Self-diagnostic Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
- Medical Equipments
Self-diagnostic medical devices are devices used for monitoring and measurement of important parameters of health diagnosis such as hypertension, blood pressure, sugar level, heart rate, temperature, and other conditions. These devices include blood pressure monitoring devices, blood glucose level measurement devices, cholesterol measurement devices, nebulizers, thermometers, and insulin pumps. The growing awareness about early diagnosis and preventive care among populations has created a high demand for self-diagnostic medical devices. Key players operating in the market are adopting advanced technology to develop innovative wireless devices which will enable to monitor patients’ health in a simple, quick, and easy way. There is ease in the availability of these devices through online retailing owing to collaboration of manufacturers with online retail chains. Also, there is an increasing consumer awareness about self-diagnosis which is fueling the demand for self-diagnosis medical devices.
Rising prevalence of chronic diseases such as diabetes and cardiac diseases is a major driver for the growth of the market. Factors such as technological advancement of devices, adoption of information technology in diagnostic devices leading to the development of innovative digital devices, and increasing preference for wearable devices that enable patients to stay at home and monitor vital health parameters are boosting the market growth. There are government initiatives to create awareness about chronic diseases and to collaborate public and private players in the development of novel self-diagnosis devices. Growing technological shift from invasive to non-invasive devices is further augmenting the market growth. However, stringent regulatory approvals and chances of inaccurate measurement leading to health complications are likely to hamper the market growth in the near future.
The global self-diagnostic medical devices market has been segmented based on device type, indication, distribution channel, and region. In terms of device type, the market is segmented into wearable devices, implanted devices, handheld/portable devices, stationary equipment, and others. Wearable and handheld devices segments are anticipated to register CAGRs during the forecast period owing to the technological shift from hospital-based devices to home care devices. These devices are small and cost-effective and allow patients to monitor their health from any place. These advantages have created a high demand for wearable devices among the populations. Based on indication, the market is segmented into heart diseases, diabetes, respiratory diseases, and others. The heart diseases segment is likely to expand at a high growth rate during the forecast period owing to technological advancement in blood pressure monitoring devices and rise in the demand for home care devices to monitor heart diseases. Based on distribution channel, the market is categorized into hospital pharmacies, online pharmacies, retail pharmacies, and independent drug stores.
Geographically, the global market for self-diagnostic medical devices is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a significant share of the global market due to growing prevalence of cardiovascular and diabetic diseases, unhealthy lifestyle, and technological advancement in the development of portable/handheld devices. The Asia Pacific market is anticipated to expand at a high growth rate in the next few years due to rising awareness about self-diagnosis, growing health care expenditure, rising population, and increasing adoption of remote patient monitoring devices. Market penetration of key players through strong marketing and advertisement strategies by creating awareness about self-diagnosis devices coupled with favorable reimbursement facilities in emerging countries are likely to drive the market growth.
Major players operating in the global market for self-diagnostic medical devices are Medtronic Inc., Johnson & Johnson, Roche Diagnostics, Abbott Laboratories, GE Healthcare, Cardiac Pacemakers, Inc., Baxter International, and Olympus Medical Systems.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.