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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