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The blood pressure (BP) transducers market size is estimated to grow by USD 128.65 million at a CAGR of 5.32% between 2022 and 2027.
There is an increasing focus on preventive healthcare due to the growing awareness about healthcare imparted by healthcare professionals. Several healthcare reforms regarding preventive care have significantly minimized healthcare expenditure without compromising on the quality of treatments. Additionally, there is an increasing focus on early diagnosis among several healthcare organizations in order to reduce the burden on curative treatments, which are very expensive and can significantly impact healthcare organizations. The main purpose of blood pressure transducers is that it prevents severe events in critically ill patients which is caused by sudden increase in blood pressure through early diagnosis. The main advantage of preventive healthcare is that it can significantly reduce the expense of healthcare and hospitalizations. By utilizing blood pressure transducers, individuals can regularly monitor their blood pressure and diseases can be prevented. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Product, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The disposable blood pressure transducers segment is estimated to witness significant growth during the forecast period. Disposable blood pressure transducers can be referred to as invasive hemodynamic blood pressure transducers systems that change as per the mechanical changes in blood pressure into electrical current, which is recorded by a pressure monitoring system. The main purpose of the disposable blood pressure transducer segment is the direct measurement and monitoring of blood pressure, but they are only intended for one-time use.
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The disposable blood pressure transducers segment was the largest segment and was valued at USD 253.26 million in 2017. There is an increasing adoption of disposable blood transducers as they are safe and effective. This segment directly estimates blood pressure from a suitable artery. The measurement by this segment is accurate, and the single-use feature significantly helps to minimize the risk of hospital-acquired infections.
Additionally, the cost of disposable blood pressure transducers is significantly less than the cost of reusable blood pressure transducers, which makes it affordable for most of the population. There is an increasing focus by several market players in the global blood pressure transducers market for manufacturing disposable blood pressure transducers. For example, Deltran developed by a prominent market player Utah Medical Products is a disposable blood pressure transducer that includes features such as the ability to provide consistent and accurate readings during blood pressure monitoring. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The hospital segment includes several multi-specialty hospitals and hospital groups that mainly work under government sponsorship or through private entities. Most of these hospital segment involves approximately 500 hospital beds and these segment provide several in-patient and outpatient services. The hospital segment procures many medical devices in bulk which include blood pressure transducers by closely interacting with many suppliers, reimbursement authorities, and government organizations. One of the main types of blood pressure transducers used in these segments is reusable and disposable blood pressure transducers in order to continuously monitor the blood pressure of patients. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
This segment mainly comprises physician offices, private clinics, and small other healthcare centers. One of the major end-users of blood pressure transducers followed by hospitals is the clinic segment. Some of the main types of blood pressure transducers which are commonly used in the clinic segment for the continuous monitoring of blood pressure are disposable and reusable blood pressure transducers. Additionally, clinics purchase these transducers in a limited capacity, unlike the bulk orders in hospitals. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main countries which are significantly contributing to the global blood pressure (BP) transducers market growth in North America are the US and Canada.
Factors such as the increasing incidence of hypertension, rising adoption of technologically advanced blood pressure transducers, advanced healthcare infrastructure, increased healthcare expenditure, high awareness about hypertension, and associated risk factors among end-users are significantly contributing to the growth of the global blood pressure (BP) transducers market in North America. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global blood pressure transducers market witnessed significant growth due to the increasing number of hospitalizations of patients.in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to a significant recovery of the market. Additionally, the rising incidence of hypertension, along with the geriatric population, favorable reimbursement scenario, and the availability of advanced technological support and enhanced monitoring techniques will positively impact the market. Such factors are expected to drive the market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ADInstruments Pty Ltd: The company offers disposable blood pressure transducers MLT0670 and MLT0699.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the global blood pressure transducers market growth is the increasing incidence of hypertension. A blood pressure of over 130/80 mmHg is considered significantly high and may negatively impact the heart and kidneys. This high blood pressure can result in a condition called hypertension which is a major risk factor for the overall mortality rate across the world. Hypertension can lead to several diseases such as stroke, heart disease, and kidney failure by putting pressure on artery walls.
Additionally, this condition can also lead to transient ischemic attack, stroke, dementia, and mild cognitive impairment as it affects the brain. Hypertension is considered the major cause of death accounting for 22%-25% of heart attacks in Western Europe and 23%-26% of heart attacks in Central and Eastern Europe every year. Hence, it fuels the demand for blood pressure transducers which in turn will fuel the market growth during the forecast period.
A key factor shaping the global blood pressure transducers market growth is the growing adoption of product bundling strategy by vendors. Product bundling can be referred to as a strategy that is increasingly adopted by several companies which comprises combining multiple products into one packaged product and selling it as a single solution to customers. There is a growing popularity for this strategy as several companies try to decrease expenses such as acquisition-related costs. The main advantage of this strategy is that it offers increased product offerings and ensures product differentiation.
Moreover, there is an increasing preference for product bundling by several market players in the global blood pressure transducers market. Market players offer blood pressure monitors, along with transducers, cuffs, and other accessories by using this strategy. Additionally, companies launch personal testing kits, which include blood pressure transducers, blood pressure monitors, pulse oximeters, and blood glucose monitors. Hence, such factors are expected to drive market growth during the forecast period.
Product recalls and stringent regulations are one of the key challenges hindering the global blood pressure transducer market growth. The main challenge associated with blood pressure transducers is obtaining approval as it is very difficult, unpredictable, and subjective. During clinical trials, several technical challenges regarding the development of new products become evident. If market players fail to offer clinical data with positive results in one specific region, it can result in a cost burden and uncertainty in approval.
Additionally, several manufacturers are facing challenges regarding the launch of new products due to strict product approval processes and safety regulations. For instance, regulatory bodies have enforced stringent labeling requirements and regulatory frameworks such as U.S. Food and Drug Administration (FDA) Regulations and European Medical Device Regulation for these devices. Hence, such factors are expected to hinder market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Blood Pressure Transducers Market Customer Landscape
The blood pressure transducers market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Blood Pressure Transducers Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.32% |
Market growth 2023-2027 |
USD 128.65 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.99 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADInstruments Pty Ltd., B L Lifesciences Pvt Ltd., B.Braun SE, BIOPAC Systems Inc., CODAN Medizinische Gerate GmbH and Co KG, Edwards Lifesciences Corp., Elcam Medical Group, Harvard Bioscience Inc., ICU Medical Inc., iWorx Systems Inc., Koninklijke Philips N.V., Masimo Corp., MEMSCAP SA, Merit Medical Systems Inc., SCW Medicath Ltd., Smiths Group Plc, UGO BASILE S.R.L., Utah Medical Products Inc., World Precision Instruments, and Biosensors International Group Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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