According to the latest market study released by Technavio, the global home-care monitoring and diagnostics market is expected to reach $18.40 billion by 2020, growing at a CAGR of close to 9%.
This research report titled Global Home-care Monitoring and Diagnostics Market 2016-2020 provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report uses the revenue generated from the sales of global home-care diagnostics and monitoring devices.
The increase in per capita income globally has increased the disposable income. Most people in developed and developing countries are now able to use self-care medical devices owing to their increased disposable income. This has led end-users to spend more on improving their living standards. The growing demand for self-care medical devices and home-based therapy have increased market growth. Over the past decade, the disposable income of more than 40% of people in North America and about 30% in Europe has increased. A rise in the disposable income of people in APAC has led to high customer expenditure and changes in consumption patterns of self-care medical devices.
Technavio’s healthcare and life sciences analysts categorize the global home-care monitoring and diagnostics market into seven major segments by product. They are:
- Self-monitoring blood glucose (SMBG) devices
- Blood pressure and heart rate monitors
- Temperature monitors
- Sleep apnea devices
- Pulse oximeters
- Pregnancy test kits
The top three product segment for global home-care monitoring and diagnostics market are:
The global SMBG devices market is organized and has opportunities to grow rapidly because of the rise in the incidence of diabetes worldwide. Vendors are offering SMBG devices that are safe, portable, accurate, and operate with low power consumption. With the availability of innovative and advanced SMBG devices, the market is expected to witness a significant growth in the sales of these devices.
Srinivas Sashidhar, a lead in-vitro diagnostics analyst from Technavio, says in a release: “The US, with the world’s highest per capita healthcare expenditure, has dominated the market in 2015. The market in the EMEA is also expected to see a steady growth rate because of the rise in point-of-care testing instruments and the emergence of new technologies in diagnostics devices during the forecast period. The market is established with the presence of both leading and emerging companies.”
Sleep Apnea Devices
The market is driven by many factors such as the high prevalence of sleep apnea disorder in people worldwide. The disorder is common in adults and children and in some cases, results in hypertension, type II diabetes, stroke or adult onset diabetes, weight gain, impotence, and cardiovascular diseases. The increasing awareness about the disorder will also contribute to the growth of the market.
“Lack of patient compliance is one of the major challenges in the market. Discomfort coupled with nosebleeds, anxiety, appliance leaking, claustrophobia, and nasal stuffiness contribute to non-compliance when using continuous positive airway pressure or bilevel positive airway pressure devices. Stringent reimbursement policies in various nations is another major challenge faced by the market,” says Srinivas.
Blood Pressure and Heart Rate Monitors
The global home-care blood pressure and heart rate monitors market is expected to grow at a rapid pace during the forecast period due to an increase in the prevalence of hypertension cases. The market is organized and provides huge growth opportunities to vendors. The number of hypertension cases is projected to rise to more than 1.5 billion by 2030, accounting for about 30% of the total adult population globally. Factors such as sedentary lifestyle and obesity are aggravating the prevalence of high blood pressure.