Self-care medical devices: Key market research findings
- Technological advancements and product innovations
- Increased adoption of multi-parameter medical devices
Technavio has released a new market research report on the global self-care medical devices, which is expected to grow at a CAGR of 9% between 2016 and 2020. Rise in the number of chronic diseases such as CVDs, diabetes, respiratory, ERSD, urinary incontinence, obesity across the world has led to increased demand for several monitoring devices. These self-care devices help in monitoring blood glucose levels, hypertension, heart rate, body temperature, daily activities, and sleeping. The Americas dominate the global self-care medical devices market, accounting for 46% of eth total market share. Factors fueling market growth in this region are health issues like diabetes, respiratory disorders, incontinence among the elderly and other chronic illnesses.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The latest market trends show that wearable technology has made it easier for consumers to not only use devices regularly but also monitor their health status. For instance, insulin pumps have changed significantly over the last decade. These pumps help to deliver the right amount of glucose to a diabetic and stop when the threshold is reached. Sensors continually monitor a patient and indicate low blood glucose levels. Such advancements are expected to fuel the growth of the devices market for many health conditions during the forecast period,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research
The self-care medical devices, especially the ambulatory blood pressure monitors market witnesses an increased adoption of multi-parameter medical devices. Multi-parameter patient monitors can measure more than one vital sign of patients. Vendors are designing multi-parameter-configured patient monitoring devices. These devices consist of a core monitor box with slots in which separate units or modules for various parameters can be fitted and readings can be taken. This increased use of multi-parameter devices is expected to drive the growth of the market during the forecast period.
The leading vendors in the global self-care medical devices include Abbott, Johnson & Johnson (J&J), Medtronic, Omron, Philips, and Roche Diagnostics. The market is saturated with the presence of many international and regional vendors. Regional players are finding it difficult to compete with well-established vendors due to factors like price, technology and product quality. Competition is expected to intensify on the basis of product extensions, innovation and mergers.
A more detailed analysis is available in the Technavio report, Global Self-care Medical Devices 2016-2020.
We can customize reports by other regions and specific segments upon request.
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