In a recent published report, Kenneth Research has updated the market report for Ambulatory Blood Pressure Monitors Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ambulatory Blood Pressure Monitors Market products.
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Kenneth Research has recently added a report titled Ambulatory Blood Pressure Monitors Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Ambulatory blood pressure monitors map the blood pressure of an individual on a daily basis. A digital blood pressure machine attached to a belt is strapped either on the arm or on the wrists. These devices are useful to check if the level of blood pressure of an individual is higher performing daily chores compared to the level mapped in a clinic, which is also known as a white coat effect.
Ambulatory blood pressure monitors are used to check several types of conditions related to hypertensions such as episodic hypertension, autonomic hypertension, masked hypertension, and hypotensive symptoms caused due to antihypertensive medications among others.
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Rising number of people suffering from high and low blood pressure issues is greatly fueling the market growth of ambulatory blood pressure monitors. According to the World Heart Federation, high blood pressure, also called hypertension is the leading cause for strokes and it is greatly responsible for ischemic strokes and hemorrhagic stroke
Rising aging population across the globe is one of the key factors responsible for the growth of the ambulatory blood pressure monitors market. The aging population is highly susceptible to strokes and related cardiovascular diseases. According to United Nations, one in eight people across the globe were aged 60 and above in 2015 and by 2030, one in six people is expected to be above 60 years of age.
Further, by 2050, one in five people is expected to be more than 60 years of age. According to Insights and Reports, approximately 70% of the strokes occur in people who aging over 60. According to Insights and Reports, U.S. witnesses more than 750,000 people suffering from strokes every year. It is listed as the 4th leading cause of death, resulting in more than 150,000 deaths in the country. Further, approximately 85% of the strokes are classified as ischemic. This has given rise to the demand for ambulatory blood pressure monitors in the country.
Further, rising demand for portable devices for monitoring blood pressure has become a trend among the populace including the young population. Unhealthy lifestyle which results from hectic work schedule, high consumption of fast food, and higher consumption tobacco and related products have created an awareness among the population regarding cardiovascular diseases that could lead to stroke.
Keeping this into consideration, manufacturers operating in the electronics industry have begun to incorporate health monitoring features in smartphones and smart-watches as well. For instance, Omron Corporation, a key player in the medical devices industry, is expected to launch a smart-watch later this year called HeartGuide. This smart-watch is expected to monitor the blood pressure of an individual on a daily basis. The HeartGuide is also expected to feature an extra-stiff band similar to blood pressure cuff, which will inflate to take an oscillometric measurement.
Further, the watch will also be programmed to take blood pressure readings during night time in order to measure the risk of stroke and hyper tension while sleeping. However, the product is undergoing clinical test and is expected to be submitted to the Food and Drug Administration (FDA) in the third quarter of 2018.These factors are responsible for the high growth of the ambulatory blood pressure monitors market at present.
Market Segmentation and Analysis
Based on product type, the global ambulatory blood pressure monitors market has been segmented into wrist bands, and arm bands among others. Wrist bands dominated the market in 2016 and is expected to retain its position throughout the forecast period.
Based on end-user the ambulatory blood pressure monitors market has been classified into hospitals, clinics and diagnostic centers, surgical centers and home care among others.
North America led the global ambulatory blood pressure monitors market in 2016, followed by Europe. Rising prevalence of heart diseases, coupled with higher spending capacity for expensive medical devices are some of the factors pushing the market growth of ambulatory blood pressure monitors in the region. U.S. is spearheading the growth of the market in North America.
According to Insights and Reports, more than 650,000 people die owing to cardiovascular diseases every year in the U.S. Further, healthcare spending per capita in the U.S amounted to US$ 10,554 in 2017. These factors are greatly pushing the market for ambulatory blood pressure monitors in the country.
According to Insights and Reports, Europe recorded more than 4.1 million deaths caused due to cardiovascular diseases in 2017, while more than 2 million deaths were recorded in the European Union. Deaths caused to ischemic heart diseases and strokes showed higher rates Central Europe and Eastern Europe.
Asia Pacific is anticipated to project the fastest growth during the forecast period with India, China and Japan being in the forefront for the growth of this industry. Strengthening economic conditions in China and India, increasing spending capacities on healthcare facilities coupled with rising government spending on healthcare facilities are some of the key factors fuelling the market growth of ambulatory blood pressure monitors.
A & D Company Ltd., Spacelabs Healthcare Inc., Microlife A.G., Schiller A.G., Omron Corporation, General Electric, and SunTech Medical Inc. among others are some of the key players operating in the field of ambulatory blood pressure monitors market.
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