Insights into Self-diagnostic Medical Devices Market and it’s growth outlook
Self-diagnostic medical devices market will experience high growth in the upcoming years owing to rising prevalence of hypertension, coronary artery disease, stroke, arrhythmia, diabetes mellitus and other chronic diseases across the world. As per WHO, nearly 17.9 million people worldwide, die due to cardiovascular diseases every year. Additionally, 85% of these deaths are due to strokes and heart attacks.
Self-diagnostic medical devices facilitate improved clinical mode of operation (modus operandi), increased access to ubiquitous diagnostic machines as well as reduction in costs associated with health programs conducted by governments. Inadequacies in healthcare facilities especially in low income countries such as inaccessibility, non-regulated distribution of medical devices, lack of skilled healthcare professionals, high cost associated with medical products are the key factors driving the self-diagnostic medical devices market growth.
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Furthermore, introduction of technological advanced products including wearables, implanted devices, innovative digital devices and portable devices such as glucometer have reduced invasiveness of procedures resulting in high adoption rate. Government initiatives to ensure the quality of medical devices for patient safety will boost self-diagnostic medical devices business growth. Moreover, significant investment by multinational companies in development of superior quality, cost-effective and technologically advanced medical devices will spur revenue size. However, stringent regulatory policies and compliance measurements leading to medical complications may hamper industry growth during the forecast timeframe.
Hand-held/portable devices segment is projected to witness significant growth during the forecast timeframe. Availability of simple, cost effective and easy-to-use self-diagnostic devices that enable patients to diagnose medical conditions at any corner inside their house will increase its adoption over the coming years.
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Cardiac diseases segment is estimated to witness lucrative growth during the forecast period owing to large patient population suffering from cardiovascular diseases such as stroke and arrhythmia. Introduction of technological advanced and easy-to-access devices such as holter monitor, mobile cardiac telemetry and insertable cardiac monitors will further propel industry growth.
Online pharmacies segment held largest market share in 2018 and will show significant growth over the analysis period. Lower inventory costs, improved payment gateways, impeccable distribution channels are some of the key factors that will escalate the segmental revenue share.
North America self-diagnostic medical devices market dominated the overall market in 2018, owing to increased prevalence of cardiovascular diseases and diabetes in the region. Sedentary lifestyle and unhealthy dietary habits will further elevate the disease burden thereby impelling the regional growth. Furthermore, growing demand for technologically advanced self-diagnosis devices for will spur North America self-diagnostic medical devices industry size.
Asia Pacific self-diagnostic medical devices market will witness considerable growth during the forecast timeframe. Increasing awareness about self-diagnostic devices, rising healthcare expenditure and growing adoption of remote patient monitoring devices will further foster Asia Pacific self-diagnostic medical devices business.
Some of the major industry players operating in the self-diagnostic medical devices industry includes Abbott Laboratories, Baxter International, Cardiac Pacemakers, GE Healthcare, Koninklijke Philips, Medtronic, Olympus Medical Systems and Roche Diagnostics. Industry players are focusing their efforts on R&D to develop superior quality self-diagnostic medical devices. Strategic partnership, collaboration and agreement are some of the major strategies adopted by industry players to sustain competition in the market.
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