Self-Care Medical Devices Market is Set for a Potential Growth Worldwide: Excellent Technology Trends with Business Analysis
The global self-care medical devices market is expanding at a CAGR of 7% within a forecast period from 2013 to 2019. This market was recorded at US$10.5 bn in 2012 and will stand at US$16.8 bn at the end of 2019. These are the findings of a research report published by leading market intelligence agency, Transparency Market Research. The report, titled “Self-Care Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast (Value and Volume),2013 – 2019,” includes all factors, micro and macro, that are responsible for the shaping of the market.
Self-care devices include monitoring and measuring devices that keep a regular check on the vital signs of a patient. These also include parameters such as heart rate, blood sugar, hypertension, and other relevant medical issues.
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According to the report, the global self-care medical devices market is currently driven by the growing geriatric population across the globe. A higher number of the elderly are in need of medical support than other demographics, thereby contributing in major amounts to the growth rate of the global self-care medical devices market.
Other growth drivers of the global self-care medical devices market include the increasing awareness of consumers towards the availability of the opportunities provided through it. This is further supplemented by the increasing disposable incomes of individuals, who can therefore obtain better forms of self-care medical devices. Advancements in technology are also making it possible to achieve constant monitoring of vitals through modern self-care devices, adding to the appeal and utility of such devices. Constant monitoring allows patients suffering from specific diseases to remain away from hospitals and resume their lives while paying close attention to their health.
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There is a very high demand for heart rate meters, nebulizers, blood pressure monitors, and blood glucose monitors. This is primarily attributed to the growing number of people suffering from diabetes and heart diseases.
Geographically, the report segments the global self-care medical devices market into the four major regions of North America, Europe, Asia Pacific, and the Rest of the World. North America was the leading region in the global self-care medical devices market for 2012. The report expects this region to maintain its leading position for the given forecast period, owing to a high prevalence of cardiovascular and respiratory diseases, along with diabetes and obesity.
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However, the future growth of the global self-care medical devices market lies mostly in Asia Pacific, which is expanding at a CAGR of 9.9% from 2013 to 2019, owing to a high population density, rapid urbanization, and changing lifestyles that are increasingly stressful.
The key players in the global self-care medical devices market are ResMed, Inc., Philips Healthcare, Omron Healthcare, Medtronic, Inc., Johnson & Johnson, F Hoffmann-La Roche, GE Healthcare, Bayer AG, Abbott Laboratories, and Abbott Laboratories.
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