Global ABPM Devices Market Expected to Reach $128 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, February 5, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "ABPM Devices Market, by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global ABPM devices market was valued at $78 million in 2016, and is projected to reach $ 128 million at a CAGR of 7.2% from 2017 to 2023.
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ABPM patient monitors are medical devices used to measure ambulatory blood pressure. These devices are designed to avoid the effects of white coat hypertension, hence provide accurate sleep blood pressure readings.
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The major factors that drive the growth of the global ABPM patient monitors market are rise in number of hypertension cases due to obesity, cardiovascular diseases, and diabetes that may lead to high blood pressure. Moreover, increase in geriatric population, growth in demand of non-invasive devices for measuring blood pressure, and transformation from physician-centered to the patient-centered model also fuels the market growth. However, expensive ABPM monitors and lack of awareness in the developing regions are expected to restrain the market growth. Conversely, huge market potential in the emerging markets, such as China and India, and increase in healthcare expenditure in the developing countries are expected to provide lucrative opportunities to the market players.
The arm ABPM devices segment occupied the largest share in 2016, owing to the high usage, applicability, and availability of these devices for measuring ambulatory blood pressure. It is anticipated to continue its dominance during the forecast period. However, the wrist ABPM devices segment is expected to grow at the highest CAGR from 2017-2023.
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The utilization rate of ambulatory surgical centers segment is expected to grow at a CAGR of 8.5% during the forecast period. This is attributed to increase in incidence of hypertension, which results in adoption of blood pressure measuring devices.
Key findings of the study
- Arm ABPM devices segment accounted for more than two-thirds share of the global ABPM devices market in 2016
- Hospitals segment accounted for more than two-fifths share of the global ABPM devices market in 2023
- Ambulatory surgical centers segment accounted for around one-fourth share of the global ABPM devices market in 2016
- Asia-Pacific accounted for around one-fifth share of the global ABPM devices market in 2016
North America was the leading revenue contributor to the global ABPM devices market, accounting for nearly one-third of the global market. This is attributed to the early approval of ABPM devices and high use of these devices due to rise in incidence of hypertension. However, Asia-Pacific is expected to grow at the highest CAGR of 9.5% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness toward ambulatory blood pressure.
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