owing to comfort and modification of multiple eye problems|
The coronary pressure monitors market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~10.20% over the next 10 years, according to the coronary pressure monitors market research.
Europe is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 37,379.87 Million by 2030.
Koninklijke Philips N.V. (Europe), Medtronic (Europe), Omron Corporation (Asia-Pacific), General Electric Company (United States), and Drägerwerk AG & Co. KGaA (Europe) are the major companies operating in the market.