Modulational instability is the direct way for the emergence of wave patterns and localized structures in nonlinear systems. We show in this work that it can be explored in the framework of blood flow models. The whole modified Navier-Stokes equations are reduced to a difference-differential amplitude equation. The modulational instability criterion is therefore derived from the latter, and unstable patterns occurrence is discussed on the basis of the nonlinear parameter model of the vessel. It is found that the critical amplitude is an increasing function of α, whereas the region of instability expands. The subsequent modulated pressure waves are obtained through numerical simulations, in agreement with our analytical expectations. Different classes of modulated pressure waves are obtained, and their close relationship with Mayer waves is discussed.