Self-Care Medical Devices Market, Process, Risks and Forecast Rising Healthcare Industry
Self-care medical devices are used for measuring and monitoring various vital parameters of a patient. These devices play an important role in monitoring blood sugar level, heart rate, hypertension and other conditions.These devices measure, monitor, display and document physiological information obtained at regular intervals via sensors or other input devices attached to a patient.Increasingemphasis on preventive medicine is expected to widen the market for self-care medical devices. The global self-care medical devices market is estimated to be USD 10.5 billion in 2012 and is expected to reach USD 16.8 billion by 2019, growing at a CAGR of 7.0% from 2013 to 2019. Risingincidence of chronic diseases as well as lifestyle disorders (obesity, diabetes, hypertension and others) coupled with increasing healthcare awareness are driving the demand forself-care medical devices market globally.
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Self-care medical devices are further segmented as blood pressure monitors, blood glucose monitors, body temperature monitors, heart rate monitors, sleep apnea monitors and others. Thesedevices are used forprimary care by patients, witnessing a paradigm shift intreatment from hospital to home based healthcare. Manufacturers are coming up with new and innovative digital blood pressure monitoring devices that are portable, easy to use and provide accurate readings instantly. Blood glucose monitors accounted for the largest market share in the year 2012 as compared to other self-care medical devices. Sedentary lifestyle, poor dietary habits coupled with growing geriatric population has resultedin a steady rise in the number of individuals diagnosed with diabetes.In addition, technological advancements and increasing awareness about managing diabetes are the factors accentuating the growth of the market for blood glucose monitors during the forecast period.
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North America contributed the largest share, i.e. over 40%, in 2012 of the global self-care medical devices market. The rising incidence of cardiovascular and respiratory diseases isthe major driving factor for the growth of self-care medical devices market in the North American region. Preference for home based healthcare monitoring has led to reduction of frequent visits to clinics and hospitals, consequentlyincreasing the uptake of self-care medical devices.The Asia-Pacific region is expected to witness the fastest growth due to expanding population coupled with sedentary lifestyle and rising stress levels. A high prevalence of diabetes and cardiovascular diseases in middle income nations,as compared to that in high-income nations,has left a largenumber of people undiagnosed and untreated. However, growing awareness among these people has triggered the demand for self-care medical devices and is expected to further grow during the forecast period.
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In terms of key players, the global self-care medical devices market is highly fragmented with presence of a large number of players that include Roche, Philips Healthcare, Omron Healthcare, GE Healthcare, Johnson and Johnson, 3M Healthcare, among others.
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