LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global pressure monitoring devices market is expected to grow at a CAGR of close to 8% during the forecast period.
This research report titled ‘Global Pressure Monitoring Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global pressure monitoring devices market into three major product segments. They are:
- Pulmonary pressure monitoring devices
- BP monitoring devices
- ICP monitoring devices
Pulmonary pressure monitoring devices
The global pulmonary pressure monitoring devices market dominated the overall market with a share of 49.5% in 2016. The market is growing at a significant rate and is expected to maintain its growth during the forecast period due to growing demand for capnography and portable pulse oximeters. Among all product segments, the capnography segment is expected to witness the fastest growth rate owing to growing need to monitor CO2 levels in individuals with respiratory disorders.
“There is a huge opportunity for growth in emerging markets such as APAC. The development of home-care devices with multi-parameter monitoring abilities has significantly driven the market over the past few years and is expected to continue over the forecast period,” says Barath Palada, a lead analyst at Technavio for patient monitoring devices research.
Global BP monitoring devices market
The global blood pressure monitoring devices market is growing at a steady pace and is expected to grow at a significant rate owing to the introduction of advanced blood pressure monitoring devices during the forecast period. For instance, the introduction of Project Zero 2.0 Wrist Blood Pressure Monitor device and Omron EVOLV upper arm blood pressure monitor by Omron Healthcare. These devices are gaining popularity and are expected to see increased adoption during the forecast period.
Also, the rising number of people with hypertension and other cardiovascular disorders due to the lifestyle changes has contributed toward the growth of the global BP monitoring devices market. The number of hypertension cases is projected to rise more than 1.5 billion accounting to about 30% of the total adult population globally by 2030.
“Vendors in the market are concentrating on the development of products that are affordable, safe, and easy to use and widely available. The market is highly dynamic, with intense competition driving companies to adopt creative strategies and develop innovative products to ensure product differentiation,” says Barath.
ICP monitoring devices
The global intracranial monitoring market is expected to grow significantly during the forecast period. The prevalence of traumatic brain injuries is one of leading growth drivers for this market. ICP monitoring is the gold standard procedure for the evaluation of traumatic brain injury.
Growing number of TBIs is expected to drive the demand for ICP monitoring worldwide. TBI leads to approximately 52,000 deaths every year in the US. According to the CDC, approximately 475,000 cases of TBIs occur every year in children aged 0-14 years in the US. The use of non-invasive ICP monitoring for high potential applications, such as pediatric and hydrocephalus, is expected to improve the penetration rates worldwide. Also, the development of brain sensors, that melt after the procedure, is expected to fuel market growth, as it considerably reduces the complexities of treatment.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- A&D Medical
- GE Healthcare
- Philips Healthcare
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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