Global Self-care Medical Devices Market: Overview
Self-care medical devices find application in monitoring and measuring different vital parameters of a patient. They are typically employed in measuring heart rate, blood sugar level, hypertension, and other conditions. They provide crucial physiological information gathered at regular intervals through sensors or other input devices attached to a patient.
Some of the popular self-care medical devices available in the market are blood pressure monitors, blood glucose monitors, blood pressure monitors, nebulizers, body temperature monitors, pedometers, sleep apnea monitors, pregnancy/fertility test kits, and heart rate monitors. Among them, the blood glucose monitors hold a leading share in the market. This is because of the alarming increase in blood sugar mostly on account of sedentary lifestyle of people and their unhealthy dietary habits. The burgeoning elderly population too is responsible for the surging sales of the blood glucose monitors.
Global Self-care Medical Devices Market: Trends and Opportunities
The market for self-care medical devices has experienced a steady growth trajectory because of the increasing emphasis on preventive medicines. Such devices are mainly used for primary care by patients. This again is mainly a result of a switch to home-based healthcare from hospitals. This coupled with increasing instances of diabetes, obesity, hypertension, etc. and soaring awareness about healthcare are serving to catalyze growth in the market.
Another factor driving up demand in the self-care medical devices market is the constant thrust on product innovation that has led to the emergence of innovative digital blood pressure monitoring devices which are easy to use, portable, and offer instant accurate readings.
This market for self-care medical devices is also expected to be boosted by the remote communication technology that allows medical professionals to interpret the results from such devices for proper diagnosis.
Global Self-care Medical Devices Market: Regional Outlook
Regionally, North America dominates the market for self-care medical devices market with maximum share. The dominance of the region has been primarily brought about by the rising instances of cardiovascular and respiratory diseases owing to the unhealthy eating habits, pressing schedule, and unhealthy lifestyle of people. Besides, growing preference for healthcare monitoring at home since it reduces the need to visit hospitals and clinics has also served to boost the market in the region.
Asia Pacific is another key market for self-care medical devices which is expected to surpass all others in terms of growth rate owing to the densely populated fast-expanding emerging economies in the region. With more people entering the workforce in the region and the subsequent growing pool of middle-class people having increasing means to spend on healthcare and who are also highly prone to lifestyle-related disease such as diabetes and cardiovascular diseases, the market is expected to progress at a healthy clip.
Companies Mentioned in the Report
Prominent companies operating in the global market for self-care medical devices profiled in the report are GE Healthcare, 3M Healthcare, Medtronic, Inc., Abbott Laboratories, Johnson and Johnson, and Philips Healthcare. The report sheds light on their winning strategies and product portfolios. It also tries to gauge their prospects in the future by gauging their current sales and revenues and market shares. It banks upon analytical tools such as SWOT Analysis and Porter’s Five Forces to uncover the opportunities and pitfalls they are likely to encounter in their race to capture greater market share.