Self-care medical devices are used to measure and monitor various vital parameters such as heart rate, blood pressure, and blood glucose level in a patient’s body. Increased preference for remote patient monitoring is expected to augment the growth of the global self-care medical devices market. In 2012, the market was worth US$10.5 billion, and is expected to grow at a CAGR of 7.0% from 2013 to reach a valuation of US$16.8 billion by the end of 2019.
Technological Advancements to Propel Global Self-Care Medical Devices Market
Increasing number of chronic and lifestyle diseases is expected to drive demand from the global self-care medical devices market. Growing awareness about healthcare and preventive medicine coupled with the trend of regular personal monitoring will aid the growth of the market between 2013 and 2019. Various technological advancements in the field of self-care medical devices and rising disposable income levels have also boosted demand for self-care medical devices. However, the devices may prove fatal if inaccurate measurements are recorded, as this would misguide healthcare professionals while treating the patients. Though the demand for self-care medical devices has been high in developed nations, manufacturers are focusing on investing in emerging economies. This would open new opportunities for the global self-care medical devices market in the coming years.
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Blood Glucose Monitors Led Demand from Global Self-Care Medical Devices Market in 2012
The self-care medical devices market has been segmented into devices such as blood pressure monitors, body temperature monitors, pedometers, heart rate monitors, blood glucose monitors, sleep apnea monitors, pregnancy/ fertility test kits, and nebulizers. In 2012, blood glucose monitors dominated the market, followed by blood pressure monitors. As obesity and diabetes are becoming global epidemics, the demand for blood glucose monitors is expected to increase further during the forecast period. New self-care medical devices such as blood hemoglobin testing systems and prothrombin time monitoring systems are flooding the market and will help overall market growth.
North America Leading Global Self-Care Medical Devices Market
The global self-care medical devices market has been divided into four key regions: Europe, Asia Pacific, North America, and Rest of the World. North America led the overall market with a share of more than 40% in the market in 2012. The region is expected to continue to lead the market during the forecast horizon. Advanced medical technologies, preference for customized healthcare and home-based monitoring, and increasing incidence of cardiovascular and respiratory diseases is expected to contribute to the growth of the market in this region. However, the Asia Pacific self-care medical devices market is expected to display rapid growth and grow at a rate of 9.9% between 2013 and 2019. Rising awareness about self-care medical devices in the region will contribute to the market growth.
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Key Players in Global Self-Care Medical Devices Market
Some of the key players in the global self-care medical devices market are Johnson & Johnson, Omron Healthcare, Bayer AG, 3M Healthcare, GE Healthcare, and Philips Healthcare. Due to the high competition in the market, manufacturers are striving to offer user-friendly and cost-effective self-care medical devices to gain a large share in the global self-care medical devices market.