The sphygmomanometer market comprises cuff-based blood pressure monitoring devices that are used to measure blood pressure manually. Sphygmomanometers provide temporary readings of blood pressure and are primarily used in hospitals, clinics, and home settings. It consists of an inflatable cuff wrapped around the upper arm that is attached to a mercury or aneroid manometer to measure systolic and diastolic blood pressure. Sphygmomanometers offer advantages such as portability, easy-to-use features, and accurate blood pressure readings. With rising healthcare costs and increasing incidence of cardiovascular diseases, there is growing demand for inexpensive and reliable blood pressure monitoring devices for self-monitoring and clinical applications.
The Global 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.
Key Takeaways
Key players operating in the sphygmomanometer 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.
The rising global incidence of cardiovascular diseases, diabetes, and obesity has increased the demand for reliable blood pressure monitoring devices for self-monitoring. Sphygmomanometer Market Demand offer an affordable solution for measuring blood pressure regularly to better manage health conditions.
Major players are focusing on expanding their geographic presence by strengthening their distribution network across developing regions to tap the high potential markets of Asia Pacific and Latin America. Increasing accessibility and availability of sphygmomanometers through online and offline channels will support the global expansion of the market during the forecast period.
Market Drivers
The increasing healthcare expenditure globally is one of the key drivers of the sphygmomanometer market. According to data, global healthcare spending is expected to increase at a CAGR of 5.4% during 2022-2027. Growing focus on the early detection of cardiovascular disorders through regular monitoring of blood pressure is supporting the uptake of sphygmomanometers. This allows for timely diagnosis and treatment, preventing further health complications and reducing healthcare costs in the long run.
Impact of Current Geopolitical Situation on Sphygmomanometer Market Growth
The ongoing geopolitical tensions and conflicts worldwide are hampering cross-border trade and collaboration in the global healthcare industry. This is adversely impacting the growth of many medical device markets including sphygmomanometers. Manufacturers are facing disruptions in raw material supply chains and increased costs due to export restrictions imposed by certain countries. Additionally, reduced healthcare spending by governments involved in geopolitical conflicts is lowering the demand for advanced sphygmomanometers from those regions. However, the rising healthcare needs of aging populations even in economically impacted areas ensure sustained demand. Manufacturers must seek alternative low-cost material sources and build diverse supplier networks to mitigate supply risks. Collaborating with local players in different regions can help gain new opportunities despite geopolitical difficulties. Adopting a flexible multi-country production strategy would make companies less dependent on volatile cross-border trade routes.
Asia Pacific Holds the Largest Share in the Sphygmomanometer Market
The Asia Pacific region currently holds the largest share of the global sphygmomanometer market in terms of value. This is attributed to the large patient pool suffering from hypertension and the increasing healthcare expenditures in developing countries such as India and China. Availability of low-cost devices and growing awareness among consumers have boosted the APAC market. North America follows Asia Pacific with a significant market share. Major contributors are the US, Canada due to large healthcare budgets and established healthcare infrastructure. However, the market in Europe is recovering gradually after recent economic downturns in countries like Greece and Italy negatively impacted hospital investments and device procurement budgets.
Fastest Growing Region for the Sphygmomanometer Market is Latin America
Latin America is poised to witness the fastest growth in the sphygmomanometer market during the forecast period owing to development initiatives by governments for better access to healthcare. Rising incidences of lifestyle disorders like hypertension fueled by growing geriatric population and increasing per capita incomes in the region are driving demand. Governments across countries are implementing reforms to expand basic healthcare coverage for all citizens. This is favorably impacting the adoption of sphygmomanometers especially in primary care settings. Private sector investments and growing medical tourism are further boosting the market in Latin America. Manufacturers see immense opportunities with the region's rapidly developing economy and healthcare infrastructure.
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