According to the latest market research study released by Technavio, the global home-care monitoring and diagnostics market is expected to grow at a CAGR of close to 9% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global home-care monitoring and diagnostics market based on product type:
Global home-care monitoring and diagnostics market share by product type 2015
|
SMBG devices |
82.79% |
|
Sleep apnea devices |
8.58% |
|
Blood pressure and heart rate monitors |
3.47% |
|
Pedometers |
2.48% |
|
Temperature monitors |
1.73% |
|
Pregnancy test kits |
0.78% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global SMBG devices market
In 2015, SMBG devices accounted for almost 83% of the overall revenue generated in the global home-care diagnostics market. The US, with the world’s highest per capita healthcare expenditure, dominated the global market 2015. The market is established with the presence of both leading and emerging companies. Among the leading companies, Abbott Diagnostics, Bayer Healthcare, LifeScan, and Roche Diagnostics held the major market shares in 2015. Vendors in the market space are investing in R&D for designing and developing innovative SMBG devices that give accurate results to keep pace with the competition in the market.
“Vendors in the market are currently bundling two or more products or services to achieve product differentiation and provide better solutions. Patients consider procuring such packaged offerings to individual products as they prove to be cost-effective. Besides, vendors are gaining significant popularity worldwide by providing testing kits comprising blood pressure monitors, thermometers, blood glucose monitors, and pulse oximeters,” says Barath Palada, a lead analyst at Technavio for research on in-vitro diagnostics.
Global sleep apnea devices market
Sleep apnea is common in adults and children and in some cases, results in hypertension, type II diabetes, stroke or adult onset diabetes, weight gain, impotence, and cardiovascular diseases. Growing awareness about the disease coupled with the rising incidence of sleep apnea are factors that will fuel the growth of the global sleep apnea market during the forecast period. The adoption of home diagnostics for the diagnosis of sleep apnea has increased as it is convenient and cost-effective when compared with in-lab sleep tests.
Global blood pressure and heart rate monitors market
Blood pressure and heart rate monitors accounted for more than 3% of the revenue generated by the global market for home-care monitoring and diagnostics during 2015. The increasing incidences of hypertension among individuals across the globe is anticipated to propel the demand for these monitors over the forecast period. The number of hypertension cases is projected to rise to almost 2 billion by 2030, accounting for about 30% of the total adult population globally. Vendors are focusing on developing affordable, safe, and easy to use products. The intense competition between vendors is driving companies to adopt creative strategies and develop innovative products to ensure product differentiation. In 2015, the Americas dominated the market, especially North America, followed by EMEA and APAC. The US contributed to the largest share of the market.
The top leading vendors operating in the global home-care monitoring and diagnostics market are:
- Abbott Diagnostics
- Johnson & Johnson
- Roche Diagnostics
- Philips Healthcare
- Omron Healthcare
- Medtronic
Other prominent vendors in the market include Animas, Bioptik Technology, Chongqing Haray International Business, Fitbit, Gluco-Ease, GlySens, Grove Instruments, Jawbone, Nike, and QRS Diagnostic.
A more detailed analysis is available in the Technavio report titled, ‘Global Homecare Monitoring and Diagnostics Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Home Healthcare Market 2016-2020
- Global Multiparameter Patient Monitoring Equipment Market 2016-2020
- Global Blood Glucose Monitoring Devices Market 2017-2021
- Global Diagnostic Wearable Medical Devices Market 2016-2020
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