Self-diagnostic Medical Devices Market: Heart Diseases Segment is Likely to Expand at a High Growth Rate During the Forecast Period
21 Oct 2021
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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.
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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.
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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.
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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.
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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.
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