More people are able to receive at-home care, and the demand for self-medication and home-based treatment is increasing.
New market research by Transparency Market Research suggests that the self-care medical device market will be valued at $16.9 billion globally in 2019. The report, “Self-Care Medical Devices Market (Blood Pressure Monitors, Heart Rate Monitors, Body Temperature Monitors, Blood Glucose Monitors, Pregnancy/Fertility Test Kits, Pedometers, Sleep Apnea Monitors and Nebulizers) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast (Value and Volume), 2013 – 2019,” states that the market was valued at $10.5 billion in 2012, and is expanding at a compound annual growth rate (CAGR) of 7.0% between 2013 and 2019.
As technology has advanced and chronic illness research is rising, more and more people are able to receive at-home care, and the demand for self-medication and home-based treatment is increasing. Chronic condition diagnoses are rising, and it’s estimated that 220 million people are affected by conditions like diabetes, asthma, and other cardiovascular and respiratory diseases. Roughly 85% of these patients require regular at-home healthcare services. These conditions also require life-long monitoring and maintenance, and self-care devices are quickly being adopted to save time and money.
The self-care market is broken into device categories including blood glucose monitors, nebulizers, sleep apnea monitors, pregnancy/fertility test kits, and pedometers. North America held the largest market share with more than 40% in 2012, and is excepted to maintain its top position. The Asia-Pacific region is likely to see the largest growth rate between 2013 and 2019, with a forecasted CAGR of about 9.9%, due in part to a large elderly population. The market is also highly-competitive as major corporations like Johnson and Johnson, Roche, and others continue to create the most easy-to-use, portable, innovative, and cost-effective products.
Source: Transparency Market Research