Self-diagnostic medical devices are devices used for monitoring and measurement of important parameters of health diagnosis such as hypertension, blood pressure, sugar level, heart rate, temperature, and other conditions. These devices include blood pressure monitoring devices, blood glucose level measurement devices, cholesterol measurement devices, nebulizers, thermometers, and insulin pumps. The growing awareness about early diagnosis and preventive care among populations has created a high demand for self-diagnostic medical devices. Key players operating in the market are adopting advanced technology to develop innovative wireless devices which will enable to monitor patients’ health in a simple, quick, and easy way. There is ease in the availability of these devices through online retailing owing to collaboration of manufacturers with online retail chains. Also, there is an increasing consumer awareness about self-diagnosis which is fueling the demand for self-diagnosis medical devices.
Rising prevalence of chronic diseases such as diabetes and cardiac diseases is a major driver for the growth of the market. Factors such as technological advancement of devices, adoption of information technology in diagnostic devices leading to the development of innovative digital devices, and increasing preference for wearable devices that enable patients to stay at home and monitor vital health parameters are boosting the market growth. There are government initiatives to create awareness about chronic diseases and to collaborate public and private players in the development of novel self-diagnosis devices. Growing technological shift from invasive to non-invasive devices is further augmenting the market growth. However, stringent regulatory approvals and chances of inaccurate measurement leading to health complications are likely to hamper the market growth in the near future.
The global self-diagnostic medical devices market has been segmented based on device type, indication, distribution channel, and region. In terms of device type, the market is segmented into wearable devices, implanted devices, handheld/portable devices, stationary equipment, and others. Wearable and handheld devices segments are anticipated to register CAGRs during the forecast period owing to the technological shift from hospital-based devices to home care devices. These devices are small and cost-effective and allow patients to monitor their health from any place. These advantages have created a high demand for wearable devices among the populations. Based on indication, the market is segmented into heart diseases, diabetes, respiratory diseases, and others. The heart diseases segment is likely to expand at a high growth rate during the forecast period owing to technological advancement in blood pressure monitoring devices and rise in the demand for home care devices to monitor heart diseases. Based on distribution channel, the market is categorized into hospital pharmacies, online pharmacies, retail pharmacies, and independent drug stores.
Geographically, the global market for self-diagnostic medical devices is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a significant share of the global market due to growing prevalence of cardiovascular and diabetic diseases, unhealthy lifestyle, and technological advancement in the development of portable/handheld devices. The Asia Pacific market is anticipated to expand at a high growth rate in the next few years due to rising awareness about self-diagnosis, growing health care expenditure, rising population, and increasing adoption of remote patient monitoring devices. Market penetration of key players through strong marketing and advertisement strategies by creating awareness about self-diagnosis devices coupled with favorable reimbursement facilities in emerging countries are likely to drive the market growth.
Major players operating in the global market for self-diagnostic medical devices are Medtronic Inc., Johnson & Johnson, Roche Diagnostics, Abbott Laboratories, GE Healthcare, Cardiac Pacemakers, Inc., Baxter International, and Olympus Medical Systems.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.