The competition among the leading players operating in the global self-care medical devices market is expected to intensify as the players strive to gain an established position by introducing innovative and advanced technologies, says Transparency Market Research (TMR) in a research report. These new developments are expected to reduce the number of hospital visits of patients by providing them with more accurate, portable, and efficient self-care medical devices.
The companies in the market are incessantly in a competitive state in order to sustain in the market and accentuate their share. As a result of this, the key market players are focusing on product innovation and entering into strategic agreements with hospitals and clinics. The four prime companies, Roche, Philips Healthcare, Omron Healthcare, and GE Healthcare collectively accounted for a share of 68% in the global self-care medical devices market in 2012. The global self-care medical devices market is expected to register significant growth from 2013 to 2019. The market is projected to be worth US$16,853.7 mn by the end of 2019.
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Rising Incidences of Diabetes to Lift Demand for Blood Glucose Monitors
Among all the products in the self-care medical devices market, blood glucose monitors emerged as the leading segment. It has been projected that this segment will touch a valuation of US$9,748.7 mn by 2019. According to a TMR analyst, “The growing demand for blood glucose monitors can be attributed to the alarming rise in the number of people suffering from diabetes, thus leading to global morbidity and mortality. To combat these issues, blood glucose monitors are used for efficiently treating diabetes mellitus.” Another factor that is anticipated to propel the demand for blood glucose monitors is the growing awareness among patients regarding the benefits offered by these monitors. However, the blood pressure monitors segment is anticipated to witness promising growth and lead the market in terms of growth until 2019.
Region-wise, the global self-care medical devices market is segmented into North America, Asia Pacific, Europe, and the Rest of the World. Among all these geographical segments, North America emerged dominant with a market worth US$5,274.9 mn in 2015 and is estimated to reach US$6,685.9 mn by the forecast period, thus maintaining a lead. The growth of the North America self-care medical devices market can be attributed to the rising incidences of respiratory and cardiovascular diseases in the region. Moreover, factors such as the introduction of advanced technologies, poor dietary routine, and sedentary lifestyle are also likely to boost the demand for self-care medical devices in North America.
Rising Preferences among Patients for In-house Monitoring to Bode Well Market Growth
According to the report, 40% of the total world population prefers remote monitoring devices that would directly send health related information such as heart rate, sugar levels, and blood pressure levels to the physician. Patients are also shifting toward incorporating an application in their smartphones and tablets to monitor and track their personal health status. The deployment of self-care medical devices will further reduce frequent patient visits to clinics. It will also help patients to decrease their traveling expenses and save time as well. Moreover, the alarming rise in chronic and lifestyle diseases has impelled consumers to adopt self-care monitoring devices. It has been estimated that approximately 220 million people suffer from chronic diseases out of which around 85% are in need of home healthcare monitoring devices. However, inaccurate measurement and misguided treatment through the use of self-care medical devices is expected act as a barrier in the growth of the market.
This review is based on a Transparency Market Research report titled, “Self-care Medical Devices – Global Industry Analysis, Size, Share, Growth, Trends and Forecast (Value and Volume),2013 – 2019.”
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