A new research report published by Transparency Market Research states that the global self-care medical devices market has been a boon to many as it offers simple diagnostic solutions. The report, titled “Self-Care Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”, is aimed at being a guiding document for entrepreneurs and market enthusiasts to make well-informed business decisions.
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According to the research report, the global self-care medical devices market was valued at US$10.5 bn in 2012 and is expected to reach US$16.8 bn by 2019 at a CAGR of 7.0% between 2013 and 2019. Speedy advancements in self-care medical devices such as blood glucose monitors, blood pressure monitors, nebulizers, and heart rate meters will make a generous contribution to the growth of this market in the coming years. This market will also pace ahead due to the development and adoption of remote communication technology, which enables medical professionals to interpret the results of self-care medical devices for facilitating diagnoses and solutions.
The global self-care medical devices market is segmented on the basis of device type and geography. The devices in the global self-care medical devices market are blood glucose monitors, body temperature monitors, blood pressure monitors, nebulizers, pregnancy/fertility test kits, pedometers, sleep apnea monitors, and heart rate monitors. Geographically, this market is segmented into Europe, Asia Pacific, North America, and Rest of the World.
Out of all the regions, North America held the lion’s share of about 40% in the self-care medical devices market in 2012. This region is expected to retain its leading position due to the rising prevalence of respiratory and cardiovascular diseases and other conditions resulting out of sedentary lifestyles. Furthermore, the advancements in the field of medical technologies and the growing preference for self-care devices due to the convenience they offer will propel this market in North America.
On the other hand, Asia Pacific is anticipated to grow at a rate of 9.90% from 2013 to 2019. Some of the major reasons responsible for this growth are sedentary lifestyles, rising stress levels, and a huge pool of the geriatric population, which is susceptible to conditions such as diabetes, stroke, hypertension, and cardiovascular and respiratory diseases.
Some of the important companies profiled in the self-care medical devices research report are 3M Healthcare, GE Healthcare, Abbott Laboratories, Medtronic, Inc., Philips Healthcare, and Johnson and Johnson. The research report gives an assessment of the financial overview, business strategies, marketing plans, profit maximization policies, product portfolios, and research and development activities to give a clear picture of the competitive landscape in the global self-care medical devices market.