About Home-care Monitoring and Diagnostics
Home-care diagnostics and monitoring devices refer to a wide range of medical products (including heart rate monitors, blood glucose level indicators, and nebulizers), and services, that provide health monitoring, treatment, and physical support to individuals. People need not visit a hospital or any other healthcare facility to benefit from these offerings; they can be accessed with comfort at homes.
Technavio’s analysts forecast the global home-care diagnostics and monitoring market to grow at a CAGR of 8.71% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global home-care diagnostics and monitoring market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of global home-care diagnostics and monitoring devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Home-care Monitoring and Diagnostics Market 2016-2020
Technavio recognizes the following companies as the key players in the global home-care monitoring and diagnostics market: Abbott Diagnostics, Johnson & Johnson, Roche Diagnostics, Philips Healthcare, Omron Healthcare, and Medtronic
Other Prominent Vendors in the market are: Animas, Bioptik Technology, Chongqing Haray International Business, Fitbit, Gluco-Ease, GlySens, Grove Instruments, Jawbone, Nike, and QRS Diagnostic
Commenting on the report, an analyst from Technavio’s team said: “Vendors are bundling two or more products or services to achieve product differentiation and provide better solutions. For example, along with vital signs monitors, vendors are offering accessories to individuals to monitor their blood pressure levels. Patients consider using such packaged offerings to individual products as they prove to be cost-effective. Additionally, vendors are gaining significant popularity worldwide by providing testing kits comprising blood pressure monitors, thermometers, blood glucose monitors, and pulse oximeters. This marketing strategy has helped various vendors to take competitive advantage. This trend is expected to show a strong impact on the market growth during the forecast period.”
According to the report, the increase in per capita income globally has increased the disposable income. Most people in developed and developing countries are now able to use self-care medical devices owing to their increased disposable income. This has led end-users to spend more on improving their living standards. The growing demand for self-care medical devices and home-based therapy have increased market growth. Over the past decade, the disposable income of more than 40% of people in North America and about 30% in Europe has increased. A rise in the disposable income of people in APAC has led to high customer expenditure and changes in consumption patterns of self-care medical devices. More number of people worldwide are now able to seek basic diagnostic management on their own. These spending patterns of individuals present significant growth opportunities for vendors and investors to expand their businesses, particularly in emerging markets. End-users are ready to pay premium prices for branded sports equipment and pedometers for factors such as comfort, quality, and efficiency.
Further, the report states that the market is highly competitive with the presence of a few established vendors, and many new and small companies. Both global and local vendors offer a wide range of ambulatory blood pressure monitors, most of which are similar in design and technology. Global companies invest significantly in marketing, promotion, and improvement of their brand quality to gain profit margins. However, the intense competition in the market leads to price war. This causes global vendors to lower the average selling price of their devices to compete for high volume and low-cost sales agreement. Vendors also offer discounts, which further contribute to market competition. Thus, vendors, particularly leading companies, are operating on low-profit margins.
Abbott Diagnostics, Johnson & Johnson, Roche Diagnostics, Philips Healthcare, Omron Healthcare, Medtronic, Animas, Bioptik Technology, Chongqing Haray International Business, Fitbit, Gluco-Ease, GlySens, Grove Instruments, Jawbone, Nike, QRS Diagnostic.
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