Albany, NY -- (ReleaseWire) -- 04/30/2014 -- Self-Care Medical Devices Market was valued at USD 10.5billion in 2012 and is estimated to reach a market worth of USD 16.9 billion in 2019growing at a CAGR of 7.0% from 2013 to 2019.
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Healthcare is moving towards a precision based model of personal care. Self-care medical devices play a major role in providing personal care that will ultimately help the patients or individuals to manage episodic acute and chronic illnesses. Increasing patient population coupled with rising awareness of lifestyle disorders and rapid technological developments in medical devices have accentuated the growth of the self-care medical devices market globally. There is a rise in demand for self-medication and home-based treatment as more number of patients opt for diagnosis and treatment of specific diseases at their own comfort (home).Chronic conditions such as diabetes, asthma, blood pressure and other respiratory and cardiovascular diseases require continuous and regular lifelong monitoring. Rise in the number of people diagnosed with such diseases drives the demand for self-care medical devices. It is estimated that around 220 million people are affected by chronic diseases and approximately 85% of them require home healthcare services for monitoring on a regular basis. Thus, self-care medical devices are witnessing fast adoption by consumers, to measure parameters on a regular basis and also cut down medical costs and save time.
Self-care is a primary form of care for various chronic diseases namely diabetes, blood pressure, cardiovascular and others. It is referred to as an action that contributes in maintaining personal health with the use of various self-monitoring devices. The market for self-care medical devices is segmented as blood glucose monitors, blood pressure monitors, temperature monitors, Holter monitors, pregnancy/fertility test kits, sleep apnea monitors, nebulizers and pedometers. Self-care devices are used as primary care devices by patients, causing a shift in mode of treatment from hospital to home based healthcare. Factors such as rise in obese population, and increase in incidence rate of chronic diseases such as hypertension and diabetes are propelling the growth of the self-care medical devices market.
The North American region accounted for the largest market share of over 40% in 2012and is expected to dominate the market during the forecast period. Increasing incidence of cardiovascular and respiratory diseases are the major driving factors for the growth of self-care medical devices market in the North American region. Additionally, sedentary lifestyle, poor dietary habits, and development of new technologies prove to be a stimulus for market growth in the North American region. The Asia-Pacific region is expected to grow at the highest CAGR of 9.9% from 2013 to 2019, due to rise in geriatric population, changing lifestyles and rising stress levels. Also, a large patient pool suffering from diabetes, hypertension, stroke, respiratory and cardiovascular diseases, requiring continuous monitoring and care will also accentuate the uptake of self-care medical devices.
The self-care medical devices market is presently witnessing intense competition among the key market players. To gain a significant market share, manufacturers are introducing cost effective, portable, easy to use and innovative self-care medical products. The global self-care medical devices market includes major companies, namely Roche, Philips Healthcare, Omron Healthcare, GE Healthcare, Johnson and Johnson, Medtronic, Inc., ResMed Inc., among others.
The global self-care medical devices market is segmented as follows:
Self-Care Medical Devices Market, by Segments
- Blood Glucose Monitors
- Blood Pressure Monitors
- Body Temperature Monitors
- Heart Rate Monitors
- Pregnancy/Fertility Test Kits
- Sleep Apnea Monitors
Self-Care Medical Devices Market, by Geography
- North America
- Rest of the World (RoW)
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