Wearable Blood Pressure Monitor Market:
Executive Summary
The global wearable blood pressure monitors market is expected to decline from $1.45 billion in 2019 to $1.42 billion in 2020 at a compound annual growth rate (CAGR) of -2.18%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $2.25 billion in 2023 at CAGR of 16.59%.
The wearable blood pressure monitors 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 like exercises, sleep, etc. using technology that is connected to the person’s body. The data is stored and analyzed through an app.
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North America was the largest region in the wearable blood pressure monitors market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
Most of the wearable blood pressure monitoring technologies are under either experimental or research and development stage. Companies and researchers are studying different wearable technologies that monitor the blood pressure. For instance, using video from a smartphone to detect blood pressure by the variation in facial blood vessels. Valencell, a health-tech company, is working on an ear bud sensor for detecting the blood pressure using photoplethysmography. Also, Akttia bracelet, a cuff-less technology that uses an optical sensor for monitoring blood pressure is under validation. Therefore, more R&D in this field is expected to provide growth opportunities for wearable blood pressure market.
The wearable blood pressure monitors market covered in this report is segmented by product into wrist blood pressure monitor; upper arm blood pressure monitor; finger blood pressure monitor. It is also segmented by technology into Wi-Fi based; Bluetooth-based.
With the increasing use of wearable technologies for healthcare services, the need for evaluating the accuracy and the precision of these health trackers has increased in recent years. Studies showed that the wearable technologies lack accuracy and precision which is likely to impact the market growth. There are growing concerns regarding the accuracy of wearables. Accuracy is very much important for some health conditions such as for hypertension patients using wearable blood pressure monitors as their medications and treatment plan is based on the blood pressure readings. Any wrong reading could be lethal. A study published by the journal Nature in February 2020, investigating sources of inaccuracy in wearable optical heart rate sensors, showed differences in heart rate on lighter skin and darker skin. Differences in readings among different wearable devices, and during rest and active conditions were also noted. Therefore, lack of precision is expected to hinder the growth of the wearable blood pressure monitors market.
In April 16, Medopad, a digital health company that was renamed to Huma, has acquired two artificial intelligence (AI) and wearable technology businesses in the UK, BioBeats and Tarilian Laser Technologies (TLT). The acquisition is to expand Huma’s digital biomarker expertise, enabling it to incorporate mental and cardiovascular health data through its platform. Tarilian Laser Technologies is a United Kingdom-based digital health start-up manufacturing and developing wearable blood pressure monitors.
Increased demand for patient monitoring devices is expected to drive the wearable blood pressure monitors market. The increasing prevalence of chronic diseases coupled with rise in surgeries that need continuous monitoring have mainly increased the demand for patient monitoring devices. Additionally, due to the growing awareness of healthy lifestyle and fitness, individuals are interested in continuous monitoring of their health as it acts as a preventive measure, while improving the health condition. The National Wearable Survey report in 2018 by Valencell, a wearable technology company, states that two–third of customers owned a wearable device as they believe that it causes a positive impact on their health. Nearly 55% of the respondents are interested in monitoring their blood pressure, which is an increase from 46% in 2016. Therefore, increased demand for monitoring devices is expected to drive the wearable blood pressure market.
Major players in the wearable blood pressure monitors market are Blipcare, GE Healthcare, ForaCare Suisse, Omron, Xiaomi, Philips, Medaval, Qardio, and Smiths Group.
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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