Austin, Texas (Sept. 5, 2013)–The world market for blood pressure monitors will enjoy steady growth in the years ahead as aging populations climb in number and diseases exacting their toll require observation and supervision, according to a new report from IHS Inc., a leading global source of critical information and insight.
Global revenue for blood pressure monitors is set to reach $854.9 million by year-end, up a modest 2 percent from $838.8 million in 2012. Revenue expansion will hold firm at the 2 to 3 percent range for the next three years, before bounding to a 5 percent increase by 2017. By then, industry takings will amount to $963.2 million, as shown in the attached figure. The majority of revenue will stem from automatic upper-arm monitors, which is the preferred type of blood pressure monitor.
“One important reason for the consistent rise in revenue over the years is that the worldwide population of those aged 65 and above will continue to grow over time, making up an increasingly larger percentage,” said Roeen Roashan, analyst for consumer medical devices and digital health. “As a result, health monitoring will increase, which will drive market growth for blood pressure monitors. While evident in all regions, the phenomenon will be particularly apparent in Europe and Asia.”
A second reason for the growth of the market stems from the continuing peril imposed by cardiovascular diseases such as hypertension, responsible for more than 30 percent of annual deaths, Roashan noted. Lifestyle diseases are at their highest prevalence given the current state of people diagnosed with high blood pressure, diabetes, and obesity. In particular, developing countries such as China, India, Russia, and the sub-Saharan African region are experiencing high growth in hypertension incidence, taking place because of a richer diet borne out of rising discretionary income. The trend in these regions will undoubtedly spur market demand overall for blood pressure monitors.
A third reason is due to government initiatives in preventive care, which have had the effect of increasing awareness among consumers of the benefits to be obtained from health monitoring. The basis for preventive care is health monitoring, and prohibitive healthcare costs have only added to the urgency of the matter.
Among countries, Denmark and the U.K. have been especially successful in implementing telehealth, or the remote monitoring of health conditions via monitors and compatible devices, contributing to higher demand for blood pressure monitors.
Overall, blood pressure monitors will be part of an $8.2 billion market this year for consumer medical devices including blood glucose meters, activity and heart-rate monitors, and hearing aids. By 2017, total revenue for consumer medical devices will equate to a staggering $10.6 billion.
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About IHS (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today’s business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs approximately 8,000 people in 31 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2013 IHS Inc. All rights reserved.
My Advice as Editor of Modern Health Talk
If you buy any of these market research reports, make sure you get a chance to interview the authors personally to understand their assumptions, research process, and what shapes their conclusions. Make sure they aren’t just extrapolating trends but also include thoughtful discussion of market drivers, inhibitors and enablers, because you’ll need that insight to craft your strategies.
Do the authors understand what’s driving telehealth, including the ageing populations and resulting increase in chronic illness, environmental pollution, the availability of nutritious foods, rising care costs, and physician shortages? What do they think of obstacles posed by legal, privacy and security issues, payment models, medical school curriculum and funding? What impact will regulators and the political process have, either as driver or inhibitor? And what will be the short- and long-term impact of broadband Internet access and the exponentially accelerating pace of tech innovation? Consider how quickly Moore’s Law is finding its’ way into healthcare (http://www.mhealthtalk.com/moores-law-and-the-future-of-healthcare/) and ask what will likely happen as medical devices keep getting cheaper, smaller, more accurate, and easier to use.
Consider the impact of IBM Watson moving from physician assistance tool to advising and coaching consumers directly. How quickly will each of the medical functions done today by physicians in hospital & clinic settings safely move down-market to consumers at home? Won’t retail clinics and kiosks, and home doctor/nurse visits, just be stepping-stones along a path toward that eventuality?
And finally, what phases will the market projections go through, and when? What levers might you have to make projections happen more quickly? And what should you watch out for that could make them happen more slowly?