The market for self-care medical devices is set to hit $16.8 billion by 2019, according to a new report from Transparency Market Research. According to Transparency's analysis, the market is estimated to grow at a CAGR of 7 percent from 2013 to 2019.
"Rising incidence of chronic diseases as well as lifestyle disorders [obesity, diabetes, hypertension and others] coupled with increasing healthcare awareness are driving the demand for self-care medical devices market globally," the analysis states.
Self-care medical devices can be used to measure and monitor vital parameters of a patient, to manage things like blood sugar level, heart rate, hypertension or other conditions. The report also predicts that the demand for these devices will increase in the forecast period.
The report points out some of the key market players in the current market, including 3M Healthcare, Abbott Laboratories, GE Healthcare, Medtronic, Inc., Johnson and Johnson, and Philips Healthcare. North America contributes the largest share of the self-care medical devices market, at 40 percent, largely driven by rising incidence of cardiovascular and respiratory devices.
A recently published Consumer Electronics Association report predicts a more than 142 percent increase in personal health and wellness product sales and software and service revenues over the next five years. During that period, product sales and software and service revenues will see the largest growth, according to the report's authors, generating more than $8 billion in revenue by 2018.
Another report by Transparency Market Research published in November predicts that the global medical device connectivity (MDC) market will be worth $33.5 billion by 2019.
To learn more:
- see the report's announcement
Wireless EHR market to hit $23.5 billion by 2018
Wearable device market to reach $1.5B by 2014
Wearable technology market to hit $6B by 2016
Market for embedded health monitoring-gadgets to hit 170M devices by 2017