Dive Brief:
- A new report from Transparency Market Research estimates that the market for self-care medical devices should hit $16.8 billion by 2019.
- Self-care medical devices are used to measure and monitor patient vital signs at home; these devices include the glucometers, blood pressure cuffs and pulse oximeters.
- Fueled by the rising incidence of chronic diseases as well as lifestyle disorders such as obesity, diabetes and hypertension, the market should grow at a CAGR of 7% from 2013 to 2019, Transparency projects.
Dive Insight:
As the report points out, this market has pretty much arrived already, with players including 3M Healthcare, Abbott Laboratories, GE Healthcare and Medtronic taking a position preparing for long term success in this niche. Right now, this market is driven by self-care medical devices serving cardiovascular and respiratory needs, but with app development in this sector at a frenzied pace, it seems likely that the obesity new successes here too. This is an exciting market at an exciting time.