A new research report has recently been added by Transparency Market Research to its vast collection of research reports. The study, titled “Self-diagnostic Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” provides a detailed analysis of the overall market. The segmentation, regional outlook, and the competitive landscape of the market has been provided within the scope of the research report.
The increasing prevalence of chronic diseases, including cardiac diseases and diabetes is considered as one of the major factors expected to encourage the growth of the market in the near future. The rising adoption of information technology in diagnostic devices resulting in the development of innovative digital devices and technological advancements of devices are further estimated to enhance the growth of the global market in the coming few years. On the flip side, the stringent and strict regulations and approvals of inaccurate measurement resulting in health complications are projected to curtail the growth of the overall market in the coming years. Nonetheless, the government initiatives to create an awareness regarding the chronic diseases in order to collaborate private and public players for the development of novel self-diagnosis devices are projected to generate promising growth opportunities throughout the forecast period.
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On the basis of device type, the global market has been categorized into implanted devices, wearable devices, handheld/portable devices, and stationary equipment. The handheld and wearable devices segments are projected to witness high growth owing to the technological shift from the hospital-based devices to the home care devices. Moreover, these devices are cost-effective and small that allows patients to monitor their health conditions from any place, thus encouraging the growth of this segment in the next few years. On the basis of distribution channel, the market has been classified into online pharmacies, retail pharmacies, hospital pharmacies, and independent drug stores.
From a regional perspective, the global market for self-diagnostic medical devices can be classified into the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. Among these, North America is expected to account for a large share of the global market in the next few years. The high growth of this region can be attributed to the rising prevalence of several cardiovascular diseases and diabetes. In addition, technological advancements and the unhealthy lifestyle of consumers are further estimated to accelerate the growth of the North America market in the coming years. Furthermore, Asia Pacific is likely to witness high growth in the coming years thanks to the increasing awareness regarding self-diagnosis and the rising health care expenditure. The favorable reimbursement facilities in several developing nations are projected to enhance the growth of the overall market in the near future.
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The global market for self-diagnostic medical devices is competitive in nature and is estimated to witness a significant rise in the level of competition throughout the forecast period. Some of the key players operating in the self-diagnostic medical devices market across the globe are GE Healthcare, Medtronic Inc., Olympus Medical Systems, Baxter International, Roche Diagnostics, Cardiac Pacemakers, Inc., Johnson & Johnson, and Abbott Laboratories. The key players in the market are focusing on development of new product, which is likely to offer promising opportunities for the market players throughout the forecast period. Moreover, innovations and recent developments are anticipated to enhance the overall growth of the market in the near future.