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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.
COVID – 19 scenario 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.
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 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.
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