According to the United Nations, the global population aged 60 years or over was numbered 962 million in 2017 and is expected to reach nearly 2.1 billion by 2050.
According to the United Nations, the global population aged 60 years or over was numbered 962 million in 2017 and is expected to reach nearly 2.1 billion by 2050. This rapidly growing geriatric population base is an indication of the growing prevalence of various age-related diseases including diabetes, cardiovascular diseases, among others. For instance, in 2021, nearly 537 million adults aged between 20 and 79 years are living with diabetes globally. Owing to these glaring facts and the increasing prevalence of various chronic illnesses the demand for home care monitoring and diagnostics is increasing all over the globe. Furthermore, continuous evolution and advancement in portable devices such as heart rate monitors, respiratory aids, etc. are also one prominent factor contributing to the growth of the market.
According to UnivDatos Market Insights (UMI)’ research report “Global Home Care Monitoring And Diagnostics Market Analysis, 2021”, the home care monitoring and diagnostics market is projected to grow at a CAGR of ~9% during 2021-27F. Deteriorating health coupled with the rising cost of medical treatment is one of the major reasons of concern across the globe owing to the advancement in medical technology. These factors are driving the worldwide demand for cost-effective healthcare solutions augmenting the growth of the home care monitoring & diagnostics market globally.
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Based on the product type, the market is fragmented into SMBG devices, sleep apnea devices, blood pressure & heart rate monitors, temperature monitors, pregnancy test kits, and others. The SMBG devices segment accounted for a considerable share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The demand for self-monitoring blood glucose devices is on the rise owing to the growing awareness regarding home monitoring of their blood sugar levels and the focus on regular diabetes management among patients to reduce the risk of hyperglycemic conditions.
Senior Citizens Segment to Witness Robust growth
Based on application, the market is segmented into children, adults, and senior citizens. In 2020, the senior citizens category accounted for the highest revenue and CAGR growth in the analyzed period owing to the rapidly increasing geriatric population and rising prevalence of various chronic diseases among them. For instance, as per the WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%.
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North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the region, North America dominated the global home care monitoring and diagnostics market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the well-established market players and frequent product launches. North America is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Home Care Monitoring And Diagnostics Market Analysis, 2021”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Home Care Monitoring And Diagnostics Market include Abbott Laboratories, Bioptik Technology Inc., F. Hoffmann-La Roche Ltd., Medtronic Plc, Johnson & Johnson, Philips Healthcare, Omron Healthcare, Fitbit, Chongqing Haray International Business, VectraCor Inc., among others. The players are focused on launching products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
“Global Home Care Monitoring And Diagnostics Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for home care monitoring and diagnostics providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Product Type (SMBG Devices, Sleep Apnea Devices, Blood Pressure & Heart Rate Monitors, Temperature Monitors, Pregnancy Test Kits, and Others)
- By Application (Children, Adults, and Senior Citizens)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Abbott Laboratories, Bioptik Technology Inc., F. Hoffmann-La Roche Ltd., Medtronic Plc, Johnson & Johnson, Philips Healthcare, Omron Healthcare, Fitbit, Chongqing Haray International Business, VectraCor Inc., etc.)
Key questions answered in the study:
- What are the current and future trends of the home care monitoring and diagnostics industry?
- How the industry has been evolving in terms of product type and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the home care monitoring and diagnostics industry?
- What is the customer orientation, purchase behavior, and expectations from the home care monitoring and diagnostics firms across various regions?
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