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Self-diagnostic Medical Devices Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A10948
Pages: NA
Jun 2021 | 48 Views
 
Author(s) : Onkar Sumant
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Self-diagnostic Medical Devices Market Outlook - 2027

Self-diagnostic medical devices refer to electronic devices that can be used by patients themselves without presence and intervention of medical professional. These devices are mainly used for health monitoring and keeping a record of essential parameters including hypertension, blood sugar level, blood pressure, heart rate, body temperature, and other parameters. These devices have various electrical variants that offer features such as display of physiological information using sensors at regular intervals. These devices are connected with several other input devices that can be attached to the body of patient. Self-diagnostic medical devices provide affordable, cost-effective, regular checkups with efficient diagnosis of a wide range of ailments coupled with daily health reminders. These self-care devices consists of nebulizers, blood pressure monitoring devices, cholesterol measurement devices, blood glucose level measurement devices, nebulizers, insulin pumps and thermometers. These devices aid in reducing the strain on healthcare facilities and medical professionals as the devices facilitate self-diagnostics and thus reduce dependence on medical services.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Product, Application, Distribution Channel and Region

  Regions covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

Baxter International, Abbott Laboratories, Cardiac Pacemakers, Koninklijke Philips, GE Healthcare, Medtronic PLC, Garmin, Omron, Olympus Medical Systems and Roche Diagnostics.


COVID – 19 scenario analysis: 

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • The diversion of medical field towards treating COVID-19 and fears pertaining the pandemic is pushing people for self-care and self-diagnostics, which will serve as a rendering factor development of this market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The growing prevalence of various diseases and health related concerns including hypertension, coronary artery disease, cardiac arrest, arrhythmia, other chronic diseases and diabetes mellitus across the world. According to WHO, cardiovascular diseases account for approximately 18 million people annually around the globe. In addition, strokes and heart arrests cause 85% of these deaths.

Self-diagnostic medical devices enable improvised mode of operation, enhance accessibility regarding the use of ubiquitous diagnostic systems coupled with affordable and cost-effective diagnosis and various health programs and awareness initiatives implemented by government in various geographies will further bolster the market growth.

Moreover, introduction of various technologically superior products such as smart wearables, advanced digital devices, implanted devices, connected health devices and portable devices including glucometer have facilitated the growth of this market. Furthermore, Self-diagnostic medical devices market requirements for minimally invasive surgical procedures is leading to higher adoption of these devices. Government regulations to ensure high quality of medical devices and diagnostics for ensuring patient safety and intense competitive scenario will amplify the growth for self-diagnostic medical devices business. Additionally, immense funding for development of better, affordable, highly efficient and multi-faceted products by numerous multinational companies will surge the demand for self-diagnostic medical devices in coming years.

However, the inadequacies related to healthcare sector, specifically under-developed countries like inaccessibility to diagnostic facilities, lack of funds to procure highly advanced devices, irregular distribution of self-diagnostic medical devices, lack of skilled medical personal, unavailability of superior quality medical products are the prime factors that may restrain the self-diagnostic medical devices market growth. In addition, stringent regulatory scenario and industry compliances would contribute to restriction of this market.

Increase in prevalence of cardiac diseases to propel the market growth

Cardiovascular diseases hold the first place in cause for death globally than any other disease according to the World Health Organization (WHO). In 2016, cardiac diseases caused fatality in an estimated 17.9 million people, highlighting 31% of all global deaths with majority deaths were accounted in developing economies with low income category. As the self-diagnostic medical devices aid in monitoring and recording various parameters such as blood pressure, heart rate and hypertension. This can be an opportunity for the market to expand into developing economies.

Cardiac diseases are increasing with rising population and changing lifestyle. According to the Centers for Disease Control, the number of deaths due to cardiac diseases in United States is more than 606,000 on yearly basis. Four out of five CVD deaths are due to heart attacks and strokes. According to the World Journal of Cardiovascular Diseases, more than 7 million deaths are due to the sudden cardiac arrest worldwide every year. Thus, the growing cases of heart failures, heart attacks, strokes, and other heart-related conditions are facilitating the self-diagnostic medical devices market growth.

Technological advancements to foster market growth

Technological developments and heavy investments in R&D activities have played a pivotal role launch of innovative products in the market. The advancements of these medical devices especially in wearable health devices have ensured the higher acceptance of these devices due to easy use, affordability, cost-effective diagnostics and proper monitoring of health. For instance, there has been a drastic change in insulin pumps over the last decade. These pumps aid in delivery of sufficient amount of glucose to a patient suffering from diabetes and stops when the limit is reached. While the sensors monitor the patient health, keep a track of blood glucose levels and indicate when the levels are low. Such advancements would surge the demand for these devices, thereby fueling the market growth for self-diagnostic medical devices in the near future.

Key segments:

Segments

Sub-segments

  Product

  • Wearable
  • Implanted
  • Portable

  Application

  • Cardiology
  • Gastroenterology
  • Diabetes
  • Respiratory Diseases
  • Cancer
  • Nervous System Disorders
  • Pregnancy Detection Tests

  Distribution Channel

  • Hospitals Pharmacies
  • Online Pharmacies
  • Retail Pharmacies
  • E-commerce

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


Key benefits of the report:

  • This study presents the analytical depiction of the global self-diagnostic medical devices industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global self-diagnostic medical devices market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global self-diagnostic medical devices market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global self-diagnostic medical devices market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the self-diagnostic medical devices market research report:

  • Which are the leading market players active in the self-diagnostic medical devices market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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